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Repossession
Seizure of property bought on credit for which loan payments are not being received. Please note that when asking a car repossession question, it is often useful to include the state that you live in. This will enable people to give you better answers.
11,694 Questions
A co-signer is not an owner of the car. As such, the co-signer cannot take the car away from the borrower without the borrower's permission.
If a car is repossed are you still responsible to pay for the remainder due on the car?
Yes. You are also responsible for repo fees, storage, auction and collection fees. You pay for it all.
Where can you buy a repo motorhome?
CrankyApe.Com is a Midwest clearing for items before they go to auction. Regards, RVEscapee. :-))
How long is a repo on your credit?
A repo stays on your credit for at least seven years. However, you may negotiate with the creditor to have it removed earlier.
Your financed car breaks down and is not worth fixing what should I do?
You will have to weigh the costs of having a car repair verses financing a new car. Financing another automobile may cause your insurance rate to go up and increases your monthly payments. However, if it is unreliable you may consider selling the old car to a junk yard.
What happens to the credit that you already have if your car gets repo?
Your credit score is a numeric value based on the good credit history you have. All credit in good standing helps raise this number. 30,60,90 day lates charge offs, etc lower this score. A repo will lower your score... And may also effect the rate your other creditors charge you on things like revolving credit, credit cards...
What happens to my credit if I voluntarily give my car back to the bank?
Even if surrendering a vehicle is voluntary, you will still be responsible for the amount owed on the loan after the sale of the vehicle. Most lenders report to the credit bureaus and any unpaid balance will be reported, as will payments made or missed on this balance.
When can a bank reposess a car?
A bank can repossess a car at any time the loan has defaulted. Many times a bank will wait until a payment is 2 to 3 months behind before repossession.
How do you keep the repo guys away?
You pay off the car and obtain a paid receipt. Alternatively, you make payment arrangements with the dealer or return your car to them yourself. Hiding the car and so on just prolongs the agony.
Do late fees be used for repossession of a vehicle?
can you repossess a car for non payment of late fees even though the initial payment has been made in Colorado
Can a cosigner come and take your vehicle for personal reason?
The cosigner is not able to come and obtain your vehicle for personal reasons or any other reason. A cosigner is not claiming ownership of your vehicle, they are simply vouching for your credibility and agreeing that if payments aren't made that they will uphold the responsibility.?æ
Yes, you can self repo your car if you can no longer afford your car and is financially unable to pay the payments for your car.
Pay the fees or give up the car. You will likely be turned over for collection on anything the dealer does not collect when he sells the car.
Can a repo company find your car through your credit report?
Yes. I find you, and there is your car too....
How can someone dispute a repossession off a credit report?
The credit reporting companies have a dispute form that you can use to dispute anything that is wrong on your credit report. Ask for this form or send a letter detailing the information in your report and explain why it is incorrect. They will investigate the matter and send you their findings. If it is incorrect they will remove it from your report.
How late do you have to be before the bank can repo a car?
Theoretically, a car can be repossessed after 1 day of being late with payments. In practice, most banks don't take action until 60 or 90 days.
Let it fall off. Be alot more careful the next time.
Whether or not a couple decides to have another child can depend on many factors. Having another child could depend upon the current income of the household along with household expenses, as well as the roles that the parents play, and the responsibilities that each parent holds. The couple may not have all the resources in order to have another child.
What is a performance deposit on a car repossion?
A performance deposit is to ensure the contract if followed and will come off the cost of the car. Its usually the lesser of three months payments or on third of the remaining loan on the car.
What is the law on no trespassing to repo a vehicle?
You need to consult a lawyer where you live since it varies regionally. However, with a warrant a vehicle can be repossessed legally, even if trespassing is necessary to do so.
Both are responsible until paid in full. It will also be on both credit reports as well.
The deed in lieu is pretty straightforward. In short, it means that the mortgage creditor will accept the deed of the house in lieu of payment when the debt owner is no longer able to pay upon the debt. When this happens, the home owner surrenders the property and moves out saving the mortgage creditor the lengthy time and legal trouble of taking an legal action upon the home owner to remove the home owner from the premises, enabling the creditor to recover the debt owed. Usually this is to the benefit of the home owner in situations where the housing market is depressed, there are many foreclosures on the market preventing the usual sale of the home, and the amount of equity in the house is not worth keeping the house, and/or selling the house under normal market circumstances.
If you have a second mortgage, you should also consider that that debt is yours because the mortgage creditor is only concerned about the first mortgage, and not any subsequent mortgages taken against the home.
