If the repossessed property did not sell for enough to satisfy the debt the lender may decide to seek the rest of the payment through the courts. The courts may decide to require that you sell assets to satisfy the remainder of the debt. If you do not have assets to satisfy the debt the lender may be allowed to require, by court order, that your wages be attached to make payment. While all of these are possibilities courts do not always grant all of these options.
In the state of California, the lender of a repossession may only charge fees that it incurs and that are in the contract. If the lender pays for the storage or houses the repossession, then yes, the lender is allowed to charge both a repossession and a storage fee.
Repossession without judicial process is allowed if the lender has not breached peace. A lender repossessing an automobile must issue a notice to the borrower, and a lender can sell an item via public auction after repossession.
No, all that is necessary is a valid repossession order from the lender.
Yes a lender can garnish your wages after a repossession. If the resell value of the item does not cover the cost needed to repay the lender, you are still responsible for paying the balance.
The company repossessing the car has no authority to negotiate terms with you. They are simply there to repossess the car. You must negotiate with your lender. Hopefully, you will do this before the the repossession order is submitted by the lender.
It's called repossession. The lender owns the property, the homeowner is making payments.
Yes. It is perfectly legal for a repossession agent to take possession of a vehicle when they are acting on behalf of the lender. The repossession agency does not have the option of allowing the borrower to retain the vehicle even though proof is presented that payments have been rendered. Such issues are strictly between the borrower and the lender. The lender and/or court being the only parties that can rescind the repossession action.
Is is common knowledge that the concept of repossession is the taking back of property by a lender or seller from the borrower or buyer, usually due to default.
It is sooo SIMPLE, you CONTACT the LENDER for further instructions.
IF the lender accepts it you can.
In a repossession order, a lender can repossess one's home if the court approves and grants permission. The judge could either set the case aside or give a repossession order.
A lender can garnish your wages if you have outstanding debts and the court has confirmed this. The repossession itself is irrelevant.
If the lender agrees, yes. The matter is entirely up to the lender because the borrower is in default.
The judicial method of repossession - in other words most states allow for self-help repossession but when a repossession can not be accomplished using self-help the lender will file an action in court to recover the property
Yes, it is the same thing.
For what state, lender, ect??? wonk at 14ma dot com
Call the lender you make your car payments to and ask.
Only to recover the unit for repossession.
Yes. That is the point of the lender asking for a cosigner. The cosigner will have a repossession showing on their credit as well as the primary lender.
No one can answer this question except the lender. You need to contact them and ask.
First off you will be required to pay the repossession fees unless you voluntarily turned the car in. Secondly you will be required to pay the deficiency. The deficiency is the difference in the amount the lender sells the car for and the amount you owe. Let's say you owe $10,000 and they sell the car for $8,000. That leaves you owing the lender $2,000. Thirdly this repossession will be placed on your credit report and will stay there for 7 years. Repossession should be the last resort after you have talked to the lender and done all you can to avoid this. Sell the car to another individual even if you have to sell it for less than it is worth, then pay the lender the deficiency out of your pocket to avoid repossession. Have someone take over the payments. Whatever it takes to avoid this.
The effect on your credit will depend on how the lender chooses to report it to the credit bureau. Sometimes a lender will be willing to report it 'paid as agreed' or 'settled' entry on the credit report rather than an actual repossession. If it is reported as an actual repossession or foreclosure it will be on your credit for seven years and negatively effect your rating.
The legal remedy for vehicle repossession is covered by UCC laws. Regardless of where the lender is located the car can be repossessed under the laws of the state where it was purchased or where it is now located, whichever means is most advantageous to the lender.
Not unless the borrower can also prove the lender agreed to accept the late payments in lieu of repossession action. Once a contract is in default the lender may take whatever means allowed under the laws of the debtor's state to recover the property and/or debt.
The first step is to contact your lender. They will have those answers. It usually involves making up past payments, and paying the repossession fee, and perhaps storage.