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The accompanying documents to the summons should state what damages/restitiution the plaintiff/lender is seeking. Generally the vehicle is repossessed, sold at public auction and then the lender takes action to recover the remaining amount plus recovery fees and penalties owed on the loan. Although now, many states have enacted legislation that allows the lender to sue for the entire amount of the loan plus applicable costs rather than go to the expense and trouble of recovering the vehicle. This action has proved to be very advantageous for the lender who wins such a suit and very damaging for the borrower. It would be prudent for the borrower/defendant to obtain legal representation or at least legal advice on the matter.

2006-07-14 13:17:58
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Related Questions

Can a lender repo your vehicle if they are not the lienholder if they are not the lienholder on title A different lender is the actual lienholder Any recourse against me by the second lender?

Confusing, but there are a number of scenarios where this might be possible. First, if the lender is the lender on the vehicle, the ARE a lien holder. They may not have "perfected" the lien, that is registered it with the state, but that is an easy matter for them to rectify. Second, if they are not the lender on the vehicle, and there is no other lien holder, provided they have a judgment, the court may order the surrender or sale of other property to satisfy the debt and the judgment. Third, if you have two vehicles with the same lender, and you are defaulted on one but current on the other, the lender may choose to do what is called a"converson of collateral." If so, then the lender may repossess the vehicle you are current on due to the default on the other. They will take which ever vehicle is the esiest to recover in these situations.


In Maryland can a finance company repossess a vehicle that is 38 days in default?

Yes, the lender can recover the vehicle any time after the lending contract becomes in default.


Can your wages be garnished for the repossession of a vehicle in Louisiana?

If the lender decides to sue the borrower and wins a judgment, the judgment can be executed as a wage garnishment


Can a lien be placed on a house for voluntary repossession the state of Texas?

There are no legal differences between the borrower voluntarily relinquishing a vehicle or the lender having to initiate repossession action (with perhaps the exception of additional monetary charges). If an outstanding balance remains on the original loan amount after the vehicle is sold at public auction the lender can file suit to gain a judgment against the borrower for the amount still owed. If a judgment is awarded the judgment creditor may execute it according to the laws of the state. This being the case it is possible for a judgment holder to place a lien against real property owned by the judgment debtor.


Can a lender file Deficiency Judgment in Indiana?

Yes, a lender can file for a deficiency judgment in Indiana. The court has to approve the judgment in order to prosecute.


Received a letter saying a car you no longer own is going to be taken as payment of debt you live in ny can they take current vehicle letter says judgment was filed 3 years ago have no knowledge of?

This is a relatively complicated matter, but if you sold the vehicle 3+ years ago, and no longer have any legal interest in the vehicle, but you failed to pay the outstanding balance on the loan, the lender has a legal right to the judgment against you. They cannot outright take any property of yours. They can garnish your wages, your bank accounts, and secure any monetary accounts you have. They can petition the court for the sale of other real property you have. If you have any other loans with this lender that are secured by collateral, they may convert that collateral and secure it to cover the outstanding judgment. They cannot legally secure the car from the other owner in New York state. It is a lien loss. The contract they have is with you. The vehicle no longer secures that contract. And, whether or not you have knowledge of the judgment, they can have it enforced. As you were not present when they secured it, it is a default judgment. Unless you can prove they did not take due dilligence in having you served (and good luck with that impossible feet), the judgment is legal and binding.


Is it illegal to repossess a vehicle in Texas?

No, not if the contract is in default. The lender/lienholder may repossess the vehicle under UCC laws as long as it can be accomplished without a breach of peace committed


If you are making payments on your car can it be seized to pay a judgment?

Yes, if the vehicle is not protected by the state's exemption amount. If the judgment is not by the lender who holds the lien on said vehicle it is unlikely that the judgment debtor would engage in such action especially if there are other means of enforcing the judgment writ, such as garnishment of wages or levy of a bank account. I don't understand what is the exemption amount?


Repo question state of nm title co in Ca went into default due to economy am in oil and gas industry Laid off and unable to pay lender not on title as lienholder can they repo vehicle?

Simple answer: in the state of New Mexico, if you default on your vehicle loan, and are not able to bring the payments current, the lender has the right to take possession (to repossess) the vehicle. You can try to contact the lender and see if they will make some sort of arrangement. Unless you do this quickly, though, it is unlikely they will work with you, and you may be asked to surrender it voluntarily.


Who owns the vehicle if you are the primary on the vehicle loan?

The lender owns the vehicle until it is payed for by the lender. The Primary lender will own the vehicle once it is payed for. It also depends on whose name appears on the title.


When can the lender resell a repossessed vehicle?

a lender can do as he/she pleases with the vehicle after 31 days...in the state of Alabama


Can a lender repossess a vehicle if you send less than the asked for monthly payment?

AS long as you are in DEFAULT on the contract, the lender can repo the collateral. Usually that also means have full coverage ins also. Read your contract again.


What is Missouri Law for paying off repossessed cars?

The laws for all US states are much the same. In MO. when a vehicle is repossessed by the lender due to a default in the terms of the contract the lender is required to sell the vehicle at public auction for the amount closests to its assessed value. If there is a discrepancy in the amount for which the vehicle is sold and the balance of the loan, the lender may pursue collection for that amount in the manner the law allows, which can include a lawsuit.


Can you just pay interest on a mortgage to avoid default?

No. You must make your full payment to avoid being in default unless you make other arrangements with the lender.No. You must make your full payment to avoid being in default unless you make other arrangements with the lender.No. You must make your full payment to avoid being in default unless you make other arrangements with the lender.No. You must make your full payment to avoid being in default unless you make other arrangements with the lender.


Do you have to declare bankruptcy if you default on your mortgage?

No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.


Does and outstanding credit card loan that hasn't been paid ruin your chance of co signing for a car loan?

If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.


Can a lender repossess a vehicle without reaffirming the original lending agreement with the borrower?

Yes. Once the original contract is in default the lender can begin repossession proceedings under the UCC laws. In the majority of US states the lender does not need to notify the borrower or obtain a replevin order from the court.


Does a co-signer help with your credit?

No. A co-signer helps you borrow money and helps the lender by promising to pay your loan if you default.No. A co-signer helps you borrow money and helps the lender by promising to pay your loan if you default.No. A co-signer helps you borrow money and helps the lender by promising to pay your loan if you default.No. A co-signer helps you borrow money and helps the lender by promising to pay your loan if you default.


When will your car repo balance get wiped out?

The balance remaining after a repossession will remain due for a minimum of seven years after the vehicle was repossessed or ten years in the event of a judgment. Also in the event of a judgment, an additional ten years can be requested by the lender. Here is another secenario: the vehicle is repossessed and the debtor refuses to pay. The lender can opt to seek a judgment for the outstanding balance, or the lender can wait for 6 years, 11 months before doing so. This in essence give the lender 17 years to collect the debt. Now say the debtore continues to refuse to pay; the lender can then seek that ten year extension, given them 27 years to collect. In addition to the unpaid balance, the lender can add on repossession fees, collection fees, court costs, and legal fees, and in some states simple interest. That $1000.00 you owed when the vehicle was repossessed can quickly turn into $20,000.00 or more. The lender is not going to sit by and let that remain uncollected. Once the judgment is obtained, the rules for collecting change as well. With the judgment, the lender can attach your bank accounts, garnish your wages, place liens on other property, petition the court for forced sale of other property, and attach your income tax returns.


Can a lender repossess your car if you were behind on your loan but made it current before the repo agent got to it?

Yes. The terms of the loan were defined when you signed the paper. Most loans state that they can repo the vehicle if the loan is in default and they can declare the loan to be in default at any time after you have failed to meet one or more conditions of the loan. When you didn't pay on time, you were in default. Once you were in default they can repo the vehicle and sell it to dispose of the loan.


If you default on a mortgage but own other property can that lender take other properties from you?

Yes. The lender will foreclose on the mortgaged property. If you owe more than the property sells for at foreclosure the lender could sue you in civil court and obtain a judgment lien that it could record in the land records. In that case it would affect your other property.


How do you find out the original lender and account number of a judgment when all you have from the credit report is a docket number and the county?

Take the docket number to the county recorders office and get a copy of the judgment. The information on the judgment will give you the name of the lender.


If i default on my mortgage can the lender take other assets?

YES.


What is Interest rate on mortgage?

It will depend on the lender and the risk of default.


Can your car be repossessed if you have no other vehicle and are less than a month behind?

YES. Read your contract. Does it say the lender cant repo IF you have no other vehicle? I think not. Less than a month behind??? Some lenders will repo when you get 3 days late. Any time you are in DEFAULT of the loan, the lender CAN repo. They may not, but they can.