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What do you do if a lienholder has put a repossession on your credit report without retrieving the car with the damage already done to your credit?

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2004-08-15 09:12:10
2004-08-15 09:12:10

First question is, was there a repo? Was the car NOT worth repoing? The lender doesnt have to retrieve the car on any certain day. You still have the option of paying off the loan.

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The order of repossession is their authorization to enter the car. If your car is being repossessed, it means there's a lien on it, and the lienholder called for the repossession to be carried out. You don't own the car - the lienholder does, until you pay off the lienholder and they relinquish the title to you. So yes, that tow company doing the repossession has every right to enter the vehicle they're repossessing.

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Not without permission of the lender. A vehicle cannot be sold without a clear title of ownership. The lender is named on the title of a vehicle as the "lienholder" until the vehicle is paid for or otherwise released by the lienholder.

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All repossessions in the state of Wisconsin must have a valid repossession order, however police notification is not necessary. If your vehicle has been recovered by the lienholder, you may not receive the repossession notification immediately.

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That is the only way you can repossess a vehicle. Repossession comes under the UCC which grants a lienholder the right to repossess but only if they have perfected their lien by filing it on the title. One caveate is in most states the lienholder can not repossess a vehicle that is under a mechanic's lien without first paying that lien.

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You can't just "return" a car. You can surrender it to the lienholder. This is called a voluntary repossession, and yes, it will affect your credit ... it's still a repossession, even though it was voluntary.What you could do without negatively affecting your credit is sell it or trade it in.


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