They will have to notify you in writing that they have repossessed your car. They could have made a mistake when someone told you they didn't, or they could not want you to know about it any earlier than they have to. You will be notified before it is sold, you can also check with the police and report it stolen, they always notify the police and the police will check with them if they haven't and they won't lie to them.
Chris, you make some BOLD assumptions about the veracity of banks and repomen. You should at least check the state laws you purport to quote. BTW, have YOU ever repoed a car?? LOL
Yes I managed a Financial Branch that specialized in NON PRIME Auto Paper - the branch had in excess of 7 million of auto loans and I repossessed 1-4 cars a month most months. Seldom did I personally do it, but yes I have repossessed a car from a customer. I can only speak about the laws in Florida, but what I say if fact.
Lenders will tell you anything. But they should tell you if they took the car. Call the police and report it stolen. If the car was repo'd, the police were notified when the tow was enroute to pick up the vehicle. The police, however, do not keep records. If the police weren't notified, (not all repo guys report that they're picking up the vehicle), report it stolen. It's then entered into NCIC and then the lender will have the headache when they try and sell the car that's listed as stolen. Of course when the lender tries to get the title, the DMV will have a hold listed which will tell them the car was reported stolen. It will create a problem for the lender. LOL
Yes. I recently had a vehicle repossessed and the bank told the repo company that I was in default since 05/05. When the repo man showed up and was shown the receipts for payments from 01/05 to the present he refused to take the car. A three way call was made with the bank and the rep told us that the car was in default since 05/05. When the repo man told her that wasn't true her story changed to being in default for 2 months which was also untrue. The bank still ended up taking the vehicle and I'm currenlty in a legal battle with them over it.
No, a car can not be repossessed due to having no registration. A car can be repossessed for non payment. The police can have a car towed to an impound lot if there is no registration.
If your car has been repossessed by the bank for missing payments, the quickest and most efficient way to retrieve your vehicle is to contact the bank and make your back payments. When contacting the bank about back payments see if there is a new payment plan system that you can set up with them that is more beneficial to you, to avoid having the car repossessed again.
They will auction the car and you will have to pay the difference of what you owe and what the car sold for.
Maybe, if you have the original, but, it is ultimately up to the bank.
Yes you can make profit on the car if you buy it from the bank.
if the car dealership does not pay for the car in full or pay their bills then the car would most likely be repossessed
When a car is repossessed it usually means the owner is no longer able to make the payments. It is repossessed by the dealer or the bank in which to owner has the loan through.
Does the bank have your current address and/or phone number? They will be calling on you.
check this site
The bank/lending company are the ones who repo your car the repo chimps are just their agents.Your bank should tell you.
The person who bought the car didn't make payments so the bank takes it back.
Your car can be repossessed if you miss one payment. Not likely they would do that but it is possible.
When your car is repossessed from the bank, the bank will sell it, usually at an auction. You are responsible for the difference of the selling price and what you owe on the car.
When you cosign for anyone you are taking 100% responsibility for the payments on that car. If the person that gets the car doesn't keep their payments up it will be repossessed by the bank with an option for the cosigner to take over payments or sell the car and pay back the loan. Marcy
Not for simply having your licence suspended. Now, if you lose your job as a result of it, and are unable to make your car payments, then it can be repossessed for nonpayment.
No, and it is not likely any would if what you are saying is that your vehicle has been repossessed twice.
There may be more to it. Call the banks legal department and ask them for cause.
maybe but your car would be repossessed
I wish I knew
Buying a repossessed car today can be a great way to save money, but be careful to inspect the car to be sure there are no hidden problems since they are typically sold "as is". Some dealers specialize in repossessed cars and you can also find them at a local auction.
Unless you contact the bank and work out a solution, they will sell the car. You will then be liable for the difference in what the car sells for and the balance on the note.
Actually one, I have repossessed cars for BMW where there customer was three days late. it all depends on the states laws I have a website that may help you avoid having your car repossessed. www.stoptheREPOman DONT LET TTHE BANK TAKE YOUR CAR BACK!