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What are your rights to property in your vehicle once it is repossessed in NJ?
Wiki User
∙ 19y ago
You rights are to GET IT BACK, PP is not subject to the security interest on the car.
Wiki User
∙ 19y ago
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Do you have to pay the whole vehicle off if it is repossessed?
Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.
What if a vehicle has been repossessed more than once?
only the last one counts
Does the DMV get notified of a reposession if they have not found the car yet?
No. Only when the vehicle is repossessed and always once the licence plates are turned in.
What are the rights of a person whose house has been repossessed?
Once your property has been taken by a foreclosure procedure you have no rights in the property. An exception would arise if the foreclosure procedure or the mortgage was found to be invalid. Those factors may become more an issue as the sub-prime mortgage crises evolves and lenders are sued for deceptive, fraudulent and outright illegal lending practices.
Can people be charged with a crime for taking back a repossessed car?
Yeah - you'll be charged with theft of some form. If the vehicle has a high enough value, it could amount to Grand Theft. When there is a lien on your vehicle, you don't actually own it - the lienholder does. If you fail to make your payments, the lienholder has a right to repossess what it already their property. You try taking it back, you're committing theft. You've lost any and all rights to that vehicle, and it is no longer yours in any sense of the word once a repossession agent takes possession of that vehicle.
Can people be charged with a crime for taking back a repossessed car?
Yeah - you'll be charged with theft of some form. If the vehicle has a high enough value, it could amount to Grand Theft. When there is a lien on your vehicle, you don't actually own it - the lienholder does. If you fail to make your payments, the lienholder has a right to repossess what is already their property. You try taking it back, you're committing theft. You've lost any and all rights to that vehicle, and it is no longer yours in any sense of the word once a repossession agent takes possession of that vehicle.
Are you free and clear of responsibility for your vehicle once it has been repossessed?
Mary, the answer is NO. You will have to pay the balance due after the sale price has been deducted.
When a car is repossessed are you still responsible if is involved in an accident?
Once the agent takes possession of the vehicle, they are responsible for any damages which occur.
Once a vehicle is repossessed does it lawfully have to remain in the same county as the person it was repoed from?
PA is the only state I have seen with that law. There may be others.
Can a car dealer resell a repossesed car in Illinois?
When cars are financed, they're usually financed by a bank or some other type of lender. Once the car is repossessed, and the person it's repossessed from fails to recover the vehicle, the vehicle is sold at auction. Dealers attend these auctions, and bid on those cars. Once they've placed a winning bid and paid for the vehicle, it's theirs to sell. Now, if a dealer is the one who financed the car, they'll be the ones to repossess it. Once they've determined the person it was repossessed from isn't recovering the vehicle, they have every right to sell it. Hate to break it to you if this was your car, but it was never yours - so long as there's a lien on that vehicle, the lien holder is the rightful owner of the vehicle. Once they've given up on you reclaiming and making further payments on that vehicle, they can do whatever they want with it - because it belongs to them, and always had, from the moment they became the lienholder.
What can you do if car was repo seller sold car at aution without giving the purchaser 10 days to recover vehicle?
You have no rights to recover the car. Once it has been repossessed the lien holder has every right to sale the car any way they wish to settle the loan.
Can you quick claim property from your name to another person even though you are married?
You can quit claim your rights to the property. However, that doesn't quit claim your spouse's rights to the proprty. Once married the spouse in most states has rights to the property.
