Repossession

Yes. If the bank writes off part of your car loan as a cancelled debt, they will report it to you on Form 1099-C. Cancelled Debt is taxable as income under the Internal Revenue Code and should be reported on your tax return. Cancelled debt is not taxable as income, though, if it is cancelled through a bankruptcy proceeding our you are insolvent on the date that the debt was forgiven.

Until the bankruptcy goes through, you continue to owe the money and the lender continues to own the security. Therefore they can indeed repossess your car.

Where the car is parked is irrelevant. In most cases, they won't even know, let alone care, that the space is reserved for you. They will simply find the and remove it.

Consult your bankruptcy attorney/solicitor or (in the UK) the Citizens' Advice Bureau for further advice. In the UK, at least, it is possible to be guilty of theft if you attempt to hide a car that belongs to someone else.

When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car. == It is easier to try to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you'll be late with a payment. Many creditors will work with you if they believe you'll be able to pay soon, even if slightly late. Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may refuse to accept late payments or make other changes in your contract and may demand that you return the car. By voluntarily agreeing to a repossession, you may reduce your creditor's expenses, which you would be responsible for paying. Remember that even if you return the car voluntarily, you're responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report. == In many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a "default." In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are allowed on your property to seize your car without letting you know in advance. But creditors aren't usually allowed to "breach the peace" in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace. Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property. A creditor usually can't keep or sell any personal property found inside. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can't account for articles left in your car, talk to an attorney about whether your state offers a right to compensation. == Once your creditor has repossessed your car, they may decide to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold. In either of these circumstances, you may be entitled to buy back the vehicle by paying the full amount you owe, plus any expenses connected with its repossession (such as storage and preparation for sale). In some states, the law allows you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession. The creditor must sell a repossessed car in a "commercially reasonable manner" - according to standard custom in a particular business or an established market. The sale price might not be the highest possible price - or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable. == A deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $2,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing. In most states, a creditor who has followed the proper procedures for repossession and sale is allowed to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract. Depending on your state's law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only opportunity to present any legal defense. If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment.

One of two things can happen after the car is repoed.

1. You redeem it by paying the past due and towing fees or

2. You let the lender sell or auction off the car.

If the selling price is enough to pay off the loan, then good..your credit it will show the account as a repo with no balance.

If the selling price wasn't enough, then the deficiency balance will still have to be paid...by you.

Again, you have choices..maybe not what you want but choices non the less....

you make whatever the balance that is left in one lump sum,

you make arrangements to make payments on what is left...and keep those arrangements...(it will help your credit in the long run) or

you don't pay anything until a judgment is filed and you are garnisheed.

Depending on the state you live in, the amount can range from a little out of each of your paycheck to alot.

Either way the bill gets paid.

You need to decide if it is worth all the trouble and embarrassment not to pay the bill.

Good Luck

What does the policy say? Are non-owner drivers covered?

Hey,how come you get an auto insurance when you do not own a vehicle?Insurance of a vehicle is mandatory on the owner of that vehicle!Your question makes no sense.(sorry for saying this).

Absolutely! The reason the auto was repossessed in the first place was that the original loan contract was violated - the payments were not paid when due. When the new loan with the co-signer is initiated, the interest rate is adjusted commensurate with whatever the current rate is. When a person is consistently late with payments, they become at risk with any loaning agency. Being a higher risk only ensures your interest rate will always be higher. The only way to reduce that risky interest rate is to conistently pay ALL your bills on time, and never miss any payments, and do this for, say, two years. Missing just one month can wreak havoc with your credit rating for many years in the future. It's just not worth it to not pay.

If a person has a legal financial judgment against them they can have part of their wages taken by the court. Their wages are garnished and they are the garnishee.

It will not hurt your credit by returning a car as long as you have not signed any promissory documents.

It will hurt the credit of the person who did get the car for you..please

talk to the lender and to the people that signed for the car before you

do anything.

The signer might want the car if he/she knows that not only the repo will show up on their credit but also any defiency balance and legal actions.

you took a loan to finace the car from the dealer- the bank holds the title to your car- you are the owner and respondsilbe to pay the loan or the bank or fiance companmy can reposses your car

You can refuse, but doing so will not stop the process. Likely as not refusing will only result in repossession at the most inconvenient time and place for you.

If it comes down to that you can't pay for it then you should call them and tell them to pick it up and repossess. There are consequences:

1. This will be on your credit history, making it difficult for you to purchase anything on credit again.

2. They will sell your car at an auction (often sold for well below what you owe) the remaining balance you still owe.

3. On the balance that you still owe they can take you to court, which can lead to garnished wages.

If you are going to lose your home or can't pay for your food because of a car payment it may be your only option, but you should only do it in those extreme situations. If you financial burden is temporary, talk to your loan company about deferments that will alleviate short term financial stress.

Taxation falls on individuals,but legal personality extends to companies: If you start a company and that company has income than that company is liable for taxes

take off the door panel and loosen the 2 bolts on the regulator that clamp onto the bottom of the glass

Soap, water, sponge and elbow grease.

Yes, you can but there is a charge of £98 + VAT but it also depends on your insureance type and who your insurance is with

As long as you have the car, it can be repossessed.

yes but you need to have a amount of money set aside for " financial resposibility". this money most be kept where its only available for coverage of injuries and damages in case you are involved in an accident. the amount may very from state to state.

It depends upon the laws of the state where the debtor resides and the type of retirement benefits.

All SS benefits are exempt from creditor garnishment as are all public assistance benefits.

The exceptions are, tax arrearages and child support obligations.

yes it is an option for them

Nothing whatsoever unless the dealer is the one holding the note on the loan. Remember a repossession is a repossession. The only benefit in a voluntary repossession, is you will save a little money because the lender does not have to pay a repo firm to seize the vehicle. When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car. Talking with Your Creditor

It is easier to try to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you'll be late with a payment. Many creditors will work with you if they believe you'll be able to pay soon, even if slightly late. Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may refuse to accept late payments or make other changes in your contract and may demand that you return the car. By voluntarily agreeing to a repossession, you may reduce your creditor's expenses, which you would be responsible for paying. Remember that even if you return the car voluntarily, you're responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report. Seizing the Car

In many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a "default." In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are allowed on your property to seize your car without letting you know in advance. But creditors aren't usually allowed to "breach the peace" in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace. Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property. A creditor usually can't keep or sell any personal property found inside. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can't account for articles left in your car, talk to an attorney about whether your state offers a right to compensation. Selling the Car

Once your creditor has repossessed your car, they may decide to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold. In either of these circumstances, you may be entitled to buy back the vehicle by paying the full amount you owe, plus any expenses connected with its repossession (such as storage and preparation for sale). In some states, the law allows you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession. The creditor must sell a repossessed car in a "commercially reasonable manner" - according to standard custom in a particular business or an established market. The sale price might not be the highest possible price - or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable. Paying the Deficiency

A deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $2,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing. In most states, a creditor who has followed the proper procedures for repossession and sale is allowed to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract. Depending on your state's law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only opportunity to present any legal defense. If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment.

The time is going to vary depending on your lender. Chances are that they will contact you before doing so and will try to help you catch up. The best thing for you to do now if you see the foreclosure coming is to obtain financial advice such as credit counseling to help you navigate the situation. Starting to solve the problem now will reap rewards later.

A written summary of events that has occurred, whether it be criminal, traffic or other information.

The advantages of leasing a vehicle are lower up- front costs and lower monthly payments. You can drive a more expensive vehicle for a lower cost than buying it.

At the end of a 3 year lease you will have payed less than half of what a person has payed to buy the same car on a three year loan. But you own nothing, he does.

Yes you can, but the co-signer must qualify for the loan.

Solar powered cars are cars that are powered by the sun. when the sun is not out

the car will not start, when the sun is out, it will start!