It all depends on the repo, co. Most are privately owned and when the car is repossessed the owner of the car contacts the local police to report the car missing and the police will have a report of the car being repossessed and will let the owner know who to contact(repo co.), The repo company will usually give a certain amount of time for the owner to contact them for their belongings, after that time all items are forfeited. It would be best to contact your finance company and make arrangements for the return of the car, since they sent the repo contract order out for the vehicle. All the "items" are inventoried and stored until the debtor comes to redeem them OR the legal time limit(usually 60 days) to hold them is gone. Then they are usually thrown away or donated to charity. There is not a big market for used clothes, McD cups, beer cans, prepaid phone cards, casino cards,chikin bones,ect.
The repossession agent shows up and takes the car if everything goes correctly.
The bank sells your car at an auction lot for about half the price you paid for it.
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.
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.
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.
How do you write a car repossession letter?
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.
who is allow to do Vehichle/car repossession? when is a vehichle/car repossession not allowed? whats the minimum insurance needed for car repossession?
is concealing a car from repossession a felony in georgia?
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.
The repossession process of a car usually takes about 6 months
A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.