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At the minimum, repo people will take you car, leaving you on the hook for the balance of the loan plus towing charges, and your credit is wrecked for about 5-7 years. You're better off (but not by much) if you do a voluntary repo; your credit is still going to be affected but not quite as bad (you can also write the credit companies & have them put a note in your file if extenuating circumstances (i.e., lost job, high medical bills, etc.) exist. Talk to the credit people-that's your best option.
What else can I help you with?
Is it illegal to hide a vehicle in Utah if facing repossession?
No.
What happens to your license plates after repossession in NY?
what happens to your liscense plates after reposesion in N.Y.
Who is responsible for damage to the yard during a repossession in Florida?
The LIENHOLDER is ultimately responsible for anything that happens during a self help repossession.
What are the FHA auto repossession guidelines?
The FHA does not have specific guidelines for auto repossession. Auto repossession is typically governed by state laws and the terms of the loan agreement between the borrower and the lender. It is important to review the terms of the loan agreement and consult with legal counsel if facing auto repossession.
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.
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 if you hide a vehicle from repossession in colorado?
You are guilty of grand theft auto.
What are the vehicle repossession laws in Arkansas?
Vehicle repossession laws in Arkansas is the same there as it is in every other state. One must pay his loans or risk facing legal action from the one that one has borrowed from.
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.
If you are facing repossession and have a buyer that will take over payments will the finance company refinance the car for the buyer?
not normally the contract is with yourself, not them
In Texas how many months before repossession?
No months. It will be more like weeks or days. In practice, you can be one day past due and the lender can send your vehicle for repossession. It might be months before the actual repossession happens; it will depend on how difficult it is for the agency to secure it.
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.
