Depends on your state laws and the contract you signed with the lender. Read your contract. after the second payment is not paid
To start a repossession business you must file the appropriate business license. Many repossession businesses also have insurance and a bond for their business.
check out laws and regulations in your stae(georgia)
It stays on your credit report 7 years from the date of settlement not the date of repossession.
To start a repossession business in New York, first, you need to ensure you comply with state regulations by obtaining the necessary licenses, such as a repossession agent license. You should also register your business with the state and consider obtaining liability insurance to protect against potential claims. Building relationships with financial institutions and dealerships can help generate clients, while investing in the right tools and equipment for the repossession process is crucial. Finally, familiarize yourself with the legal aspects of repossession to operate within the law.
Yes, there is no difference. A repossession is a repossession.
A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.
No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.
Wrongful repossession insurance??? Coverage for when the Repossession Agency wrongfully recovers an asset for a myriad of reasons.
Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle.
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.
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?