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Depending on the circumstances, your credit worthiness could be reduced drastically to the point where you may be denied any kind of loan at any percentage rate. Your credit rating will remain affected by this repossession anywhere for the next 7 to 15 years. It only takes one single missed payment to totally screw up one's credit rating, even if you have faithfully paid everything on time for the last 45 years and never missed a payment ... that one late or missed payment messed that entire long history.
What else can I help you with?
Do you have to pay the whole vehicle off if it is repossessed?
Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.
What if a vehicle has been repossessed more than once?
only the last one counts
What are your rights to property in your vehicle once it is repossessed in NJ?
You rights are to GET IT BACK, PP is not subject to the security interest on the car.
Does the DMV get notified of a reposession if they have not found the car yet?
No. Only when the vehicle is repossessed and always once the licence plates are turned in.
What happens if you dont return a vehicle under repo?
If you don't return a vehicle after it's put in repo status, it goes on your credit report as "Vehicle cannot be located." Once this is on your credit report, it's impossible to get refinancing for a new vehicle. The best thing to do after that is to file for a bankruptcy. The auto credit company will usually hire a investigator and they can file a lawsuit. But there is typically no criminal charges because, it's technically your vehicle.
Can your car be considered repossessed and put on your credit report as repossessed if they never picked up the car?
Absolutely. Once the car is considered repo'd it is all paperwork, otherwise you could just hide the car from the lender.
Are you free and clear of responsibility for your vehicle once it has been repossessed?
Mary, the answer is NO. You will have to pay the balance due after the sale price has been deducted.
When a car is repossessed are you still responsible if is involved in an accident?
Once the agent takes possession of the vehicle, they are responsible for any damages which occur.
Once a vehicle is repossessed does it lawfully have to remain in the same county as the person it was repoed from?
PA is the only state I have seen with that law. There may be others.
What do you do once your car has been repossessed?
I have a welding machine on the truck they repossessed can they keep that?
Can a car dealer resell a repossesed car in Illinois?
When cars are financed, they're usually financed by a bank or some other type of lender. Once the car is repossessed, and the person it's repossessed from fails to recover the vehicle, the vehicle is sold at auction. Dealers attend these auctions, and bid on those cars. Once they've placed a winning bid and paid for the vehicle, it's theirs to sell. Now, if a dealer is the one who financed the car, they'll be the ones to repossess it. Once they've determined the person it was repossessed from isn't recovering the vehicle, they have every right to sell it. Hate to break it to you if this was your car, but it was never yours - so long as there's a lien on that vehicle, the lien holder is the rightful owner of the vehicle. Once they've given up on you reclaiming and making further payments on that vehicle, they can do whatever they want with it - because it belongs to them, and always had, from the moment they became the lienholder.
What happens to consumer debt once dropped from a credit report?
They die
