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Anything is possible, but that is very unlikely. Not worth repoing and not worth what you owe are 2 different things.

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โˆ™ 2004-05-17 09:08:04
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Q: Is it possible to buy the title to a vehicle that is not worth repossessing from the creditor for a small percentage of what is owed?
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Related Questions

Is repossessing a travel trailer the same as repossessing a vehicle and can they demand the balance owed in full?

Pretty much, yes.

Is it possible to place a lien on your own vehicle?

Absolutely not. You cannot be your own creditor.Absolutely not. You cannot be your own creditor.Absolutely not. You cannot be your own creditor.Absolutely not. You cannot be your own creditor.

Can a creditor place a lien on a financed vehicle?

In most states it is possible for the action depending on the exemption status of the vehicle and how it is titled.

Can a dealer tow a vehicle-with their own tow truck-if it has been impounded or if the dealer is repossessing it?

If they are legally repossessing it, it is their truck and they can do what they want with it.

When a creditor sue you can they get your own car?

It's possible that you may have to give up your vehicle as collateral, although the creditor would more likely have you wages garnished.

How do you reposess a commercial vehicle?

It's more the same as repossessing a car.

What are the lien holder's rights for repossessing a vehicle?

What are the rights of a lienholder on a car title when it comes to repossion of a vehicle?

Can a tow truck just take your car?

If they are repossessing the vehicle for the bank, Yes.

What are the Quebec laws of repossessing a vehicle?

to just be wreck less and break the laws : )

Is there a form or affidavit for repossessing vehicles and is there a website you can download it from?

Not sure what you are wanting. Do you need a vehicle repossessed?

Can a creditor place a lien on a vehicle you once owned but sold?

If you transferred the vehicle to a friend or family member for less than fair market value in order to avoid a creditor the court can nullify the transfer and the creditor can place a valid lien on the vehicle.

In the State of Illinois is there a time limit for buy here pay here dealerships when it comes to repossessing a vehicle?

Read the contract you signed when you purchased the vehicle.

How long does a creditor have until they repossess a vehicle?

A creditor can repossess a vehicle at any time after a default(late payment, lack of insurance, etc.) occurs on the contract.

In the state of Texas can a creditor put a lien against your home for a repossessed vehicle?

The answer is yes, if the creditor brings you to court on the matter.

How will you know what you still owe the creditor after a repossession?

The amount you will owe the creditor will be the amount of your auto loan (including repossession fees, interest, and collection charges) minus the amount the vehicle sold for at auction. The creditor will notify you of the amount due in writing after they auction off the vehicle.

How do you go about repossessing a vehicle from a friend if vehicle is in your name?

The wise course of action would be to hire a third party to take care of this for you. There are agencies and people who are professionals in recovering property in this situation.

Can creditors seize your only vehicle?

A creditor can seize any asset.

In Utah when filing for bankruptcy can the creditor legally take your one and only vehicle?

The Utah vehicle exemption is $2,500.

With a cross collateralized debt when the vehicle was surrendered can the creditor demand payment for deficiency?

In the state of Texas, yes the creditor can follow for the deficiency balance.

Can a creditor repossess a car without a registered lien or validate title?

If the creditor is the loan holder of the vehicle a lien is already in place. The title will show the loan provider as the primary lien holder. That insures the vehicle as collateral and if default occurs the lien holder can repossess the vehicle without going to court. Except in the few states that require the creditor to obtain a replevin order before seizing the vehicle.

What if the finance company after 8 months never get their vehicle one day the driver gets pulled over by the police will they take the vehicle?

This depends on where you are.If you are in an area where it is illegal to hide the vehicle from the finance company you will get arrested, the vehicle will be impounded and the finance company notified.Added: If you have been concealing the vehicle from the creditor and at the same time not beein making payments, the creditor may well have filed a stolen vehicle report with the police.You have wrongfully deprived the creditor of their property (i.e.: THEY own it - not you). If the vehicle turns up in the police records as stolen they will not only confiscate the vehicle - you could be facing criminal charges as well.

Can the bank repossess a vehicle even if the payments are current?

Not IF you reaffirmed the loan with the creditor.

Can a creditor seize a vehicle that is owned free and clear for payment of a civil judgment?

Yes, if the debtor's state vehicle exemption does not protect the vehicle from seizure and sale.

Can a creditor's lawyer place a lien on a financed vehicle in the state of Texas?

When you signed the contract to finance the vehicle, the creditor put a lien on the vehicle. In the rare event that this was not done, it can be done later in some cases.Also, a creditor can place a lien on an already financedvehicle if there is more equity in the vehicle than the amount of the original loan. Generally, a creditor who obtains a judgment lien against you can arrange to place that lien against any property you own in order to satisfy the lien.

What are the repossession laws in NC?

A few basic guidelines:Repossession must be peacefulRepossessors may not enter any vehicle other than the one they're repossessing, even to move it out of the way in order to facilitate the repossession.Repossessors may not open locked gates or enter structures without permission.Repossessors must notify local authorities when they are repossessing a vehicle.