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Loans
Money lent to individuals or businesses in return for interest in addition to repayment of principal. Common types of loans include commercial loans, interbank loans, mortgage loans, and consumer loans.
13,117 Questions
How can you find a company that would buy out a loan for a repossessed car in New York?
YES, they are called FINANCE COMPANIES and charge HIGH interest rates. If the car is already repoed, your chances are NOT good.
Start by reading your contract. Then CALL the lender who sold it to get the balance due.
Read your contract. In 99% of the repos , YES, you still owe the balance due.
Read your CONTRACT as they are likely stated there. They can include JUDGEMENT, garnishment of wages, attachment of other property, reporting their write off/unpaid balance due to IRS as INCOME for YOU (1099). That really bites you when you file and didnt know they sent the 1099. OUCH. Who wants to have $15,000.00 show up unexpectedly as INCOME??? BTW, death, dismemberment and debtors prison are all a thing of the past. LOL
You pay off the OTHER loan.......that was the banks idea when they connected the two together.....
NO, They might , IF they wanted to go that route, charge you with "hindering a secured creditor" if you wont give up the car.
No this is a civil matter you will not be arrested for ANYTHING related to not paying your car loan.The above poster is wrong he is a repo guy who tells people these kinds of things to make his job easier.
You CANT legally. She could report it STOLEN if you did. Best thing to do is contact the LENDER and assure them that YOU will make the payments IF they will repo it. AND get the registration out of her name. They can do that AFTER repo. Good Luck and MERRY CHRISTMAS.
KEY WORD="CO-buyer". They are EQUALLY responsible for the debt. IF one is slick enough to file CH7 and get out of that responsibility, the entire debt falls on the OTHER buyer.
What happens if you can't pay any remaining balances after your car was repossessed?
Usually the lender will obtain a judgment againt the debtor for the amount due. One of the options to collect it is to garnishee the debtors wages. Good Luck
If your car is repossessed are you responsible for the balance after they sell your car in Illinois?
who can you go to to get help to pay it off?? ANYONE who will loan you money. If you dont want to let them garnishee your wages and get it $40.00 a week. LOL Good Luck
Theres likely a REASON for it. Call a local attorney for state specific advice.
YES, read your contract.
The co-signor would be responsible for paying the loan. Do you hate the co-signor that much?
In California, yes. In some states, no (i.e., Texas). There is no legal difference for deficiency balance between voluntary and involuntary repossession (it should cost less to just pick your car up than it does to have an involuntary repo, which would save you some money if you are going to pay off the deficiency balance). However, you might be able to come to an agreement with the lender to make reduced payments and keep your account current and your credit good.
This is all assuming the lender is not able to sell your car for as much as you owe them. If they sell it for more (including costs of repossession and sale) then by law they must refund the difference to you.
If you think about what that would cause IF it was true, you would knnow the answer. Did you read your contract??? If you were a LENDER, would you loan money in a state that didnt allow you to collect the balance owed if the debtor did a Voluntary repo???? That would only serve to drive up the costs to those debtors would DIDNT do a voluntary repo. ??YES.
It depends if the loans are 'cross-collateralized". READ your contracts.
In New York if you default on a car loan how many months is it before they can repossess your car?
1(ONE) DAY, not months.Read your contract.
Until the LENDER cancels the repo order with the repo company, you are fair game.
Hindsight is 20/20, rite. You should have gotten disability ins. on the loan. Anyway, the contract you signed agreeing to pay XXXX dollars for XXX months DIDNT say you wouldn't pay if you became disabled. Hope you get better soon.
If guess you mean "refinance" when you say "reprocess", the answer is repossession. Loans in DEFAULT are subject to repossession of the collateral and payment of the balance owed by voluntary or legal means.
Laws says IF it brings more than you owe, you get the surplus. IF it brings less than you owe, you PAY the defiency.
Contact the lender and let them knoiw that if ANY case the debtor defaults to notify you so you can payoff the loan. Add that you will payoff after repo with NO repo reported on YOUR credit.
well if your husband is in bankruptcy they are not allowed to repossess the car as long as he is the one in possession of the vehicle, if they do repossess the vehicle you will have a pretty good lawsuit to hand them, if the car is repossessed or actually when , it will show up on both of your credit. so I have a website to help you www.stoptheREPOMAN.com we have repossession consultants that can help with your situation I STRONGLY RECCOMED YOU TRY IT.
Can someone who has repossessed your car in Colorado also keep any money you have paid?
YES
I guess I phrased the question badly..
The car dealer repossesed the car (illegaly, because he gave no notification), and threatened to keep the car and all the money that had been paid. He wouldn't work out any new terms before that. And he would not accept full payment of the car on the date the final payment had to be made.
He will very soon be put out of business.
