Repossession

If you buy a car, lend it to a friend and it get wrecked then you have to get it reposessed with a bk. What can the creditor do if the car is wrecked? Even after the bk can you be charged for missing or broken parts?

After a repossession, you will need to pay a fine usually. For example, if this was a car being repossessed, you would have to pay a certain amount to get it back.

Yes they can. The only exception to this - Is if your yard has a locked or closed fence. If your yard is secured by a fence the "repo" men/women cannot legally enter your yard.

I just had a car repossessed a few months ago. But it was a voluntary repossession, I called them and told them I wasn't going to be able to pay anymore and that i was doing a voluntary reposession. It's not any better than a normal repossession except that you're telling them to come and get it. My friend, however, had hers repossessed, they basically just came and took it one day, she hadn't paid her car note for 3 months. And yes they have every right to do it. It sucks, but there's nothing you can do about it. They will most likely auction the car (this is what happened with mine), and then whatever they get for it will be subtracted from your balance, and you will have to pay the difference if anything is left unpaid. Some places will work with you and set up a payment plan with no interest for you to pay the balance. That is what I am doing now. And usually there is quite a balance, if you were upside down or haven't made many payments on it. The reason for this is that they sell the vehicles for cheap. That's about all I know, the bank told me that it will be on my credit for 7 years. Longer if i don't pay them. Hope that helps!

You can buy a car right after your car has been repossessed. It will however, depend on whether your credit is stable enough to qualify or if you have the cash to pay out of pocket.

Debt collectors will use any means for information to collect their debt.

The action is referred to as a 'replevin order', and it is possible to get such an order from the court in any US state. The majority of US states including Texas does not require a replevin order to recover a vehicle.

In Tennessee, a truck or car finance company can hire a repossession company to take your vehicle if you do not make payments and are in default. They are not able to break into a locked garage to take your vehicle and they cannot forcibly remove a person from behind the wheel of the car.

A car cannot be repossessed until the owner has missed several car payments and the owner has been notified of late payments. In most states a car can be repossessed after three months of non-payment.

No because they are not your parents and they are not supposed to spoon-feed you and pay your outstanding of awaiting bills even if it is your pension.

"The best way to fix your finances is to pay off any debt" is what I found on www.beatlandscreditrepair.com

North Carolina is considered as a non-recourse state. People who live here can leave their mortgage without any penalty of putting their other assets at risk.

No. You need a court order.

If you agreed to obtain the car loan you should have placed your name as co-owner on the title. Since you are not on the title you cannot take possession of the car. Since you ARE responsible for the car loan you must keep the car payments current. You need to take the matter to court to request the car be retitled in your name.

There is a more serious problem lurking. You need to make sure the insurance is current and that the car is fully insured. If the legal owner has allowed the insurance to lapse or does not have full coverage you will still be responsible for repayment of the loan if the car is wrecked. That situation arises frequently in cases like this one with individuals who are not responsible enough to make car payments. If they can't make the car payments then it usually follows that they cannot make insurance payments either.

You need to get before a judge ASAP in order to get that car out of the possession of the legal "owner". Make certain you make the loan payments and that you have written proof that you are making them. You must bring that proof of payment to court as well as proof that you obtained the loan to pay for the car. If you find that the insurance has lapsed you should try to obtain proof of that also.

In most cases, a repossession can keep personal belongs for non payment. The company, however, must release them once payment is made.

Of course, call your bank and pay them what you owe and they will let you have it back as long as you have not waited so long that they have sold it to someone else.

In this situation (at least in california), if the RO (registered owner) (or the cosigner) dies and still owes on the loan the vehicle will be repossessed because the title to the vehicle cannot be legally transfered to another family member. The loan is only for one person. My girlfriends mother cosigned on the loan to the car, and being that the mother is old, i told my girl to make sure that at any time she might have to pay off the vehicle. If the RO dies, pay the car off as soon as possible, before the Finance company finds out. As a repossessor , usually people in this situation arent sure what their rights are. Sometimes people will continue to pay on the loan, but in time, the finance company will find out. THis usually happens when a 3rd party will insure the vehicle in their name, or if an accident happens, etc. Check your states law though, because they are all different.

Your wages can be garnished for an auto repossession if there is a court order. All wage garnishment's must be obtained from the county court of your residence.

Generally not. These are normally structured so it essentially the lender buying the property for for the amount of the outstanding loan. The difference in the value, is paid by your facilitating the transaction if you will. There is no forgiveness of debt.

Nope. It is a repossession. I take them in the middle of intersections if I have to. All legal. As long as I do not hit you personally.

There are none because when you sign you contract in fine print it says if you fault on you loan.The loan company has the right to repo the car by any mean at all cost to the buyer and to be sold a action, and the buyer is to pay the diff. of what is left owed

if you pay the collection agency you can get back in good credit standings , ifyou dont they can get a judgment against you, and garnish your wadges , if they do a charge off it stays on your credit for up to 10 years know and it is harder to get credit with a charge off

In most states. You can be charged with intent to defraud a lending institution. Some states prosecute for concealment of non-owned property.

Dead weight. No, really I call them likely car sick by the time I get the car into my yard. Kids are the worst as they are usually screaming and I have ot call children services to turn them over.

You would have to contact them and ask that. Likely not though.

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