Repossession

Scenarios:

1. If you sold the car for cash, and the buyer paid you in full, you have nothing to repossess.

2. If you signed the title (aka pink slip) and the buyer had their name listed as Registered Owner, you no longer own the car - nothing to repossess.

3. If you sold the car and did NOT sign the title, and allowed the buyer to make monthly payments to you, AND the buyer has defaulted on making payments for some specified time, you MIGHT have some rights in regards to respossessing the vehicle.

4. If no written agreement was made (and properly signed) at the time of sale specifically stating the monthly payment arrangements - in other words a handshake deal - you MAY not have any recourse.

Before proceeding, please consult legal help on this matter - Don't take what you may think is the law into your own hands.

Usually the car is taken and inventoried. it is then either sold at an auction or through a dealership based upon the age and how well the vehicle was maintained. After the sale of the car all expenses and balance of the loan are offset by the sale amount. If there is a residual balance after all fees are paid you can expect a check for that amount. If there is still a balance due after the sale you will be liable and expected to pay that balance off example below: Balance left on loan including interest etc.: $20,000.00

Default and repession fees: $ 1,000.00

Repair / Maintainence fees: $ 1,500.00

Auction fees: $ 600.00

___________ Total: $23,100.00 Car sold at auction for: $15,000.00 You owe the creditor: $ 8, 100.00 The creditor will try to collect that balance from you via normal collection efforts however if you do not pay through those efforts he may sue you for the difficency balance and you can be responsible for all fees he incurs to obtain a judgment against you. Once judgment is obtained he can enforce collection of the judgment through several means such as a wage garnishment, bank execution or property execution. (I suggest you review the laws in your state regarding the collection of a judgment). Salvatore Mattiaccio

President

The Lakeland Group, Inc.

P.O. Box 20

Sparta NJ 07871

(973) 729-2372

File a lawsuit against you and the sheriff comes out and forces you to give up the car. Do not give it up and you will likely be in jail.

The sexiest cars are the 57 Chevy belair and the 70 Chevy chevelle. HANDS DOWN.

This depends on what state the property is located in. Generally, after the loans and all other costs associated with liquidating the property are paid for by the home auction, if there is any money left, it does go to the owner. But you need to check the laws for your specific state.

I love you

Answer

If a person dies its the responsibility of those left behind to pay for the car unless the person who died took a loan at a bank, they usually have an Insurance for such things as death. However no one is obliged to take this Insurance. Debts of a deceased person become the responsibility of the person's estate and must be paid in full before any inheritance can be distributed. If a car on which there is an outstanding loan is left to someone in the deceased's will, then the beneficiary inherits the debt as well as the car.

It is entirely up to the company as to whether they choose waive the fee. The rule of thumb is to allot 5 - 10 days for "postal delays." Allowing for the postal delivery is the responsibility of the consumer.

the answer varies from state to state since each can determine the amount of net or "take home" pay that is available under a garnishment order that must be obtained through a court action.

I am having the same problem. My truck is leased and due to divorce I can no longer make the payments. I called GMAC and they told me to call the car dealership. I called the car dealership and the sales person in charge told me to call back because I had to make an appointment and he did not have his appointment book! I tried calling the sales person six times and was given the same answer over and over again. I asked why I had to make an appointment and was told I had to "SIGN" some papers. Sign papers for what?? I can't afford the vehicle and just want to turn the truck in! So I call GMAC again and the customer service representative tells me after 30 minutes that I have to be transferred to someone else. I just want these guys to get the car back in good condition. The truck is paid up to date but my finances are drained. Guess the only way is not to make payments and have them repo it. I was told even if I turn in the truck it will be considered a repo.

no

You should not be sent to collections if you are making monthly payments. Some companies have their own "polocies" on how much your payment needs to be in order to keep from collections but the law says that you can pay what ever you want as long as you don't sign a payment contract.

Depends on the bank. However you should be able to stop the bank from taking your home with a short Sale. If you are in CA I can help very simple. You can sell your home for what is worth and stay there while it is listed and in escrow. westchesterrealty.com

It is illegal BUT I haven't had any luck getting aMagistrate to sign a warrant they either tell me that the legal owner has to do it personally or it is a civil matter. It is listed under The VA theft LAW.

Pretender - Foo Fighters

no

Just because the company charged off the account, does not mean that they don't want to be paid...so if the car is still assessible...they can repo it. Charged off on your credit means that it is no longer an active paying account..the company took a loss for that amount. A different department, "Profit & Loss" will take over trying to collect any way possible. Sorry.

If a bank has a lien on a unit and you are not paying they have the right to repo it. You need to talk to them and work out payments. A cure letter is them giving you 20 days to either pay the delinquent amount or they will take other actions such as a law suit or repo.

No, You would generally not be liable for Storm damage to a car while on your property. It is not customary to hold an individual legally liable for acts of nature that are beyond our control. Storm damage to a vehicle is generally covered under the Auto Owners Insurance Policy Comprehensive coverage Portion. An exception might rarely be construed if a vehicle was left in your care and custody, usually on a fee for service basis, and you somehow failed within your expected or implied ability to take reasonable action to secure it safely.

This is unfortunate...sorry but I know it has happened. You have no choice but to give the car back..and nicely too...as they will come and get it. You might see if the dealership will hold the note but if not....give it back.

Some 10+ years ago, we had something similar happen. We bought a car

on a Saturday and on tuesday, I was called and was told the financing went thru but a mistake was made. They wanted more money down. I stalled for 2 days as my spouse was out of town with our car. When he arrived, we drove the car to the dealer, asked for our car back which we got....along with out deposit check which had not been cashed and we left. We found what we thought was a better car and deal at another dealer the next day. Try another place...

Good luck.

If you do not know the identity of the offender, make an insurance claim. If you do know who is responsible, gather together all their contact information and make an effort to get them to pay. If they fail to do so, call a lawyer.

A car that is in too bad of shape to sell will be sold to a salvage yard for parts and eventually it will be sold as scrap metal. It will be recycled and use to build another automobile, or product.

A car that is in too bad of shape to sell will be sold to a salvage yard for parts and eventually it will be sold as scrap metal. It will be recycled and use to build another automobile, or product.

Unless you want to be sued, you bet you do.