Repossession

Who is responsible for the car if it is destroyed in a natural disaster after it is repo?

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2005-09-23 01:17:50
2005-09-23 01:17:50

The Bank that took ownership.

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The estate of the debtor is responsible. If there are not enough assets in the estate, it goes unpaid.

NO. Have him arrested if he did that. _____ Sue the lender/bank do not waste your time with the Repo guys; they are agents of the bank so the bank is responsible for their conduct.

IF you were NOT in DEFAULT, then it was a wrongful repo and you shouldn't have to pay. Call a local attorney NOW.

You are both equally responsible for the money owed on the car because it is on both of your credit reports; cosigning makes both people responsible for the payments.

Yes. You are also responsible for repo fees, storage, auction and collection fees. You pay for it all.

Good question...how did you find out about the repo fee?? Have you been repoed before?? Are you in default now?? If you're not in default, dont worry about it, hope they repo it so you can sue them.... IF you ARE in default, pay up today Yes that is what it means. If you were behind on your payments and didn't call the lender to work out a deal before a repossession order was issued, Then you payed before a repo agent picked it up you are responsible to pay the repo fee and the lender is responsible for calling off the repo. If you have payed and the lender failed to call the repo agent and you get repoed you can bring up ''wrongfull repossession charges'' and that falls on the lender. In your signed contract you agreed to this and so did the lenders. The above response is incorrect THE LENDER CANNOT CHARGE YOU FOR SOMETHING (a repo in this case)WHICH HAS NOT TAKEN PLACE !!!!!!!!!!!!!!!!!!!!!!!!!! IF they try too.... SUE them and there "agents"

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.

Regardless of who the agent is that actually repossesses a vehicle the responsibility will remain with the agency that actually accomplished the repossession, however, the Creditor is ultimately responsible for the actions of the agents that they assign an account to. The assigning agency, if they had no actual part in the repossession will probably not be responsible.

repo is taking somthing away like the repo man in the new movie repo! the genetic opera theres an organ repo man who takes away peoples organs

repo rate is 8%. reverse repo rate is 7%

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.

How do i get a repo agent license in Illinois

yes you can repo tools like tractors.

Strange question. IF it was a mistake, then it wasnt a repo (ie: wrong car, not in default,ect) OTOH, the lender is responsible for any PROVEN damage done to the car while in their possession.

Yes. If he has a repo order, it is no longer YOUR truck.

The person causing the damage is usually responsible, and that would be the hook driver, or his employer, or both, assuming the "someone else" did nothing to interfere with the repo.


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