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When a car is repossessed it usually means the owner is no longer able to make the payments. It is repossessed by the dealer or the bank in which to owner has the loan through.

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โˆ™ 2011-07-18 14:28:11
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Q: What does repossession of car mean?
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Related questions

Where do you get car repossossion permit?

who is allow to do Vehichle/car repossession? when is a vehichle/car repossession not allowed? whats the minimum insurance needed for car repossession?


How do you write a car repossession letter?

How do you write a car repossession letter?


Is concealing a car from repossession a felony in Georgia?

is concealing a car from repossession a felony in georgia?


How long does the repossession process of a car usually take?

The repossession process of a car usually takes about 6 months


How will a voluntary repossession affect your purchasing a car within a year from the voluntary repossession?

A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.


Can you get a personal loan after a car repossession?

You might be able to get a personal loan after a car repossession. However, you would get the loan at a very high interest rate one the repossession is on your credit report.


Can police help the repossession men take your car in Michigan?

Possibly, but they can certainly prevent you from interfering, as it is no longer your car, hence the repossession.


Can you get your car back after a repossession if you file chapter 13 bankruptcy?

In GA Can you get your car back after a repossession if you file chapter 13 bankruptcy


Can you register a car being repossessed?

The tow/repossession company has to notify the police of the repossession so the car can't be reported stolen..


What is the definition of repossession?

Repossession is when something is returned to its original owner. An example would be when a car payment is not made, and the owner of the car's title repossesses (takes back) the car.


Does repossession show on your credit report as soon as the car is taken or after it is auctioned?

It can show at any time. A repossession is compleated as soon as the car is picked up so it does not matter what happens after the repossession it still did happen.


How long after repossession can you get a car loan?

The repossession stays on your credit report for 7 years.


If you have a car repossession can it be settled if in several months you go into bankruptcy?

If by settled, you mean get your car back, no, unless the bankruptcy was filed before the car was sold at auction (unlikely to be several months).


Can you be arrested for repossession of a car?

Repossession of a carDo you mean, "can you be arrested for not allowing repossession of a car?" If so, then yes, you can.If you meant 'can you be arrested for repossessing a car?" you can't as long as you have a permit/license to do so and conduct yourself in a lawful manner duriong the actual repossession.Added; In potentially violent situations, repossessors will sometimes call law enforcement and ask them to 'stand by' while they take the vehicle, but only to prevent a breach of the peace. Law enforcment will play no part in assisting in the actual repossession of the vehicle, inasmuch as repossession is done under a civil court order, and is not a criminal matter


Does the repossession company have to report the repossession to the police after the repossession?

I only know about the state of Massachusetts. And yes in our state they have one hour to report the repossession to the police department in the town of which the car was taken.


What are the car repossession laws in Ohio?

In the state of Ohio, your car may be repossessed if you miss one payment. Your car may be taken any time of the day or night by the repossession company. The repossession company is not allowed to keep any items that you may have left in the car. The company must inform you as to what they are going to do with the car, including selling it, putting it in a car auction, or keeping it.


What will a car repossession do to your credit rating?

A repossession on your credit is NOT GOOD. Avoid it if there's anyway possible. You say the car is SOLELY in your name?? GO GET IT and sell it.


What happens in a repossession?

The repossession agent shows up and takes the car if everything goes correctly.


Do you have to pay the difference on a repossession car loan?

Not sure of your question. Do you mean do you still owe after the car is repossessed? Or do you mean do you have to pay off a loan to buy a repossessed vehicle? It depends on the state you are in, contact the lender.


How do you get my car back after repossession in Louisiana?

Make your car payments.


What to say when you want to do a car repossession?

If you are giving up your own car for repo then you tell who you financed the car with you want a voluntary repossession. It still looks bad on your credit, but not as bad as a regular repo does


Why is the bank reporting a car as a repossession when it was stolen and totaled and you are still paying for it?

Because the lender repossessed the car from where ever it was after being totaled.IF you had gotten the car back after it was totaled, it couldn't have been a repossession.


What are car repossession laws in Missouri regarding notification to auction a vehicle?

what are the legalities of voluntary vehicle repossession


Where do you go for a part time job with a repossession company?

contact repossession companies or car dealerships in your area


Is a joint applicant's credit affected by a car repossession?

If this relates to a joint account holder or cosigner, then yes the person's credit rating will be affected by a repossession. Yes, whoever's name the car is in will be affected by the car's repossession. Only if the car is somehow tied to the account. Only a bad payment history on that joint account can affect your credit.