What does the repo agency do to the car when they repo it?
Once the vehicle is secured:
- Reports it to the local police department
- Takes it to the storage facility
- Fills out a condition report of any damage and mileage
- Removes and inventories personal property left in it, if any
- Stores the car until it is redeemed by the debtor (usually for a fee) or transported to auction
- Stores the personal property until it is redeemed (usually for a fee) or until the deadline for pickup is reached (varies by state, usually 30 days).
Is there anyway to repo a car without reporting it stolen if your sibling has the car and is not making payments on it?
If the sibling has the car with permission, you CANT report it stolen. If you are listed on the TITLE as owner or co-owner, go get the car. If you are listed as leinholder, have some type of proof that sibling is in DEFAULT of a loan using the car as collateral, go get it or hire a repo agency to get it.
The repo agency does one thing; repossess the vehicle. I don't know of any case where a lender could even draw from your pay. tThey hire a repo agency to get the vehicle, and they report your delinquency so your credit score suffers.. The repo agency does one thing; repossess the vehicle. I don't know of any case where a lender could even draw from your pay. tThey hire a repo agency to get the…
Laws vary by state, but, generally, yes. They'll notify the law enforcement agency with jurisdiction in the area where they're repossessing the vehicle from, and the law enforcement agency will typically give notification of the repossession if the vehicle is reported stolen. However, most people with vehicles up for repossession are aware of it, and can put two and two together.
Technically, once the lending agency has gone to court and had the loan declared to be in default, the vehicle is no longer yours. After the judge awards the action by the lending institution the repo man is just acting as agent for the lending agency to get what is righfully theirs. You haven't paid for it and haven't kept current on the terms of the loan so the vehicle isn't yours. The policeman is…
Is it Grand Theft Auto if you repo a car that you sold and that person never put the title in their name?
It's "grand theft auto" if you steal a car and the value of the car is enough to make it "grand" theft. If the person is delinquent on their debt to you for the car, you can repossess it in accordance with the terms of your contract/loan agreement. If the person has already paid for the car, then it's not a "repo", it's theft, and paragraph one comes into play. The person who bought the…
Can you have the repo man get a car that is taken by someone who borrowed it and moved if you only have their drivers license and SSN?
It depends, usually the repo man will come to the dealerships and tell them a price they'll repo a car for. The company I work for charges roughly $150 a car, but if we have to go unusually for to get the car the price goes up accordingly. Like if we have to fly out of state to get a car the dealership pays for the plane ticket plus a few hundred.
If a car is repossessed and you pay the balance after they sell the car do they remove the Repo in your credit report?
If you bought a car in Virginia and can no longer afford it can you do a voluntary repo and not have your wages garnished?
A repo is a repo, voluntary or not. Do not do a voluntary repo or any other repo. Terrible idea!!! Call the lender and work something out. See if you can find someone to take over the payments or possible sell the car to another part and pay off the loan. If you are upside down on the loan, then sell the car and borrow the balance to pay it off. Having your car reposed…