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Are you responsible for payments after voluntary repossession if the car has already been sold by the dealer?
GENERALLY SPEAKING, ANY "PAYMENTS" ONE MAY BE RESPONSIBLE FOR AFTER VOLUNTARY REPOSSOSSION AND THE CAR HAS BEEN SOLD IS LIMITED TO THE AMOUNT ARRIVED AT AFTER SUBTRACTING POST-REPOSESSION SALES PRICE FROM THE LOAN BALANCE AT TIME OF SURRENDER. $5000 OWED ON CAR - CAR SOLD FOR $3000. YOU OWE $2000. HOWEVER, THE "SELLER/LIENHOLDER" HAS AFFIRMATIVE DUTY TO SELL VEHICLE FOR REASONABLE AMOUNT BASED ON CONDITION AND VALUE OF CAR AT TIME OF SURRENDER. IF THE VEHICLE WAS SPOTLESS (PROOF REQUIRED--I.E. PHOTOS) AT TIME OF SURRENDER AND BLUE BOOK VALUE WAS $50OO, SELLER CANNOT SELL THE CAR FOR $500 AND TRY TO COLLECT THE $4500 FROM YOU. IF THIS IS GOING ON, I SUGGEST CONTACTING THE "SMALL CLAIMS ADVISOR" IN YOUR COUNTY.
What else can I help you with?
Can you ask for a voluntary dismissal if your chapter 13 trustee has already asked for a dismissal for missed payments?
yes.
How do you get your ex's name off the title before you do a voluntary repossession so that her credit isn't affected since it's in both of our names?
you must re finance the car- which takes money- if her name is on it then you may want to see if she will help you since you are already under a repo- if you have missed any payments her credit is already effected
Can you make payments after your car is repo?
Little late for that don't you think. If the car has already been repossessed then you now owe the repossession fees. Go to the lender sit down and work something out which is what you should have done in the first place.
If vehicle is in repossession phase and you are pulled over will you go to jail for auto theft?
No. Not if the circumstances are as simple as stated. Repossession is a civil law procedure, not involving criminal law -UNLESS- the vehicle HAD already been re-possessed and you went and took it back from the repossession impound lot, or the repossession agent or the bank. If it had already been taken and impounded then, yes, you could be charged with auto theft.
Repo how long will it take to get on credit report?
If your vehicle is already up for repossession, it is already on your credit report as a delinquent or defaulted debt.
Credit score of 654 how bad would a volunteer reposession for a car affect your credit?
A voluntary repossession will have a very negative impact on your credit score; however, the damage may not be noticeable immediately. You will still be obligated to repay the loan although you are not in possession of the vehicle. The bank that holds the lien on your car (Honda Financial, Toyota Financial, GMAC, etc.) will sell your former vehicle at an auction and they will only receive a portion of whatever you currently owe. You will be responsible to repay the rest! Because you are not repaying the original auto loan, you credit report will begin to show missed payments for every month that you don’t pay (if it doesn’t already show missed payments already). Payment history makes up 30% of your credit score; as missed payments start to plague you credit profile, you score will eventually plummet to the 500 to 550 range. If you have other accounts (credit cards, personal loans, etc.) in good standing the damage won’t be as bad. Note: consider filing bankruptcy, you may be able to keep you vehicle. And the damage to your credit profile is not as bad as the damage from the missed payments.
You have had a car on finance for 20 weeks and carnt afford it can you send it back?
Of course you can send it back, but it will be termed a "voluntary repossession" and will still impact your credit as if a repo-man came to your door. It will also limit your ability to find another good car for a payment less than you already cannot make.
Who is responsible if you move into an apartment that is already infested by bedbugs?
If the bedbugs were already there, the land lord is responsible.
What are accruals and prepayments?
Accruals: Accruals are those items the benefits of which has already taken by company but the payments are not yet paid or services of which are already provided but amounts are not received yet Example: rent accrued for previous 6 months but not yet paid. Pre payments: Pre payments are reverse of accruals as these are the payments which have made already but the benefits of those payments are not yet taken by the company. For Example: Prepaid rent for next 6 months.
Can you repo a car if the title is in the buyer's name already and they default on the payments?
IF they are in DEFAULT of a contract, you can repo the collateral for that contract,IF the contract specifies repossession as a penalty for DEFAULT. If the contract doesnt specify the penalties for default, then you should go to the replevin process. Consult a local attorney with your contract for state specific advice.
Can you repo a car if you have title?
When you purchased the car, you may have received a lien title from the state. This is not a clear title of ownership. The lender in essence still owns the vehicle, at least part of it. It is held in security for the loan. If you are a repossession company or agent, you will be required to have an order of repossession. But, if you are a repossession company or agent, you should already know this.
If your a co-signer on a truck your ex-boyfriend has the truck and he was already late 3 payments and you do a voulantairy repossession and he paid and got it back what happens when hes late again?
The bank can reposess the truck and it will go against both of your credit. Unless he refinances and takes you off. See if you can make arrangments with the bank to do a loan modification to remove you from the loan. They may require prooff that you are not in possession of the vehichle and that the payments are being soley made by one party.
