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Answered 2009-09-22 14:27:11

As soon as you default on your loan terms, the authorization to repossess can go to a repo man. This is why it's important to remain in contact with your bank/car lot. If you are having financial trouble, call them to tell them what's going on; they can usually set something up to help you. Usually an order to repossess won't go out until you are three months behind--but this is with banks. Small car lots (buy-here-pay-here lots) can and will send out the repo order much sooner. If you are required to have auto insurance and drop it, the repo order usually goes out the next day.

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If the debt is on the car, or the car was used as collateral for the loan, YES they can repossess the vehicle!


You cannot be arrested for not surrendering a car. Make arrangements for the creditor to retrieve the car. If not, the creditor can repossess the car because the discharge terminated the automatic stay.


NO, you cant steal your own car. You might ATTEMPT TO HINDER A SECURED CREDITOR.


Unless you are a creditor, I assume you mean can you surrender a car to the lender in a voluntary repossession. If the creditor will do it, you can. Obviously it will depend on the mileage and condition of the car, but these days it is complicated by the state of the economy, so not likely. You can surrender the vehicle in a Chapter 7, where the creditor has no choice.


In some situations, YES. The threat of it is uasually enough to get the car repoed.


As soon as you have defaulted on the loan, a creditor can repossess your car. So 24 hours after you have failed to pay, they can repossess your vehicle without notifying you.


A creditor can repossess a vehicle at any time after a default(late payment, lack of insurance, etc.) occurs on the contract.


Yes Usually they allow a grace period for an arears payment, but they do not have to.


The loan company can repossess any car that the payments are delinquent on. Your BK does not prevent repossession of your car.


That's why he has it secured to the property! If your in Bankruptcy, that may be delayed, but you will either pay or surrender the property soon.


Repossess any merchandise, or, place a lien on your estate.


If a repossessor comes in with paperwork showing an order to repossess, you should be able to call the listed creditor and verify it.


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Can the police repossess your car? Can the police repossess your car?


2 factors: 1. Are you current on your payments? - if you are not current on your payments the creditor will most certainly repossess your vehicle. however you will not be liable for any deficiency amount. 2. Who is the creditor? - Most creditors will gladly continue to accept payments on the vehicle and not repossess it. however some creditors such as Ford Motor company will repossess regardless of whether or not you are current.


In a Chapter 7 bankruptcy, a secured creditor has the right to repossess any secured property and sell it. However, if the car does not bring enough at the sale to pay off the entire loan and cost of repo, the automatic stay prohibits the creditor from pursuing this deficiency balance.


Not IF you reaffirmed the loan with the creditor.


If the creditor is the loan holder of the vehicle a lien is already in place. The title will show the loan provider as the primary lien holder. That insures the vehicle as collateral and if default occurs the lien holder can repossess the vehicle without going to court. Except in the few states that require the creditor to obtain a replevin order before seizing the vehicle.


If you don't reaffirm the debt, then the creditor has the right to repossess the car and sell it at auction to recover the debt owed to them, irregardless of what equity that you've paid. If you wished to keep the car, then you should have demanded that your attorney reaffirm the debt with that particular creditor.


Under California law, a creditor can repossess the vehicle if it is in default without notice, even if the car payment is one day late. However, if there is a co-borrower on the loan, the creditor is required to give notice before repossession.


Certainly, especially if you signed an agreement. Ethically, you do not own the car if you have not paid for it and the creditor deserves to be paid. It sounds like you are trying to take advantage of the other party. Figure out your finances and pay up.


Generally, your creditor has legal authority to seize your car as soon as you default on your loan. Once you are in default, your creditor may repossess your car at any time without prior notice and may come onto your property to do so. However, the creditor may not commit a "breach of the peace" by using physical force or threats of force. If this occurs, your creditor may be required to pay a penalty or compensate you for any harm done to you or your property.


Normally, as a secured creditor he would get to repossess and sell the car to recover as much of what you owed. Or if you reaffirmed the debt, then the lien stays as does your obligation to pay.


Hey Hun, if you do not make the payments they will come to repossess your car.



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