What can you do if your car is repossessed?
The first thing to do is to contact the company you handle your car payments with. Once payed, you can then go to the reposestion office and receive your car back. Notice that is may cost you money to get your car back.
you can buy it back from the repossess depot thinger yeah but you have to pay all your payments on it The above answer is correct, but does not answer the question actually being asked; i.e., the guy/gal wants to go grab the car from the repo guy or car lot where the repo was delivered to.My answer is YOU BETTER NOT TRY. That would be auto theft, grand larceny or theft over x hundred… Read More
if i get my car repossessed, can they put a llien on the house?
I have seen it done, yes.
Repossessors are supposed to notify law enforcement when they repossess a car.
The lender should let you know, you can contact them and they should tell you.
dont pay the payments ever
A repossessed vehicle is sold at auction to repay the lending institution. After the vehicle is sold, any money will be used first to pay the auction company, the repo agency and then all remaining funds will be applied toward the amount due on the loan. If anything is left over, you should get it. If there is a deficit, the bank will contact you to make arrangements for collection of the amount owed. You… Read More
Yes. Usually the loan holder will be held responsible for any deficit and perhaps fees that are incurred when the car is sold.
If you were late and in violaion of the loan agreement, the only thing you CAN do at this point is to visit the bank and see if they will make arrangements to continue the loan or optionally, pay the loan in full in exchange for the title. The conditions of the loan are important, and if you don't follow through with the terms of the contract that you signed, the bank WILL take back… Read More
They won't repossess it for your license being suspended, but they can repossess it when you fail to make payments, regardless of what the current status of your license is.
CALL the lender or better yet, VISIT the lender with CASH ready to pay off the car.
IF you had ins. coverage and were not in DEFAULT of the loan in any way, CALL AN ATTORNEY NOW ! ! !Are you sure the vehicle wasn't actually stolen? Usually the only two reasons for legal repossession are being in default on your payment or not keeping the required minimum insurance on the vehicle. This is to protect the finance company from possible loss and basically protect their investment.
under law you have to be offered the right to redeem the car usually for the full amount due and a repo fee added to that as well. if you do not the bank will auction off the car take whatever they can get and sue you for the rest.
According to the repo handbook, any debtor purposely hiding collateral from the bank to defraud them is illegal and you can be arrested when summoned to the court. I am a Repo man, and even if you hid thecar, no matter what eventually you will slip up and we will get the car...
The vehicle will be sold at auction, the proceeds will be applied to the loan and to the repo fees, then you will still be responsible for any remaining amount owed to the loan.
Firstly, in a legal sense, the lending institution owns the car, you are just the registered owner on the title - you promised to make timely payments to the lender in writing. Repossession occurs for one main reason - the agreed upon payments were not made by the purchaser at the interval specified in the loan agreement. The lending institution who initally granted the loan to you has the title in their files - they… Read More
RepossessionCall your local dispatching service for your law enforcement. The Repo man is required to report the repo immediately to them. You could also call the bank or company that has financed your loan.In Illinois, we are required to report repossessions immediately to the police. In some cities, the police want to know BEFORE we repossess. So when you call your local P.D. to report your car stolen, they can let you know if the… Read More
NONE, the lender will take care of it
Yes, your car will be sold and if the price they sell it for is less than the balance left on the loan, plus the repossession fees, you will be responsible for that difference and will have to pay it.
IF your nae was NOT on the paperwork, you may have a hard time finding out. If it IS, then call the lender and ask about YOUR car. Or call the PD where it was alledgedly stolen.
Answer No, i am 2 1/2 months behind and they still havent picked it up. Im struggling to pay it before they have to repo the vehicle but if you are one day late you are fine just dont be late for too long or you are in a situation like me. **Edit**** This is not true. The bank is giving more lead way than they are required in most states because they would rather… Read More
READ your contract. If you are in DEFAULT of the terms, you can get repoed.
You would owe any payments not made up until the day the car was taken. So, if you hadn't paid for two months and they took you car, you would owe those two months.The borrower would owe all back payments and penalties plus any difference in the amount of the loan and the amount for which the vehicle is sold.___________________________________________________________You have to take into consideration that the lender might not be able to sell the… Read More
Repossessed cars can be purchased directly from Banks and Credit Unions. Many larger Banks and Credit Unions will simply send the vehicles off to "dealer only" auctions, but most of the smaller Banks and Credit Unions will offer these vehicles for sale on their websites to the general public. If you view the "related links" section on this page there is a website which is a free repo finder tool that lists direct links to… Read More
Do you have a contract with a "repo clause" in it? Anything about what will happen if the debtor is in DEFAULT? Do you have the means to actually repo a car? truck, tools, location of the car, etc? Does your state require a "right to cure" notice? Lots of variables here.
Maybe. Once a contract is in default, meaning a payment is late regardless of whether it is a day or a month (unless there is a grace period) the lender may take whatever action deemed necessary. However, some US states require a "Right To Cure" notice be sent to the borrower before repossession action can be implemented.
Yes, at any time and anywhere
What can you do if you lost your job and your car was repossessed about 2 months after you purchased it?
Pay it. negotiate with the lender for reduced payoff.The lender can get wage garnishment.ect. They will hound you till you pay.
Untill the re-po man finds you, could be a day, could be never if you're good.But usually the bank wont send a re-po man until you have become very very late, few months give or take.
i'm not an expert but the best thing to do would be to call your creditor and try to make some payment arraingements to catch up, because it costs them money to reposes and resell so they really only want to repo as a last resort. another option would be to contact another creditor to loan you money to pay off the loan and stop the repossesion. be carefull witht this as it might cost… Read More
Reply to you edited my original question and then failed to answer the original question.my question was, i missed a payment and they came to get the car. i was not home and now they are billing me 100 dollars for oming to get the car, even thought they did not take it when they came. my question was, can they charge you for comming o get the car like that?
In most states, the lender will sell the car. If they sell it for more than you owed, they keep the extra money. If they sell it for less than you owed, they send you a bill for the difference.
Each lender will have different time periods they will allow before they send out an order for repossession, and their terms will usually be stated in the contract which you signed for your automobile loan. Technically, they could send out an order for repossession the moment you're declared delinquent on a payment, but most will usually wait at least a month before they take this course of action.
Absolutely. If your car is in repo status, it can be taken, anytime, anywhere.
It varies from company to company. They won't tell you their policy, even if you ask. They CAN reposses after just 1-2 missed payments, I believe. They will not notify you. I was 3 payments behind with Key Bank, and I never got a call or a late notice in the mail or anything. Just woke up 1 morning & it was gone. You DO NOT want your car repossesed, ever. If you don't want… Read More
Of course not! ************************************************************* I'm not sure I understand the question. You are asking if the bank will return the money you spent for "extra equipment" you invested in after buying the car?!? Your car is being Repo'd so chances are, you haven't been making payments on the car. Whoever sells the car probably isn't going to be able to sell it for enough to pay the loan in full. So not only are they… Read More
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 Creditor It is easier to try to… Read More
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… Read More
Your option is to CALL the lender who had it repossessed and find out how much it will cost to get it back. Repossession is a matter between YOU and the LENDER. There is no state agency that oversees the process.
Yes, you can voluntarily give up one of your vehicles but still continue the payments on the other. It will, however, affect your credit. No repossession on your credit record is positive, but you can at least provide a better logical explanation to a voluntary repossession than you can a forced one. It does at least show good judgment on your part to make a responsible decision to no longer carry the burden of both… Read More
NO, they can "attach" the house so that IF you ever sell it, they will be paid FIRST out of the sale proceeds. READ your contract to see what you agreed to when you borrowed the money.
If you mean that you haven't paid them in 6 months then YES, they can re-possess. -You should have sent dated checks or made bank payments somehow whether or not they were "available". You may be able to negotiate your way out if you make a substantial payment right now.
Depends on the contract you signed and the state that you live in. Some states require a 15 or 20 day Right to Cure letter be sent to the debtor prior to repossession and some states allow the vehicle to be repossessed the day after you miss your payment.
No, but your car can be repossessed if you don't make the payments.
Ms.Darlene, to the best of my limited knowledge of Ca. Code B&P 7500, it mentions nothing about disabled rights in a repo. If you find anything special on it, would you please post a link to it??? I would like to keep my state by state files up-to-date. Thank you for your post.
Legally, ONE.Actual practice?? 3-60
Depends on the specific laws of where you live. In general, if the car you bought is being repossessed because you cannot pay for it any more, consider selling it to someone who can. You basically sell the car at a really low price, practically just below the amount the you already spent on it. The person who bought the car from you, then would have to continue paying for the remaining balance to the… Read More