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You should be told what you need to do to "redeem" the vehicle within a short period of time (30 days usually): pay the outstanding payments, late fees and, oh yes, the costs of repo and storage. If you do not pay, the vehicle is sold at auction for pennies on the dollar, and you will be sued for the balance plus costs, etc.
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∙ 14y ago
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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.
What happens to the car after repossession?
The bank sells your car at an auction lot for about half the price you paid for it.
What happens if you hide your car from repossession in Iowa?
Eventually you will be court orderded to give up your car, and plus with a repossession, you will ruin your credit report and they will do a wage garnishment eventually.
What happens after a repossession?
After a repossession, you will need to pay a fine usually. For example, if this was a car being repossessed, you would have to pay a certain amount to get it back.
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?
What happens if you conceal a car on repossession in Florida?
Concealment of a car up for repossession in Florida is a felony. You can be charged with hindering a lender in repossessing a vehicle, or even grand theft auto. Additionally, the state of Florida will not permit you to register any vehicle in your name if you have an active repossession against you.
Is concealing a car from repossession a felony in Georgia?
is concealing a car from repossession a felony in georgia?
What happens when a car is voluntarily repossessed?
You do not want your car repossessed for any reason! it will ruin your credit, you will still have to pay for it once it sells for less than what you owe at auction, and eventually a repossession catches up to you! What you can do to save your car is contact *CAR HELP USA* tHIS company will lower car payments, lower interest rates, get you current with your auto loan, stop repossession, refinance, and save your car! You will need to act quickly as a volunrarily repossession does not answer ANYTHING!
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.
If you owe more than the car is worth what happens if it gets repossessed?
The car goes to auction, then you owe the remaining balance of you loan + repossession and storage fees minus what the car was sold for at auction.
