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It is where a lender (usually a bank or credit union) recovers collateral that is held in a security agreement and hasn't been paid for.
In the usual sense, something purchased using a loan is taken back from the buyer because he has not kept up payments for it. Typically this includes cars and other vehicles.
Repossession is the practice of reclaiming property on which a sale contract has not been completed. Until the entire sale price has been paid (along with any interest), the original owner has a lien against the property and the legal right to reclaim it. However, some methods of repossession (such as violating private property) may be unlawful. Reclaiming possession of mortgaged property for an outstanding unpaid loan is called foreclosure.
Wiki User
∙ 6y ago
Wiki User
∙ 8y agoRepossession is the taking back of collateral by a lender from the customers, usually because of default or failure to fulfill other terms in the agreement.
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Can you remove a repossession off your credit report if your cosigner has a judgment on the repossession?
No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.
What will a repossession do to your credit report?
A repossession is a serious negative and will drop your scores.
How much does a repossession agent make?
How much do repossession agents commonly make?
Will a voluntary repossession from your spouse affect your credit?
Yes, but perhaps not as adversely as an involuntary repossession.
How can a repossession with a zero balance affect a credit score and can it be removed?
A repossession will significantly lower your credit score, regardless of the balance. It will take around 7 years before the repossession is removed from the credit report.
Does a voluntary repossession affect credit the same way as a reposession?
Yes, there is no difference. A repossession is a repossession.
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.
Can you remove a repossession off your credit report if your cosigner has a judgment on the repossession?
No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.
What is repossession insurance?
Wrongful repossession insurance??? Coverage for when the Repossession Agency wrongfully recovers an asset for a myriad of reasons.
Does the repossession company have to report the repossession to the police after the repossession?
I only know about the state of Massachusetts. And yes in our state they have one hour to report the repossession to the police department in the town of which the car was taken.
How late can a vehicle payment be in Virginia before repossession?
I am a repossession agent in Virginia it takes 2-3 months of not paying before the repossession status occurs.AnswerI am a repossession agent in Virginia it takes 1 missed payment then repossession status occurs.
How do you write a car repossession letter?
How do you write a car repossession letter?
What will a repossession do to your credit report?
A repossession is a serious negative and will drop your scores.
Is a voluntary repossession better than a repossession?
neither looks good on your credit.
How much does a repossession agent make?
How much do repossession agents commonly make?
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?
Are the Lender of a repossession allowed to charge a storage fee and a repossession fee in the state of California?
In the state of California, the lender of a repossession may only charge fees that it incurs and that are in the contract. If the lender pays for the storage or houses the repossession, then yes, the lender is allowed to charge both a repossession and a storage fee.
