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The estate of the debtor is responsible. If there are not enough assets in the estate, it goes unpaid.
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∙ 9y ago
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If your husband wants to voluntarily repo his truck will you be responsible for any of the debt if you did not co-sign?
NO.
Cosigner repo a vehicle?
If you are a co-signer of a repossesion, and the primary borrower has not made an attempt to make their payments then you are fully responsible for this debt.
Can one vehicle be moved to get to the debtor vehicle in repossession?
This is one of those questions that the answer depends on who you talk to. As a repo agent I have tried to find the answer and it has been difficult. I believe the answer is yes, but if the repo agent damages the car he is moving then (of course) he is responsible, just like he would be responsible for damage caused to a vehicle he was repossessing.
I'm a co-signer on another car and I'm doing a voluntary repo on my car how does that effect me?
The primary borrower is responsible for this debt, but if they do not make arrangements to pay the remaining balance of this debt (once its auctioned off) then you will be fully responsible for the remaining balance.
Can a repo man make physical contacts to the debtor's place of employment?
They cannot make contact ith the person, BUT they can repo the auto.
Are you still responsible for a volunteer repo?
Yes, you signed a contract that no matter what, you'll pay your debt to whom ever gave you the loan. If you don't pay it, they will make your life miserable.
What is Maine state law on repossession of a vehicle?
Must provide debtor with a 14 day notice to cure. Allowing debtor to pay all back money owed. Repo must be peaceful aka no enrty to a home no public disturbance ect. Creditor must hold vehicle 14 days after repo to give debtor opportunity to pay missed payments and fees associated with the repo. Creditor must provide debtor with notice of intent to sell vehicle. Any proceeds of sale go to pay the balance of the loan. Licsense plates and personal property remain with debtor
If a bank did something unethical or illegal and the borrower has to default or allow repo would the debtor still be responsible for the deficiency?
Unless a court rules there was a breach/violation on the lenders part, YES. If you have doubts, call a local attorney for a consultation.
How do you find out the date of a repossession?
If you are the debtor, you could ask the lender or the PD in the city/town where the repo occured.
Can jointly owned personal property and assets be taken if the repo car was only under the spouse?
YES, they can be taken BUT NOT kept. ALL PP belongs to the debtor and the DEBTOR will have to redeem it.
Can a repo agency contact your employer and slander your name?
yepAKA, the Fair Debt Collection Practices Act, nope.All a repo agency (or any other debt collector) can do is verify your employment and location. They CANNOT reveal ANY debt information (much less their intent to repo your vehicle) or even insinuate that you HAVE a debt. For more info on what a debt collector can and can't do, take a looksee at: http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre27.pdf If a repo agency DID slander you to your employer, please take the time to complain about them ... they have invaded your privacy and stomped on your rights!!
Can the repo man speak to your employer about repossesing your car?
Debt collectors will use any means for information to collect their debt.
