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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

Will your car be taken off of repossession if you pay money on it?

Only if you pay up all the arrears payments that caused the repossession process to begin in the first place. Partial payments will have to be negotiated with the original lender.

What does it mean when a employer offers money to resign?

Could be a retirement incentive ... the company may offer several years salary in exchange for you taking early retirement. Wish my employer had done that for me years ago.

On the flip side, it could also be a bribe ... which is illegal.

What is Alabama law on debt collection and exempt property?

Homestead: Real property up to $5,000; husband and wife $10,000

Pension and Retirement Benefits:

Insurance: up to $250 month

Personal Property: All necessary household goods

Tools of Trade:

Wages: 75%

Miscellaneous: Business partnership property

Public Benefits:

Wild Card: Any personal property up to $3,000, except life insurance

Real estate example:

Value $100,000

Mortgage: $80,000

Equity $20,000

up to $5,000 of equity exempt per spouse.

Alabama Law> Alabama Code> Title 6 - CIVIL PRACTICE.> Chapter 10 - EXEMPTIONS.> Section 6-10-2 - Homestead exemption - Amount; area.

The homestead of every resident of this state, with the improvements and appurtenances, not exceeding in value $5,000 and in area 160 acres, shall be, to the extent of any interest he or she may have therein, whether a fee or less estate or whether held in common or in severalty, exempt from levy and sale under execution or other process for the collection of debts during his or her life and occupancy and, if he or she leaves surviving him or her a spouse and a minor child, or children, or either, during the life of the surviving spouse and minority of the child, or children, but the area of the homestead shall not be enlarged by reason of any encumbrance thereon or of the character of the estate or interest owned therein by him or her. When a husband and wife jointly own a homestead each is entitled to claim separately the exemption provided herein, to the same extent and value as an unmarried individual. For purposes of this section and Sections 6-10-38 and 6-10-40, a mobile home or similar dwelling if the principal place of residence of the individual claiming the exemption shall be deemed to be a homestead.

Also

A statute of limitations sets forth the maximum period of time, after the debtor becomes delinquent, that legal proceedings (law suits) can be initiated. After the times shown below, a court will throw out any lawsuit.

Why are cars the best transport?

When mechanical transportation was first developed this completely changed the way the world works. Vehicles back in the early 1900's were a lot cheaper and required less 'attention' than horses etc. Also travelling long distances, the horses would have to be swapped over to allow those to rest while the others carried on. This shows that cars were a lot more efficient than the original horse and cart. Now days the car has been developed to such an extent that they completely over rule horses. Also, not so much now, but recently they were an extremely cheap source of transport and also got you from A to B very fast without having to change over or allow it to rest.

Can you sue for treble damages on a stopped payment check?

In general, you cannot sue for treble damages specifically for a stopped payment check, as treble damages are typically associated with statutory violations or specific torts, such as fraud or unfair trade practices. A stopped payment check usually falls under contract law, where the remedy would typically involve recovering the amount due rather than additional damages. However, if the circumstances involve fraud or malicious intent, there may be grounds for seeking treble damages under relevant statutes. Always consult with a legal professional for specific advice related to individual cases.

I bought a car and the payments are to high can i change the contract to a lease to lower payments?

Probably not. You could try talking to the dealership. Or you could trade in the car and lease a different one, but you're probably going to take a severe hit in the wallet for that.

If you're just wanting to do this because you've seen a an ad and thought "wait, those lease payments are a lot less than what I'm paying" you may not know that you usually have to put down a fairly large initial payment.

Why is a stolen car impounded after being found?

Answer

Stolen cars are impounded for a few reasons. One would be that the Police might want to check it for finger prints. Another reason that the car would be impounded is if it was stolen, and the police think it was stolen too easily, they might want to check for Insurance Fraud and last but not least, they might impound a car while trying to find the owner.

Can you hide your car from being repossessed?

According to the repo handbook, any debtor purposely hiding collateral from the bank to defraud them is illegal and you can be arrested when summoned to the court. I am a Repo man, and even if you hid thecar, no matter what eventually you will slip up and we will get the car...

How do you register a car that the Ca. dmv no longer has records for?

Assuming this is true--(and I don't understand how)--

You can get a scrapped title from a junkyard in California. Get the car to Nevada and register it there. Then take the car back to California and re-register it in California. Voila!

If you have the CA title that was last issued and the system shows it has dropped off then you will have to get a "Vin Verification" done on the vehicle. The vin verification is an inspection done by DMV or a licensed vehicle verifier. Once you have the inspection done take it along with the title, smog and a DMV REG 343 form (app for title and reg) and DMV will issue you a new title and registration/plates. If the old title is not in your name you will also need to have proof that you purchased the unit. A bill of sale, purchase order or even handwritten statement will work. Good Luck!

Vehicle Registration Wizards - vehregwizard@gmail.com

Can the dealer repo your car if your 6days late on a payment?

I suppose in theory they could depending on what the loan terms are, but I would say it would have to be a pretty unethical establishment to do that. Typically it's two missed payments. Get that payment in on time!

Does gap insurance cover the remainder of a loan from a voluntary reposession of a vehicle?

Gap insurance does not cover repossession anything. It only covers if you wreck the car and owe more than it is worth.

My co signer is not paying his car bill can I return the car?

if think you can return the car you can

or

if you want to do for him you can do

Where do you look to find your repossessed car?

As licensed repo man I can tell you we must notify the local P.D. within 1 hour that the car was picked up as a repo, where it will be stored, and what the name of lender is. To find it call lender or call local P.D. and report it stolen at which time P.D. will tell you its a repo and where it is.

How long do you have to wait to stop payment on a check that has not been cashed?

you can place a stop payment on a check right after you write the check if you want to pay the fee

Can you get an apartment with a car repo?

Q:Can you get an apartmet with a car repo?

A: All apartments come without a car repo option. Sometimes you can negotiate utilities, however

Where can you get a replacement car key for your car?

If you still have the numbers the dealer can cut you one. If you know where the vehicle was origionally purchased some dealers have the info. on file. Other than that you hace to replace the lock cylinders or at least remove them and take them to a good locksmith and with luck tyhey can cuut one for you.

* If you have the vin number ( located on the dash on the drivers side and seen from the outside of the windshield looking into the car at the bottom of the windshield or on the sticker on the door seen when the door is opened and looking at the width of the door or the door jam.) the dealer can make a new key with this number and often a lock smith can as well.

Do you have to finish payments after your car is reposessed?

You have to pay off the debt. The car itself will take car of part of that when the lienholder sells it at auction. You'll have to make up the difference between what it sold for and what you still owed (and you'll have to pay for the repossession expenses also). If by some miracle the car sold for more than the debt and the repossession expenses, then you should get a check back for the balance.

However, how they'll handle this is almost certainly not by having you "finish payments". Call the lienholder and find out what they want you to do.

How do you hand-crank a car?

This answer will be good for most inline engined cars upto the mid 60's..

Firmly apply the handbrake.

Make sure the car is in neutral.

Switch on the ignition.

Use choke if the engine is cold.

Place the starting handle through the appature in the front panel.

Engage the end of the handle with the dog on the engines front pulley.

Turn the handle clockwise, in a swift movement.

Hopefully the engine will now start.

The design of the dog will disengage the handle automatically.

Remove the handle.

One word of caution.

Do not grip the handle normally, place your thumb over the handle.

If the engine kicks back, you won't break your thumb then.

Can they make you pay back the loan if you turn in your vehicle?

In a word YES any difference in the amt. of loan and amt. lender recovers can still be collected.

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