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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
Can repossession happen in the middle of the night?
The repo man will pick up the vehicle anytime and anywhere he can do it while watching out for his personal safety. Repo men have been shot at, cursed at, hit, and everything in-between from the person whose vehicle is being repossesed. I would think that night time would be the safest time for a repo.
no
What can you do if your car was repossessed but was not changed out of your name?
There is nothing you can do till the car is sold.
Can a loan contract be void under false pretense?
It's possible, yes. In most US jurisdictions, a contract is voidable if it was signed under either duress or due to fraudulent statements made by the other party.
What is the procedure to reposses a car in Idaho?
We come out, at any given time, take the car, and you call your bank and ask how to get it back. I do a lot of repossessing in Idaho. We just come out. You can pay all but 5 cents of the car off, and since you have been in default, they can take the car.
Can you exchange a car bought in a dealership but has not been paid off?
I don't know of any dealership that would allow that. On the other hand any dealership will accept a vehicle bought from them for trade in, but I have no doubt that you will lose money on the deal.
How does a co-signers credit for get affected if the car he signed for is reposessed?
The co-signer will also have a repossession showing on their credit as well. The co-signer is just as legally responsible for the car as the person they signed for.
What is Iowa garnishment of wages law?
Iowa has laws in place that limit the amount that can be taken from wages. The law in Iowa states that creditors can only garnish up to 25 percent of wages.
Talk to you local county attorney.
What affect does a repossession have on your credit?
Well first off, it will make you look like a deadbeat. A repo will make it difficult for you to buy another vehicle, a house or other major purchases. It will also make it difficult for you to get any kind of credit and in addition it will keep you from getting certain jobs where they check your credit before hiring. It stays on your credit record for 7 years.
How do you get a car dealership license?
That depends on what dealership you want to open. If it is a franchise like FORD, Chevrolet, etc. you need to pay big insentives to the company to get a franchise and you have to abide by their rules. Their rules cover things like area of coverage and logo usage as well as obligations for taking stock from the supplier and such. If you just want to run a buy here and pay here place then you have to abide by the laws of the city county or state that you want to put the dealership in. You also have to post a bond to protect you from bad transactions.
Radiator stores engine coolant for circulation throughout the engine The radiator is placed at the front of the engine and exposed to the atmosphere to keep coolant cool to maintain proper engine temperature
What does the phrase 'money is what money can buy' mean?
The saying basically refers to the idea that money is not everything. Many people struggle with money. Money is needed to survive, but cannot buy happiness.
If the parent was a co-signer that means that both people have put their names on the car so it should contribute to the credit of both parties. It may take 30-90 days for the credit bureau to report it however. If it is not being reported on the child's credit it could be that the bank that financed it only reports on the main holders credit. You can find that out by calling your financing company's customer service line. Sometimes you can simply request that they report it if they are not already, but most of the time they will not start if they have not been previously. You can not transfer credit from one person to another. If they have not been receiving credit for it while the car was being paid for they will never be able to. That just isn't how it works. Sorry.
What can be done about items taken from a vehicle by a repossession company?
Not much. Nearly impossible to prove and so many make claims of stolen items, and no one ever believes them.
What is the importance of salary structure?
There is great importance in having a sturdy salary structure. This salary structure allows employees to understand what they will be making.
Can the police get involved in a car reposession from a car dealership?
No they can only be present if you are being sued, or there is a disturbance
What qualifies as a reason for payment defer?
I was diagnosed breast cancer and currently on chemo treatments until july, 2014. I was terminated from my full time job and my disability payments have some issue, Can I defer my mortgage until Im back to work
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You need to discuss this with your mortgage holder. Most will work with you to restructure your payments IF you work with them. There is no legal requirement that they do so. But they would rather have you as a customer than as a foreclosed property they have to try to sell. Call and set up a time to talk with them.
No to both questions. But the repossession agent has access to all that information and then some.
Yes, they can. Ultimately they have to PERFORM WORK to gather, label, secure, and keep safe your belongings. They can charge you for this because they were forced to perform work. The law allows them to be compensated for it.
