0
What can you do about a repossessed car when you are only the co-borrower and the creditor won't give the full loan to you?
Wiki User
∙ 17y ago
When co-signing on a loan, you are held legally responsible for payment if the other co-signer doesn't pay. The creditor wouldn't give you the full amount on the loan because your credit isn't good enough for them. When co-signing you are held to the same legal responsiblity as if you were going on the loan solely by yourself. It shows up on your credit report and affects it negativly. Repossesion isn't good because creditors look at it as an lack of abilty to pay. They will sell the car at auction and you will held legally responsible for the amount no gotten for the car. So either way you will pay.
Wiki User
∙ 17y ago
Add your answer:
Earn +20 pts
How late must a payment be before repossessed in KY?
It depends on the lender and the contract you signed when you borrowed the money to purchase the car. The lender does not want to repossess your car, so normally they will give you 30 days to come up with the missed payment. But in reality, most can repossess the car after just a few days. Please read below. You do not want your car repossessed. When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car. Talking with Your CreditorIt is easier to try to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you'll be late with a payment. Many creditors will work with you if they believe you'll be able to pay soon, even if slightly late. Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may refuse to accept late payments or make other changes in your contract and may demand that you return the car. By voluntarily agreeing to a repossession, you may reduce your creditor's expenses, which you would be responsible for paying. Remember that even if you return the car voluntarily, you're responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report. Seizing the CarIn many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a "default." In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are allowed on your property to seize your car without letting you know in advance. But creditors aren't usually allowed to "breach the peace" in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace. Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property. A creditor usually can't keep or sell any personal property found inside. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can't account for articles left in your car, talk to an attorney about whether your state offers a right to compensation. Selling the CarOnce your creditor has repossessed your car, they may decide to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold. In either of these circumstances, you may be entitled to buy back the vehicle by paying the full amount you owe, plus any expenses connected with its repossession (such as storage and preparation for sale). In some states, the law allows you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession. The creditor must sell a repossessed car in a "commercially reasonable manner" - according to standard custom in a particular business or an established market. The sale price might not be the highest possible price - or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable. Paying the DeficiencyA deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $2,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing. In most states, a creditor who has followed the proper procedures for repossession and sale is allowed to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract. Depending on your state's law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only opportunity to present any legal defense. If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment.
Can car company put lien on house if person is on SSI and can't pay car loan Voluntary repossession.?
Not directly, and not always. In order to put a lien on a house a creditor must have a "judgment" against the person who owns the house. In order to take a judgment, the creditor usually must repossess the car, sell it at a commercially reasonable sale, credit the proceeds (less costs of taking and sale) to the account, and demand the remainder as a "deficiency" balance. If the debtor doesn't pay the "deficiency", the creditor can sue in the civil courts. The debtor usually has 30 days to answer the deficiency claim, and there are MANY, MANY defenses to deficiencies. For example...that the creditor did not give the debtor the option of a public or private sale; that the creditor, after repossession, did not give the debtor a fair opportunity to redeem the vehicle; that the creditor violated the consumer's rights in taking the vehicle without a court order over active and unequivocal protest; that the creditor overcharged the debtor on interest, finance charges, insurance premiums, documentation fees, etc. The debtor may even have a counterclaim against the creditor for violating repossession laws, which in any event would equal the finance charge plus 10% of the cash price. This is where an experienced consumer defense attorney is essential. Bear in mind, however, that the creditor can forget about the repossession of the collateral and sue directly on the obligation, which would make the debtor have to defend at an earlier stage.
How soon after you are denied credit must you receive notice both verbally and by letter?
If you are denied credit, the Equal Credit Opportunity Act requires that the creditor give you a notice that tells you the specific reason your application was rejected or the fact that you have the right to learn the reason if you ask within 60 days. If your credit application was due to information obtained from your credit report, the Fair Cedit Reporting Act requires the creditor to give you the name, address and phone number of the credit reporting agency that supplied the information. The credit reporting agency can tell you what is in your report but only the creditor can tell you why your applicaton was denied.
Is it better to declare bankruptcy or have your car repossessed?
BK only stops the repo process until the BK is discharged. BK does not mean you can keep the car without paying for it. My opinion? Give the car back.
If a credit application is rejected the creditor must give you the specific reasons or tell you how you can obtain your credit results if you ask within how many days?
You need to ask within 60 days.
Does a creditor have to notify you if repossing a car?
In some states yes. In some state the lender is not required to give any notice at all before or after. In some states, the lender is only required to give you notice after the vehicle has been repossessed.
Your creditor made a mistake and repossessed your vehicle after you caught up on your payments and are still charging us all the repo and storage fees you still cant get the car back?
Your creditor made the mistake so they have to correct the problem and give you your car. You should not be charged for anything! I highly suggest you contact them and tell them if they dont give you your car back you will be seeking a lawyer, for incovenience and what ever other charges you can make without having your car to go to work
Do I still owe if a creditor refuses to give you payment address?
If a creditor refuses to give you payment address, you still owe them money. This might be frustrating but does not get you off the hook.
I live in Houston Texas. my car was repossessed from a auto repair shop. can they keep my car forever.?
yup The creditor who repossessed the car has to sell it (usually at auction) within a reasonable amount of time (2-3 months). They have to notify you that it will be sold. They have to give you any amount above what you owed plus reasonable attorney and other fees, or if there is a deficiency (the sale price and fees was less than what you owed), they can sue you for the difference.
Does a creditor have to give written notice concerning repossession of your car?
NO
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.
Does having the title to a repossessed truck give you any legal rights?
NO, the truck probably has been sold already and the lender got a repossessed title to sell it with. Of course they do make mistakes. LOL
What is the age rating for repossessed?
The movie Repossessed was released in theaters on September 14, 1990. The age rating for the movie was PG-13. If the child is under 13, a parent must give permission to watch the movie.
Does a creditor have to have a court order for garnish a bank account?
In most cases, yes, a creditor needs a court order to garnish a bank account. The court order allows them to collect part of the debtor's wages or funds in a bank account to satisfy a debt. However, specific laws and regulations can vary by jurisdiction, so it's best to consult with a legal professional for advice tailored to your situation.
You had a car repossessed you have now just finished paying for another car but the bank is refusing to give you the car title till you pay the old repossessed car can they do this?
There may be more to it. Call the banks legal department and ask them for cause.
How long do TD autofinance give you before they repo your car?
after 60 days they start the process. By day 75 it is repossessed
How many times can your car be repossessed?
After it's been repossessed once, it's not your car anymore, so... once? If it's repossessed and you're able to bring the loan current and redeem the car before it's sold so that you get it back, there's no limitation on the bank repossessing it again should you again fall behind. This could theoretically happen every single month of the loan, though in practice most lenders would insist that you either pay off the loan in full or give up the car on the second or at most third repossession.
