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You are in the process of your vehicle being repossessed - do you have any type of legal action to stop this until you can make the payment they want?
You have two recourses:
First, and not always effective, contact the lender and try to make arrangements to pay current with the stipulation that they will put the repossession on hold until you can pay current or break the arrangements.
Second, file for bankruptcy. The automatic stay prevents the legal self-help repossession of a vehicle, and any vehicle that is secured by a lender while the stay is in place is in violation of the stay.
What else can I help you with?
How much does a repossessed vehicle sale at action?
Truthfully a repossessed vehicle sells for what the bank is trying to get out of it and that is usually what is owed on the original loan and sometimes they will accept less for a number of reasons just to get rid of it and that would be damage to the vehicle, age and mileage.
Is it legal for the buyer to be charged the full price of their repossessed vehicle?
When a vehicle is repossessed it is sold at a public auction for the fair market value (or as close to such as is possible). The borrower/debtor is responsible for any deficit in the amount between what the vehicle is sold for and the remaining balance of the loan contract plus additional fees such as cost of the repossession action. So, in that context, the person is responsible for the "full price" of the vehicle.
Can a creditor sell a repossessed vehicle they have had in their possession if the debtor files bankruptcy?
Possession is 9/10th of the law. Not if the vehicle qualified to be listed in the bankruptcy filing. In which case no action pertaining to the vehicle can be taken until the bankruptcy proceedings are finished.
Which sort of bankruptcy should one use to retrieve a vehicle in Florida that was repossessed yesterday?
A vehicle is a secured debt, therefore bankruptcy action would not reverse the repossession. Bankruptcy only places a temporary halt to repossession or foreclosure of secured property. The only option available to the borrower to recover a repossessed vehicle is to reaffirm the lending agreement or make some other type of settlement with the lender.
If you are unemployed drawing unemployment insurance and your vehicle is repossessed can the lender go after home and property you own in order to receive the balance of the vehicle?
NO! Not without a court order granting them that action. Taking anything that was not covered in the contract would be conversion.
Can your car be repossessed if your payment is less than 30 days delinquent?
Maybe. Once a contract is in default, meaning a payment is late regardless of whether it is a day or a month (unless there is a grace period) the lender may take whatever action deemed necessary. However, some US states require a "Right To Cure" notice be sent to the borrower before repossession action can be implemented.
Do you go to jail for driving repossessed car out of state?
The question is a little confusing. If a vehicle has been repossessed then it would no longer be in the possession of the person(s) who made the purchase agreement or to whom the vehicle was registered. If what is meant is can a vehicle subject to repossession be taken out of the state to avoid such action, then the answer would be yes. But it is unlikely that would happen unless the lien holder decided to file it as a stolen vehicle. Which in some states would be perfectly legal and that would mean the person moving the vehicle to another state would encounter some serious legal problems.
What action can you take if your vehicle was wrongfully repossessed?
You could probably take them to court, but be careful. They have better lawyes than you can afford and they'll find a way to go after you. Just be grateful to get your car back if they acknowledge a mistake.
In New York State can an automobile be repossessed if it is in a carport and the repossessing agent does not notify you of his presence?
Yes. New York follows UCC laws when it pertains to the repossession of a vehicle. The borrower does not need to be notified of the action and the vehicle can be taken if it is not in an enclosed garage or locked property and there is not a breach of peace.
Can you go get your car after it's been repossessed if you know were it's parked?
Absolutely NOT! The vehicle legally belongs to the lien holder and any person who tries to recover said vehicle via self-help can be charged with Grand Theft Auto. NEVER, NEVER, NEVER attempt such an action.
When can vehicle be sold after it has been repossessed?
In most if not all US states, uniform commercial code (UCC; or a state's equivalent) requires (demands) that repossessed vehicle's be sold (in some instances, sold at auction) within a set, statutory period of time, in the absence of performance of which the debt which led to the repossession is deemed to have been satisfied in full and no further collection or action is permitted against the debtor, even if creditor remains in position of substantial loss, and even if debtor is found to have, or comes into position of having, sufficient assets to satisfy the debt. So the practical answer to "when" (but, more succinctly, to "how soon") is, in order to protect creditor's right to take further collection action against debtor, the repossessed vehicle should be sold as quickly as possible within the UCC requirements of the state in which the vehicle is registered. For particulars regarding specific state requirements, contact the vehicle licensing authority in the state in question.
If you cosigned for a vehicle with your husband before you were divorced and are now divorced and the vehicle is repossessed can you be charged with grand larceny?
Typically, if you are a cosigner on a vehicle loan that gets repossessed, you are still responsible for the debt, regardless of marital status. However, being charged with grand larceny would depend on the specific circumstances and laws in your jurisdiction. It is best to consult with a legal professional for personalized advice.
