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If your vehicle is repossessed is it stored first until you catch up on your payments or is it sold Are the dealers suppose to notify you with a letter of repossession Is this required in Arizona?

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2005-09-19 19:16:42
2005-09-19 19:16:42

Ok, for the first part of your question: In the State of Arizona, lienholders are required to give a 10 day right to cure. In other words, they have to wait for 10 days before they can sell the vehicle. As for the 2nd part of your question, in Arizona, they advise you in your finance agreement/contract that you sign that repossession is a cure for non or late payment. It is not their responsibility to babysit you. If your payment is due the 14th of every month, get the payment in the lien holder's hands by the 13th or call them and make arrangements if it is going to be late. The bank lendeth and the repoman taketh away.

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If the lender repossessed the car while case was pending and you were protected by the automatic stay, the repossession was illegal and you should be able to get the park back by filing the proper motion with the court. If the case is over, you need to make the payments and have adequate insurance to keep the car if you did not sign a reaffirmation agreement. If they legally repossessed the vehicle and sold it, you are out of luck but you are free from paying any deficiency. Consult an Arizona attonrey to determine if the seizure was legal under the laws of your state.

In the State of Arizona, the license plate belongs to the debtor. They cannot charge you for your plate but they can charge you for inventory and storage of your personal property (which, incidently, includes your plate).

Depends on your finance agreement. Most say that after you miss a payment it can be repo'd. There really is no state mandated time limit before repossession can occur. Best thing to do is make your payments and that way you don't have to worry about it.

If my vehicle was repossessed at 8:00 pm and I paid the lien holder the full amount to pay off the loan. Can the towing company charge two days of storage when I picked up my vehicle at 1:00 pm the following day?

Repossession companies must give you the opportunity to recover your personal belongings. That being said, they need not do so at the time of repossession. If they store your property for any length of time, the may charge a storage fee. They are not required to hold your property indefinitely either. If you make no attempt to recover you belongings, the repossession company will dispose of it after 30-45 days.

all you need is to find a company that is willing to take a chance with you

I can tell you the repossession laws in Arizona, if you need a town or county in general i recommend trying the sheriff's office b/c they are the ones that usually deal with civil maters.ARIZONA: sELF HELP REPOSSESSION PERMITTED AS LONG AS THERE IS NO BREACH OF THE PEACE.redemption : within ten days after retaking, if the customer has paid 50% of purchase price or $500 , a public sale is required. If less than 50% or $500 a private sale is permitted.No license needed for repossession.License plates remain with the vehicle.I cover more topics about repossession at my website www.stoptheREPOman.com good Luck!

WHAT "GAP" does it cover?? The gap between your down payment and what the car is worth or the amount you lack to be current with the payments? Read your "GAP" ins. contract to be sure of the coverage. I've never heard of it covering a repo.

If you are more than 1 payment behind rest assure it will be repossessed. The way to prevent this is to catch up on your payments ASAP. Default on the loan agreement you signed, and they will repossess the vehicle. They will then sell the vehicle and you will pay the difference in what the vehicle sells for and the balance left on the loan. They will sue you for the balance, and you will pay. Your credit will then be ruined for 7 years. Avoid this if there is any way possible. Talk to the lender and see if something can be worked out. You do not want the car repossessed.

Please elaborate on your question, are you asking from the standpoint of the lender or the borrower? Both, but I am the borrower.

It isn't relevant as both states allow repossession of a vehicle under UCC laws (without a breach of peace).

Arizona TITLE STATE: Yes SECURITY INTERESTS: Shown on title, title mailed to debtor, lien-holder record mailed to lien-holder. LICENSE REGISTRATION: The Arizona Department of Transportation, Motor Vehicle Division, 1801 W. Jefferson, Phoenix, Arizona 85007. Tel:(602)255-7011. RECOVERY REQUIREMENT: As per UCC, repossession allowed without committing a breach of the peace. DOCUMENTS REQUIRED FOR LIQUIDATION: Arizona Lien-holder record or out-of-state title, AZ MVD "Affidavit of Repossession/Bill of Sale" form and vehicle inspection if vehicle not previously registered in Arizona. PLATES: As of 01/01/02 - plates now belong to the registered owner of the vehicle. They remain with the debtor. ArizonaRevisedStatutes go to the link and check it out

http://www.NationalScoreIndex.com. Overall, the study found that: * The average Experian PLUS(SM) Score for consumers with no late auto payments is 689 versus 596 for consumers with at least one late auto payment. When a payment is late by 90 or more days, the average score dropped to 574. * 1.5 percent of consumers who have an auto have a repossession noted on their credit file. The average credit score for those with a repossession dropped even further to 566. The states with the highest repossession rate are Arizona, New Mexico, Texas, South Carolina and Nevada.

No. All SS benefits are exempt by federal law from creditor attachment.

I have no idea seeing as I live in Arizona but a look at the Better Business Bureau website should answer some of your questions.

They can take whatever the security for the loan was. For example, if you have an auto loan, they can repossess the auto. If you have a home loan, they can repossess the home. If the loan was a recourse loan and the value of whatever was repossessed was less than the amount still owed on the loan, they can get a deficiency judgment in a court of law. If the court grants a judgment, they can they take other assets.

Oklahoma and Arizona did not have the 60,000 residents required.

This would be best answered by a good bankruptcy attorney who knows Arizona law. I believe no matter what you do bankruptcy or not, they will get the car, it does not wipe your credit clean.

There is no licensing requirements to repossess cars in Arizona. The truck has to pass DPS inspection but that is it. So buy a truck and happy hunting.

Yes, all contractors even brick paving contractors are required to be licensed in the state of Arizona. You simply pay a fee to get your license.

Yes, state law in Arizona requires drivers to have auto insurance. The minimum required insurance is $15000 per injured person and $10000 for property damage.

D0 you mean for personal property in a vehicle at time of repossession?? If so, NO. CA & FL require it, but that's all that I know of. Most people know what is in their car/truck, who repoed it(the lender) and how to contact the lender for redemption,ect. http://www.azleg.state.AZ.us/FormatDocument.asp?inDoc=/ars/47/09611.htm&Title=47&DocType=ARS SECURITY INTERESTS: Shown on title, title mailed to debtor, lien-holder record mailed to lien-holder. LICENSE REGISTRATION: The Arizona Department of Transportation, Motor Vehicle Division, 1801 W. Jefferson, Phoenix, Arizona 85007. Tel: (602) 255-7011. RECOVERY REQUIREMENT: As per UCC, repossession allowed without committing a breach of the peace. DOCUMENTS REQUIRED FOR LIQUIDATION: Arizona Lien-holder record or out-of-state title, AZ MVD "Affidavit of Repossession/Bill of Sale" form and vehicle inspection if vehicle not previously registered in Arizona. PLATES: As of 01/01/02 - plates now belong to the registered owner of the vehicle. They remain with the debtor.PHOENIXOFFICE OF THE ATTORNEY GENERALConsumer Information and Complaints 1275 W. Washington Phoenix, Arizona 85007-2926 Telephone: (602) 542-5763outside of the Phoenix Metro Area (800) 352-8431

No, a front License Plate is not required in Arizona.Another View: Personally I don't know (or care) if Arizona issues one license plate or two. HOWEVER - if the state issues TWO license plates (an identical pair) it IS requiredthat one be dispalyed on both the front and the rear of the vehicle. THIS APPLIES TO ALL STATES.


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