What is an alternatives to repossession?

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Let someone else take over the payments. Sell the car and pay off the balance of the loan. Talk to the lender and see if you can get the monthly payments reduced. Get another part time job and make enough to pay off the loan. The worse thing you can do is allow the car to be repossessed. When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car. Talking with Your Creditor
It is easier to try to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you'll be late with a payment. Many creditors will work with you if they believe you'll be able to pay soon, even if slightly late. Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may refuse to accept late payments or make other changes in your contract and may demand that you return the car. By voluntarily agreeing to a repossession, you may reduce your creditor's expenses, which you would be responsible for paying. Remember that even if you return the car voluntarily, you're responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report. Seizing the Car
In many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a "default." In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are allowed on your property to seize your car without letting you know in advance. But creditors aren't usually allowed to "breach the peace" in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace. Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property. A creditor usually can't keep or sell any personal property found inside. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can't account for articles left in your car, talk to an attorney about whether your state offers a right to compensation. Selling the Car
Once your creditor has repossessed your car, they may decide to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold. In either of these circumstances, you may be entitled to buy back the vehicle by paying the full amount you owe, plus any expenses connected with its repossession (such as storage and preparation for sale). In some states, the law allows you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession. The creditor must sell a repossessed car in a "commercially reasonable manner" - according to standard custom in a particular business or an established market. The sale price might not be the highest possible price - or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable. Paying the Deficiency
A deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $2,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing. In most states, a creditor who has followed the proper procedures for repossession and sale is allowed to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract. Depending on your state's law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only opportunity to present any legal defense. If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment.
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How can you avoid repossession?

Most automobile financing agreements allow a creditor to repossess your car any time you're in default. No notice is required. If your car is repossessed, you may have to pay the full balance due on the loan, as well as towing and storage costs, to get it back. If you can't do this, the creditor may ( Full Answer )

How will a repossession hurt you?

Brent, who held a gun on you and made you sign the loan papers?? You got ripped off by your own self. Anyway, if you let it go back, the lender will sell it at auction for MUCH less than you owe. Example; u o 10K,car sells for 3K, balance due 7K. The lender will get a judgment for the balance due an ( Full Answer )

How can you stop a repossession?

1. Dont buy more car than you can afford to PAY for. . 2. PAY the payments somehow. Give up things you don't need FIRST. There ARE some things you can live without. . 3. IF you do get behind, FIND work somewhere. Dont miss out on a job just to stay home and play in the Thurday nite ***** (insert y ( Full Answer )

How do you repossess a car?

Answer . Where are you located? I know a guy who can do it. Email him at SWRYuma@hotmail.com

What is terms of repossession?

just exactly what do you mean by terms is this present or past tense are we talking about conditions leading to repo. or are we discussing what it takes to get in this position ok here are a few ideas if we are talking obout what leads to a repo. that could be varied usually outlined in each individ ( Full Answer )

What is repossession?

It is where a lender (usually a bank or credit union) recoverscollateral that is held in a security agreement and hasn't beenpaid for. In the usual sense, something purchased using a loan is taken backfrom the buyer because he has not kept up payments for it.Typically this includes cars and other ve ( Full Answer )

What are the laws on repossession?

Answer . We live in the state of Ga, and had been late many times up to but no more than 15 days late on our vehicle. Repo man showed up this last time as we were only 12 days late? Our lain papers say as long as we werent 15 days or more late??? whats the deal?.

What can the lender do to you after repossession?

Answer . If the repossessed property did not sell for enough to satisfy the debt the lender may decide to seek the rest of the payment through the courts. The courts may decide to require that you sell assets to satisfy the remainder of the debt. If you do not have assets to satisfy the debt the ( Full Answer )

What happens in a repossessions?

in nc i voluntarily repoed if you call i that because of the bad economy it was either let the vehicle go back or my home now they are going to sell my home to get what is left owed afterauction

What is a repossession affidavit?

Answer . \nIt's the sworn statement that the lender files with the state DMV when a vehicle is repossessed.\n. \nIt includes data such as, how the vehicle was repoe'd (voluntarily or replevin order) the default date of loan, the date of repossession, the amount owed, the value of the vehicle, ( Full Answer )

What is willing repossession?

a voluntary repossession is where you turn over the vehicle instead of us having to come get it from you. www.aerecoveryandtowing.com

What is the alterneator?

The alternator is the device in a vehicle's engine compartment that generates electricity. It is commonly found bolted to the engine block and driven by the belt assembly.

What is bank repossession?

When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in ( Full Answer )

What do you do if your car is repossessed?

Answer . Firstly, in a legal sense, the lending institution owns the car, you are just the registered owner on the title - you promised to make timely payments to the lender in writing.. Repossession occurs for one main reason - the agreed upon payments were not made by the purchaser at the int ( Full Answer )

What is a repossession order?

An order to repossess. When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you defa ( Full Answer )

What is repossession of collateral?

The collateral is what you put up the guarantee the loan is paid. Can be a car, motorcycle, home, anything of value.. When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These right ( Full Answer )

What does an alternator do?

An alternator is an electromechanical device that converts mechanical energy to alternating currant electrical energy.

What is an alternator for?

The alternator generates power to run the car and charge thebattery. An alternator in a vehicle generates Alternate Current (AC) insteadof Direct Current (DC) electricity to power the vehicle.

What can you do about a repossessed car?

When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in ( Full Answer )

What is the process of repossession?

Repossession is an option that some lenders use to help pay against a bad debt. The debt or loan must have been secured by property. That property will in most cases have a lien placed against it to prevent unlawful sale and fraud against the lender. When the vehicle is repossessed, it is sold at au ( Full Answer )

What is an involuntary repossession?

Voluntary repo is you call the loan holder and tell them to come get it or you take it to them. Involuntary they have to come & get it.

How do you do a voluntary repossession?

Just call the lender and tell them you wish to turn your vehicle over to them, as you can no longer make the payments. BTW, this should be your last choice. How about trying to get the payments lowered. Talk to the lender.. When you finance or lease a vehicle, your creditor holds important rights o ( Full Answer )

How does a home get repossessed?

A home can get repossessed in many ways, the most common reason is that they owner of the house has not payed the bank the loan that they took out so as to by the house, or that the person hasn't pay many bills so they take the equivalent of the unpaid bills.

When will repossession happen?

If can happen the day after a non-payment. Most of the time it's 60 days or more. Curse the person on the other end of the phone and it will happen real quick.

How can you postpone a repossession?

(1) Make your payments on time. (2) Call the bank and work out the detales or (3) Hide the vehicle, look behind you all the time, stay up all night watching the car and get repo'ed any way when you stop to rest. It takes less than 5 min. to complete a repo from a parked position.

How does a motorcycle get repossessed?

Do you mean what method do they use to obtain it? As in how do they pick it up? If that is what you meant it depends. Some companies use a tow truck either a flat bed, or a regular tow truck and sling the bike. But most companies get keys for the bike and just ride it away. They obtain the keys from ( Full Answer )

What is alternator?

It is a device that converts mechanical energy to electrical energy on a car. It works by:the alternator creates an electric field by spinning a magnetic rotor with direct current inside stator windings. an ac voltage is developed and rectified dc. this voltage is compared to the battery voltage and ( Full Answer )

What are alternatives?

You have alternatives when there is more than one possibility and you can choose between at least two things.

What is alternator do?

This is an easy answer. The alternator is hooked (through wires blue and black) to the battery. So every time you start an engine the alternator kicks on and charges the battery. That's practically how it works. To add a bit to the above- an alternator produces an alternating electrical curre ( Full Answer )

How do you repossess an auto?

I have an employee that I assigned a car to, registered in his name. I will be terminating him prior to the car being paid off by company that has a value still owned of 7500.00. I am lien holder on the title. Can I take this car back during termination, as we he will no longer work for the company. ( Full Answer )

What is a alternator?

The devices that develop electric power are a generator (for direct current), or an alternator (alternating current). In a car, an alternator is used, with a rectifier, because of size and weight considerations.

What is a writ of repossession?

You are likely thinking of a writ of REPLEVIN. It's a Court Order for the vehicle to be served on the customer for the vehicle.

The meaning of repossession?

Repossession is generally used to refer to a financial institution taking back an object that was either used as collateral or rented or leased in a transaction.

Can a boat be repossessed?

Yes, and they are every day. It is true that boats, 4 wheelers, and any other type of recreational vehicle are repossessed all the time. It also true that these types of repossessions are some of the most difficult to accomplish. With something like a boat for example, you don't have to use it eve ( Full Answer )

What is repossession insurance?

Wrongful repossession insurance??? Coverage for when the Repossession Agency wrongfully recovers an asset for a myriad of reasons.

If your car is repossessed what do you do?

While I know that everyone who has it happen to them "must" be the exception, the sad fact is that cars are not repossesed unless payments are substantially in arrears. Given how much money is past due, and given the costs, time and hassle the creditor was made to go through to get your vehicle, ( Full Answer )

What can you do if your car is repossessed?

The first thing to do is to contact the company you handle your car payments with. Once payed, you can then go to the reposestion office and receive your car back. Notice that is may cost you money to get your car back.

How are things repossessed?

Somewhere in your loan contract there is wording that allows the lender to take possession of the item(s) he lent you the money for, if you stop, or fall behind, in your payments. The lender will file paperwork with the court giving legal notification of his intent to repossess this item and then se ( Full Answer )

Can you repossess your repossessed car?

you can buy it back from the repossess depot thinger yeah but you have to pay all your payments on it The above answer is correct, but does not answer the question actually being asked; i.e., the guy/gal wants to go grab the car from the repo guy or car lot where the repo was delivered to. My ans ( Full Answer )

Where is the car after repossession?

It depends, but as a general rule, the finance company that repossed it will keep possession of it, either on their own lot or at an auto auction for a certain number of days (usually 30-60) unless you pay the balance to get it back. After that, they will send sell it at auction and you will owe any ( Full Answer )

What is an alternative answer?

A second answer, perfectly proper, to a question. "is light a wave?". Well, "yes". But also, "yes and no". It implies that the question needs refining.

Who get the equity from repossessions?

Any equity on the account after repossession, auction fees, etc is to be paid to the customer. Example: Car is worth $20,000, $5000 is owed, $1000 in various costs of recovery and disposition, Customer should be getting a check for $14,000.

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.

Can they repossess your car with you in it?

A valid repossession must not cause an unlawful breach of the peace - even if the debtor is the one instigating the breach. So if the debtor gets into the car, it cannot be repossessed at that time, you'd be kidnapping them essentially. In the USA, this actually happened, the repossession was declar ( Full Answer )

How can you get into repossession of vehicles?

Find someone in the field who's hiring. These are typically towingand recovery companies who do a number of tasks ranging from basicwinch-outs to repossession. So you might start off doing basicstuff, and, if you prove yourself competent, you can be given ashot at doing repos later on.

How do you repossess my car?

Firstly, is not "your" car ... The lending institution actually "owns" your car and can legally repossess it whenever the monthly payments are not being made as agreed upon when the initial loan was signed by the buyer. The lender is entitled to recover their property by most any means. And is ( Full Answer )