You won't go to jail. If the car is registered in your name, legally, it is your car. Your credit will be ruined for 7 years if you allow it to be repossessed. You will also pay the difference in what the lender sells the car for and the balance on the note, plus repo fees. I suggest you contact the lender and make some sort of arrangements. Don't let the car be repossessed. I'm guessing Grandma made the down payment and co-signed the loan and Junior promised he would make the payments. If so, both of their credit scores go down the drain. If only Grandma signed the note (unlikely if Junior's name is on the title) it will only show on her credit report.
It will not be registered in your name. They sold it and will register it in the new owners name.
no more than 2 payments
of course it can that's the law
I want to take the company that repoed my truck to court. I need to know what the statue of limitation is to file.
So call The Police immediately. And also call your dealership cause you might of gotten it repoed. Behind on your payments?
Repo laws are different for each state. Check for laws in your state or advise what state you are in.
No, this would be considered a lien loss. Typically this occurs when a vehicle is traded in, previously repoed and resold, or sold outright and the previous lienholder either never perfected the lien, or provided the proper paperwork when reselling it after repossession. If the vehicle is repoed, contact your lender to ensure they did not order it, contact the repo agency who recovered it and report it wrongfully repoed, and demand the name of the lender who ordered it. The vehicle if actually wrongfully repoed must be returned to you undamaged as soon as possible.
A repoed auto is usually sold far below its retail value. If you have a chance to sell it yourself and pay off the loan before it is repoed you will be dollars ahead, even if you lose money on the deal.
No As far as finance company is concerned the car came with wheels, it has wheels on it when repoed. Done deal.
Yes, you are still behind in your payments. Don't let this happen. Contact the lender and work something out.
Amanda, if you are behind on the payment, youare "in trouble' with the lender. you are in default and could be repoed by the lender at any time. they just havent pushed the issue YET. Co-signor can only 'repo" IF they are listed as co-owner on the TITLE.
Repossessed no. Confiscated yes.
Even after 107 years.
NO, not for just being repoed.
Then you should pay your bills.
1)he will take the car you left if that is the car to be repoed. 2)If you are traveling in the car to be repoed he will wait for you to return and repo it after you get back.
First, get some sort of proof that it was NOT destroyed before it was repoed, call the lender who had it repoed and askk for repairs to it. If they refuse, call a local attorney.
IF your vehicle is collateral for loan in DEFAULT, it CAN be repoed.
there is no reason for it to be on record, if you are a buyer