Will you be able to buy a new car if you let them repossess your current car?

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You will not be able to immediately buy a new car if you are financing it because it will be difficult to get a loan. After some time has passed you should be able to get financed with a higher interest rate.
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Can you let the bank repossess one of your cars?

Yes, you can voluntarily give up one of your vehicles but stillcontinue the payments on the other. It will, however, affect yourcredit. No repossession on your credit record is positive, but youcan at least provide a better logical explanation to a voluntaryrepossession than you can a forced one. It ( Full Answer )

Is it best for your credit to let a jointly-owned car be repossessed?

%DETAILS%. Answer . the finance company won't let you get your name off of it. That way they can keep you on the hook since he can't pay for it. it will hurt your credit, but if you have a car you pay for on your credit and explain in the future what happened, you should be able to get another ( Full Answer )

Is it better to let your car be repossessed voluntarily?

First, talk to the lender and find out where they would want the car brought to, \nSecond, before you take it there, make sure the paper work is there and ready for you to sign,\nthird, make sure you clean out the car before you get there and\nfourth, make sure someone is still in the car when you g ( Full Answer )

Where can you buy repossessed cars?

Here is a variety of advice: . If I were you I would check out your county for repossessions to be sold they generally sale for 2/3 of the loan value. . I would NOT buy a car that has been repoed. Simple logic tells me that the driver was NOT doing ANY repairs or even oil changes, before it got ( Full Answer )

Can a car be repossessed after dark in New York?

In most states they can repossess anytime of the day. More often they will repossess while you are at work. This way you won't see it happening, they are in a public place, and if you do catch it its less likely a scene could be caused. And yes of course they know where you work. You disclosed ( Full Answer )

Where can you get a loan to buy back your car that was repossessed?

Answer . Mike, that depends on how great your credit is. A repo on your record is NOT going to help. Any interest rate you get will be HIGH because of your credit rating.\nWith a decent down payment you can always get a ride at a buy-here-pay-here car lot. Good Luck.

How do you get into repossessing cars if you are currently repossessing semi trailers in North Carolina?

email me for more info North Carolina TITLE STATE: Yes SECURITY INTERESTS: Shown on title held by lien holder. LICENSE REGISTRATION: North Carolina Division of Motor Vehicles, Vehicles Registration, 1100 New Bern Avenue, Raleigh, North Carolina, 27696. Tel.:(919)733-3025. RECOVERY REQUIREMENT: As pe ( Full Answer )

Does the repossession agent have to let you take the plates of of the car in Missouri?

%DETAILS% Last i looked the plates STAY WITH THE DEBTOR. Maybe he planned to drive your car all weekend. Was it a nice ride? CALL the LENDER Monday morning and get it straight. The plates belong to you, not the lender, nor the repo man. They are registered to you and are your property and responsib ( Full Answer )

If you cosigned for a car and the owner wants to let it be repossessed what can you do?

Unless your name is on the title to the car as well as the loan, there isn't much you can do. If you don't make the payments, your credit will be damaged. Co-sign means you are EQUALLY responsible for the loan. Make the best of a bad situation: Whatever the lender doesn't get paid on the loan as we ( Full Answer )

How do you buy a repossessed car?

If you are trying to buy a specific car, you can contact the bankor whoever holds the lien on the vehicle for more information. Youmay also start online with a free directory search for banks andother financial institutions who are selling repossessed cars. There are also other alternatives. You ca ( Full Answer )

If you have hidden the car until the payments are current can they still repossess?

Answer . \nAs long as the contract is in default, the lender can repossess the collateral.. Answer . Which would mean no? correct?? If the payments have became current the loan would no longer be in default? I am I right or wrong?\n. \nYou are wrong if the bank has already sent you a "notice ( Full Answer )

Would you let your car be repossessed or would you file bankruptcy?

Answer . \nThere's no definitive answer to a question of this type, as the final decision would depend on the person's overall financial situation. Bankruptcy is a very serious action and should only be used as a last resort. Especially in light of the new bankruptcy reform laws. Even in bankrupt ( Full Answer )

Can you buy another car before your car gets repossessed?

O' yea, that is a brilliant idea. If you can afford to buy another car, then you can afford to pay for the one you agreed to pay for. Make the payments on the car you now own, and your problems will disappear. Stop being stupid and trying to work the system. They loaned you money in good faith. You ( Full Answer )

Can your car be repossessed if you're current on your payments?

Answer . Well, first off, check with the Michigan Attorney General's Office for the specifics. Secondly, most states recognize the UCC (Uniform Commercial Code) which states that you cannot breach the peace during a repossession. This could include a number of different things. Basically, the ag ( Full Answer )

Should you surrender a car or just let it get repossessed?

Answer . \nNeither. You credit will be ruined for 7 years. You will also have to pay the difference in what they sell the car for and the balance on the note, plus administrative fees. Contact the lender and work something out. Voluntary or not, having your car repossess is a very bad idea with l ( Full Answer )

When can your car get repossessed in New Jersey?

\n. \n take back your car \n. \nI am trying myself to determine if NJ has different rules from most other states. According to this website http://www.lawdog.com/states/nj/sta1.htm it looks like we can just take our cars provided we don't break any other laws, such as breaking and entering a ( Full Answer )

Can you buy another car after a repossession?

Answer . \nYes, you can. My father did this. The thing is, you get a really high interest rate. You could try to have someone co-sign to get the interest rate down a little.. Answer . Yes but why would you want too??save your money and buy a used car outright.Then\nthere are no car payment ( Full Answer )

Can you still buy-lease a car after 2 cars repossession?

No. Unless you go to one of the dealers that offer a little box on the dash board that requires payment to run. Total rip off. A repossessed vehicle will stay on your credit record for 7 years. Due the recent economy no one will get you a new car loan or lease. Your best bet is save mnoney and pay c ( Full Answer )

If you own two cars and are able to make payments on only one and are letting one get repossessed can the finance company for the repossessed car do anything toward the remaining car?

possiblity . \nPossibly yes. They can resale your repossessed car dirt cheap and sue you for the difference in what you owed and what they got for it. Then they can sue you to collect that difference. If they win the suit they can have the sheriff pick up anything you own to sell at public auctio ( Full Answer )

Can your car be repossessed and sold without letting you negotiate an agreement?

\n. \n Answer \n. \nAs soon as you are out of compliance with the original contract, the bank is allowed to protect their interest in accordance with the original agreement. If that means repo and sell the car and that's in accordance with the original agreement, they are no doubt obeying the ( Full Answer )

Does a lender who repossessed your car have rights to your new car?

Answer . Not directly as a named lienholder would, but it depends on many things - mainly if the repossession reaped enough money to pay off the prior debt (which would include all late fees, interest, costs of collection, etc.). If not, the amount you would still owe may be turned into a claim ( Full Answer )

When your car gets repossessed are you able to get your tag back and can you get something from them that says it has been repossessed?

You are allowed to set up a time with the tow company that retrieved your vehicle to get any personal items of yours out of it, that does not include installed stereos or custom wheels. As for the notice, you will need to speak with your finance company, they will usually offer to give you back th ( Full Answer )

Where in Western New York can you buy a repossessed car?

First off buying a repossessed car is a horrible idea. You are buying a car that someone could not even make payments on. Do you think they took care of this vehicle? Do you think it was serviced regularly, the oil/filter were changed, and anything else necessary was done. More than likely the car w ( Full Answer )

Would you be able to buy a new car with repossesssion's on your credit?

Yes; but it will take a while after the repossession. In 1997 I missed a few payments on my car and the repo men came to collect it. I had to pay off enough to my bank that they would release the car back to me. My credit took a SERIOUS hit which stayed with me for 5 years. During that time I ( Full Answer )

What happens when you let your car gets repossessed?

When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in ( Full Answer )

What is the catch in buying repossessed cars?

The biggest turn-off when buying Repossessed Car: As you already know, Repossessed Car Auction is a great way to buy your new car or other types of vehicle (boat repo auction, RV repo auction, ...); however, it seems almost too good to be true, because the price is very low. The catch lies in the ( Full Answer )

Where can you buy repossessed cars from?

Repossessed cars can be purchased directly from Banks and Credit Unions. Many larger Banks and Credit Unions will simply send the vehicles off to "dealer only" auctions, but most of the smaller Banks and Credit Unions will offer these vehicles for sale on their websites to the general public. If you ( Full Answer )

How can you buy out a leased car when the lease expired and car was repossessed?

When a vehicle gets repossessed it either goes back to the dealer who leased it, or, and more commonly, it is auctioned by the reclamation company. You would need to attend one of these auctions to be able to bid on one, and even then, a lot of times you have to be a licensed dealer to participate ( Full Answer )

Can a buy here pay here car be repossessed?

Even though it is a buy here pay here dealer it is in the contract you signed. You dont pay they will take your car and you WILL have to pay the late payments on top of the repo cost before you get your car returned.

What if you refuse to let your car be repossessed?

Varies state by state. But the common theme is once the repo guy is in control, i.e. behind the wheel or has a tow hook ON THE VEHICLE, one cannot stop the repo. Most jurisdictions consider this a 'civil problem' until one party assaults or makes threat of harm to the other. This applies to both sid ( Full Answer )

Does buying a repossessed vehicle raise your car insurance?

In this state buying a repossessed vehicle is no different from buying any other vehicle as far as insurance is concerned. The insurance agent checks over the car, takes pictures, checks the odometer, and quotes the rate just like any other used car. Of course if you have one car and you purchase a ( Full Answer )

What research should one do before buying repossessed cars?

Before buying repossessed cars, you should first research the frequency of repair and maintenance costs on the models in auto-related consumer magazines. You can also ask for the car's maintenance records from the owner, dealer or repair shop.

Can you buy another car even though is repossessed?

If you have had a car repossessed, you have not kept up with thepayments. You probably still owe money on the repossessed car. In these circumstances, the fact is that you can not afford topurchase another car and would not be able to obtain the finance todo so.