Loans

Yes, I have two children over 18 and under 25 who are currently on my insurance. You must go to their insurance company and give them your name etc and they will tell you how much more it is. Beware, if your parents insurance lapses or is canx, you will not have insurance either.

I have declared bankruptcy which included a vehicle re-possession and thank God, I now have great credit again! So good in fact, that I have three credit cards! This process will take at least ten years, but if you are in real trouble and have no other way out, it does work.

Your first step is to acquire a secured credit card. Depending on how damaged your credit is will determine how much you have to pay and how much you will receive. I applied for a Capital One Mastercard, paid $75 and had a limit of $300. Because I used the card and paid it every month, I built up a positive credit record and now have a lower interest rate, higher credit limit and pay no annual service fees.

Make sure that you use the card in place of a regular purchase then set the money aside and pay the card BEFORE your due date to avoid paying interest i.e: you have $200 for groceries, put the groceries on your credit card and put the $200 cash aside then a day or two before your minimum payment is due put the $200 you saved on your credit card, no interest, card is paid and you get kudos on your credit score. Do this on a regular, at least monthly basis and you'll see a great improvement.

I then went to a car dealership that specializes in bad credit (I'm from Canada and so went through Mac James Motors) but if you look through your local yellow pages you should be able to locate a dealership that advertises bad credit sales. The interest rate is high and the financing is usually 36 months which makes your monthly payments higher than your average vehicle loan but the improvements it makes to your credit score is well worth the price providing you can afford the payments (I financed a $10,000 car at $439/mth for 36mths at a 29% interest rate for a total of @$16,500).

You can also go to The Brick or Rent-to-Own and finance some furniture, entertainment system, etc and as long as you pay on time, everytime you will see an eventual improvement in your credit (takes a bit longer than high risk credit cards and auto financers since those typically report to credit bureau every month as opposed to rent-to-own type places that typically report every 6 mths)

To track your credit score, apply for it every 6 mths to see where your rating is, what's affecting it and ensure that it is accurate since there have been known cases of credit report errors.

Good Luck!

The only two ways to have a negative item removed from your credit report is by disputing the negative item with the credit bureau reporting it or time. If the information is correct regarding the repossession it will be on your credit report for at least 7 years. You can contact the creditor and start a payment plan and have the credit bureau put a note in your public credit file that a payment plan has been started. If you dispute the item and it can not be proved within 30 days or their records are incorrect, they must remove it from your credit report or correct the information.

To repair your credit in general, you must have negative accounts removed and positive accounts added.

Please note that you must keep your focus on your overall credit score, not just removing that repossession. Also placing a note on your credit report does not help with your credit score. There is a process to the credit system and you mus have full knowledge in order to maximize results. Adding trade lines really helps but know your goals. If you are seeking a new car with limited credit history and that repossession it is virtually impossible to get a new car from a credible lender. You may have to go to one of those carry the note car companies. However, if you have a history of good credit and have made successful car payments with that repossession, then getting a car loan may not be as difficult with a good down payment. Just know that there is a home credit score, car credit score and credit card credit score. Obtaining credit for anyone of those categories can be different. You must know the difference.

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The only real way to repair your credit is to stop buying things on credit so often. If you can not pay cash for a car, use the bus until you can buy a car.

Credit is based on your history of paying bills. If you get a bankruptcy added, you are looking at a decade of high payments for everything before you start seeing some sunlight. Even then, some companies will never give you credit after a bankruptcy. You are ALWAYS better off trying to pay your debt as opposed to running away from your promises.

Your credit score is based on 1. Your payment history 2. The amount of debt you could get from your cards and 3. The amount of debt you really have.

Not paying a bill and allowing a car to go repo on you is a big no no. Getting credit cards and never using them is a good thing, if you do not have to pay an annual charge.

What you really want is someday having financial security, not a good credit score. This is done by not living beyond your means. Do not buy stuff you do not have the cash for. Do not go on vacation if you have not paid your car off in full.

True independence and true freedom is having money in the bank, not owning the task masters at a bank. If you have allowed a car to go into repossession, pay the rest of the car off and stop over spending for a few years. That is the only honest method of repairing your credit. Remember you really want to have money in the bank, not a good credit rating to become a slave to debt again.

== Repossession== If they are accepting payments - that will reflect negatively on them if they try to take you to court on a deficiency balance, however they have the right to demand full payment of the loan at any time and take the car if you don't pay. Also - if you are just sending in partial payments that doesn't mean they are accepting them. They need to agree to the partial payments and how long it will go on. You can't stop them from repo by sending in some money every month. More input from FAQ Farmers: * Yes, I have found out that if you are in default (even if you are attempting to make payments), the bank at any time, can repo your vehicle...unless otherwise stated in your contract.

Yes - but before you pay it off in full you can try get the finanance company to change what it says on your credit bureau by holding the payoff money up in their face - I would get any promises in writing.After you pay it off - your credit bureau says Repoed then paid off. It could look to another lender like it was paid off by the old company selling the car and you could get no credit for paying it off at all. I bought a 2002 ford focus a couple years ago, i had no credit cause i was only 18 years old. I finally got approved through ford motor credit and about six or so months ago the car out of no where just broke. I pulled over and looked back all i seen was oil and the repair shop said it was a possible bad motor. I have had nothing but problems with the car the entire time i have had it (broken seat belt, cig lighter, ect.) it was just out of warranty so i was pretty much stuck between a rock and a hard place. I decided just to have the car towed to the dealership and tell them i didn't want the car because i didn't have the money to get it fixed and what not. I then bought another vechile from a lady my dad knew and i made little payments til i paid it off and i heard nothing about my car. A couple weeks ago ford motor credit calls and i picked up they say i owe about 3600 and i told them i didn't have that kind of money and no one i knew did either. The lady said i could make a big settlement and take 40 percent off that price to make it 2400 but that still didn't fit in my budget at all. I asked if i could save up and make the 2400 payment they said no. They said i could pay 150 towards the 3600 and when i wanted to settle pay have of what i still owe. That sounded decent. I talked to my friend who is a bit older then me and has had this similar situation happen to him. He told me he didn't pay them a dime back and no matter what my credit is gonna be screwed up for a long time so don't bother paying them back. The ford person said after my credit would be better, so i am not sure what i should really do. Would it be worth paying them or just saying forget you guys you have the car it broke whatever? And boths ways how would my credit look if i did pay or didn't pay? To anyone who replies i thank you very much and appreciate your help i have to the 15th of July to decide. HiI hope I can help you.....The same thing happen to me....I found out that the repo was hurting my credit. I waited three years before I contacted the collection. Six months after I made a settlement on the repo. (Settle for 3000.00, repo was 6100.00) In the mean while I open a secured credit card and a unsecured card. Six months later my creit score jump and it is improving....

One thing to remember is that a collection is a collection , charge off is a charge off and a repo is a repo. Paying these off does not improve your credit and in some case it can hurt because the date of last activity will refresh for every payment is made.

The best thing to do is ask for a pay for deletion. Get it in writing and send all correspondence by certified return receipt and save all green cards you get back. Always remember, that when dealying with these types of issues you need to have the following thought process - if it is not in writing , it is a lie. With out written agreement, they can say they never agreed to what ever and then it is their word against yours. With the writing, you have proof and then can have it enforced in court if needed.

Good luck to you

Read the fine print of your contract carefully. I have never heard of a vehicle leasing/purchasing contract NOT having a first payment default clause.

My car is about to be repossessed. I spoke to the lender who has the second mortgage on our house concerning how bad this would be on my credit report. This particular lender is CitiFinancial. I was told that car payments are not looked at as crucially as credit cards, rent or mortgage payments, and utility bills. If I get my mortgage payments in on time and pay my credit cards down within two years, then I can probably buy just about anything because it will look like the car payments were indeed too high at the time and getting rid of them helped me to get back on track. She said when they are processing a mortgage, car payments are the last thing they look at because people change cars every two to three years and those payments change with the car. She said there is also the possibility of an accident where the car is totaled and ends up being paid off by insurance. There are just too many variables with cars, so they don't pay a lot of attention to the payment pattern or lack of it.

first of all being told by a lender that car payments are not looked at as crucially as credit cards, rent or mortgage payments, and utility bills. Is totally NOT TRUE.....Your lender is feeding you with lies.

My husband has a repo on his credit record and he voluntarily gave the car back thinking the same thing. And Boy was he wrong. 3 years later and he still cant get a car loan, house loan, credit card loan.... his credit is shot just because of the darn repo. We have tried everything.

Finance Co. look at all parts of your credit when going for a loan. and a big part of it is if you have paid your car payment on time... My advice to you is try very hard not toget a repo voluntary or not.... the word "repo" on your credit is not just looked over. Its a big mark that stands-out reguardless how long ago, or if the payments were too high.

Any repo is bad.

yes - as long as she get's them the money to pay it off any way - before they get the car she will be ok - she can trade it in, pay it off with cash, refinance it, etc. The trouble is if she is behind on the payment, other auto lenders are probably not going to want to lend her money on another car. THey will want to know if she can't pay that one, why/how will she pay us.

You must get the finance company to agree to terms. You can't get the car back by any means other than getting the finance company to agree to something. You do have a certain # of days to pay it off in full, but after than and other than that, it's their car.

I filed bankruptcy, Chp 13, 2days after my vehicle was repossessed earlier this week.My atty has promised my vehicle back to me within 3-4 days and is currently having those arrangmnts made., however I must drive to Atlanta from Macon to pick it up myself..Read up on filing Ch 13, especlly if you have alot of other dept.Its not as bad as it sounds.

keep on kidding yourself...ANY BANKRUPTCY is bad

Re: Bankruptcy. Unfortunately, since they recently revised the bankruptcy laws, bankruptcy may no longer be available to you.

It depends, if you did not have a security agreement on the loan, and if you didn�t file for a new title with your loan on it, you can�t enforce a repo (this is for Colorado, but it is similar for other states). It seems to be that you need to go to court, and prove to the court that you have a right to the car, depending on what is in that letter, and then the court can issue a repleven, which is a court order that can be enforced by law enforcement to get the car back. good luck.

YES.

Not usually. In New Jersey if you have more than 90 % equity in the vehicle they can no longer take the car. BUT they can still damage your credit for 7 years and try to collect in court. In practice they almost always damage credit with a chargeoff or a closing of the account but they rarely sue for small ammounts though they still can.

In my experience, a lease and a loan repossession are the same - I had a voluntary repo where I brought the car back to them with keys, and just got a car with loan repossessed and they do the same process with both, and yes, you are responsible for paying any unpaid amounts. In my situation they were both sold at auction and I was responsible for the outstanding balances to pay off. I didn't see any difference in leasing or with loan to own.

i am leasing a vehicle and today is the last day of my contract and i am over the mileage and the dealership charges 15 cents a mile after calculating it ends up being more than what the car is worth what should i do if i cant refinance it

They cant legally "threaten" to do do anything that they cant legally do, so the answer is YES, they can attach your home.

In MOST cases, you are responsible for the BALANCE DUE. Read the contract you signed to find out more on it. It is NOT something you want to forget about. lenders do get judgments for the balance and do collect them.

Your responsible to pay back the loan, plus all accumulated interest, fees, costs of collection, etc., as that was all provided to you as terms of your getting the credit and loan you asked for. If the property is recovered, after all the additional costs of doing so, doesn't pay the amount provides less than the payoff, the rest is still entirely due and owed by you. It is just no longer secured by the property. Any excess amounts are returned to you.

In bankruptcy you may have a different result, with the excess debt being possibly discharged.

Yes a private person can have a car repo'd but if the car was stolen like you stated then you must report this to your local police and let the piece of trash that stole it go to jail.

Yes, you can have a car repoed. BUT if its been 'stolen" as you posted, wouldn't that be putting a repoman in danger ???That's why very few repo cos. do "private party repos." few people take the time to get the paperwork right, ect. Then they want it done for almost nothing. Its best to leave the "stolen" cars to the cops and the financing to the lenders.

Debbie, I'm sorry that you lost your brother. Your parents are responsible for the balance due on the bike UNLESS there was life ins. on the loan to cover it. Their best option is to (borrow the money to) PAYOFF the loan NOW. Avoid any more interest and/or FEES. Next option.. MAKE AN OFFER !! Have the cash ready when you make it.Maybe $2000???? Good Luck

joe, think about it. YOU are the owner, they are the lender. OWNERS report cars stolen. Some of those lying,cheatin,lowdown repo people will tell you its reported stolen to try to get you to GIVE IT UP. IF its REALLY stolen, YOU(the owner) should report it stolen to help the lender out. It will benefit you in the long run.

The answer to your question is simple; Of course the lender,ie:LIENHOLDER can report the vehicle stolen. Here's why; even though the registered "owner's" name may be on the registration, until you FINISH making your PAYMENTS to the LENDER, they still very much own it. Which is why financing takes you 3-5 years, before you actually "own" what ever it is that you've purchased.

Actually this is another one of those ones that depends on state laws where the vehicle is registered.

At the time the vehicle was taken into possession of the OWNER it was not stolen and so once the loan goes into default that does not constitute theft but is infact a civil matter that local law enforcement has no effect on. That is why we have the two methods of "Self-help" and "Judicial Process" to recover a vehicle.

The lender could actually face criminal charges for filing a faults police report when they know in fact that the vehicle is in the possession of the OWNER. Now if they receive notice from the OWNER that they no longer have possession and that they did not give permission to whom ever is currently in possession of the vehicle then that may be classified as theft.

Ultimately though no repossession can take place using force or threat of force and that includes telling the OWNER they are driving a stolen vehicle. That will come to bite any asset recovery agency in the ass if such conversation was ever recorded or otherwise proven in a court of law.

In other words just don't do it. Best practices for legitimate repossession companies usually follow these and other strick guidelines.

Not all repossession agents are low life lieing scum. Only a low life lieing dead beat debtor would feel that way about us. ;-)

I don't believe the first poster said ALL repo people are lieing cheating...etc. he said some.Broad statements about any group are usually not valid.Iam amazed at the repo guys on this site(and there are plenty including the moderators) who try and defend any action by a repo person legal or not just because they are fellow repoers.Maybe they will figure it out when their liabilty insurance skyrockets because of the actions of a stupid few.....then again maybe not.

Anon, It depends on how much you put as down payment and how HIGH an interest rate you are willing to pay. There are SUB PRIME lenders in every market waiting for you. Good Luck

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. With a decent down payment you can always get a ride at a buy-here-pay-here car lot. Good Luck

Jason, you are just as responsible as the signor. Think about it, you knew the signor's credit wasnt good or you wouldn't have needed to co-sign. When you co-sign, you are saying "if they don't pay this loan,I WILL". Make sure the lender knows where the the whereabouts of the signor and how to get in contact with them. good luck

call the LENDER and get it straight. If you are current, they need to CLOSE the acct. with the repo co.

No. Only the lender can "repossess" a vehicle. You need to keep making the payments to protect your own credit. It is likely you would need to bring a court action, prove you are making the payments and petition the court to order a transfer of title.

check the SOL in your state. Usually 7-10 yrs. but the judgments get renewed so it goes on and on like an Energizer bunny...

nan, it depends on what you and the LENDER agree on. You agreed to pay them so much a month before and didnt manage to do it, sooo they will be tougher the next time around.

I got a different loan to pay off the first loan, the interest was a little higher, but I figured I would still owe the first lender the difference of what the car was sold at at action. (Car was worth 16k, they would prob auction for 10-12k.) I would be held liable for the differnce. I would still be out a few thousand dollars, but at least this way I would have a car.

READ your contract. When you are in DEFAULT, they can repo. Legally only one day, but most lenders will work with you if possible.

to whom it may concern, I co-signed for someone and they coundn't make the payments. I got laid off and i couldn't make the payments. I am now currently working and i don't want to lose the car i could pay the three months car payment. could the car dealer wait for two more weeks until i get paid. the car is helping me to get to work. Can they understand the situation?

The best way to find out is to READ THE POLICY. What does it cover?? Was it GAP insurance or regular auto ins.? Ask your ins. agent to explain the coverages.