Repossession

It depends on what you want to use it for,,,, But for reliability, It depends on how well maintained it is. ,,,, You get the idea that there is not one.

You have to sell the car.

If you give it back, it will still look as a repossesion...a voluntary repossesion.

You do not want someone to take over the payments,as there is no guarantee that the payments will be made on time.

Sell the car or try to refinance the balance, it is the only way. Good Luck..

In short, it is out of your hands and you can only throw yourself upon the mercy of the seller and the escrow agent to allow you to rescind your payment.

There is no such thing as a "stop payment" on a cashier's check. The money has already been withdrawn from your account and paid to the cashier who issued the check to the person named on the check.

On the other hand, you might suspend the transaction by notifying the escrow agent of the change in plans, or (worst case) by filing for an injunction to prevent delivery of the check to the seller. It may then be returned to the bank to be re-deposited, but more likely is endorsed by the seller to the escrow agent who will deduct the penalties and return the remainder to you in another check.

Depending on the laws of the state you live in, you will have to pay the following charges:

1. The payments you're past due.

2. The repossession fee charged by the lender or dealership (if a buy here pay here).

3. The tow charge.

Depending on the flexibility of the lender or dealership that repo'ed your vehicle, you may be able to set up some kind of additional payment plan or try moving a payment or two to the end of your current loan.

Good Luck!

yes.

No. The term "charge off" simply indicates that the creditor has decided to pursue other methods of collecting the debt owed. That could mean the debt will be sold to another party, the creditor could file a civil suit to collect the debt or other actions. Debts that are "charged off" remain valid and subject to collection unless they have been rendered invalid by the statute of limitations as determined under the laws of the debtor's state.

Depending on the loan amount it could hurt you tremendously. Being a cosigner means that if the main loanee can't pay for any reason, you are responsible for payment.

You need to have him sign over the car to you and pay the note. Regardless, you have to pay the note.

you can alwasy avoid your respondsiblity- it will take a court action on their part and a lot of phone calls from coolectors- it will remain on your trw for 7 years afterwards- of course this is your credit and will be a bad mark added on top of the repo

Only if the loan has been paid off.

Yes and No... Once the vehicle is repossed you are afforded an opportunity to pay what you owe and retrieve your car... If you dont meet the requirements to satisfy the lien holder, the vehicle will go to auction. After the auction whatever is owed on the remaining balance is is the responsibility of the loan holder & or co-signer.

Of course, at whatever the value of the proerty is...although they frequently have contracted with someone to handle selling all of the vehicles that they have to repossess, so they may refer you to them. And, frequently, the property has been sold very quickly (brought to auction) after they gain possession. Should have bought it from the guy before he lost it and saved all the costs/expenses, etc. of the bank having to handle it, that he now will have to pay.

antifreeze is most common problem related to petrol engines misfiring. this can be cured by replacing the timing belt in addition to the thermostat and coolant temperature sensor. this will remedy 95% of misfire problems on most modern cars.

No, the compensation (market or repair value) for the vehicle as determined by the policy guidelines remains the same.

If the other person has been making payments on time, then the co-signer should not have to do this.

Your credit report contains the entire HISTORY of your credit life. The repo will appear on your record but if you've had good credit dealings over the past 15 years it may well only affect your current credit worthiness marginally.

yes they can...but it also depends on state laws too

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.

i would report it stolen. if the payments are made the loan company can and probably will come after you for the money. If you report it stolen to the cops you can at least report it to the insurance company and the loan company and that should remove your responsibility.

No. But any debt that is forgiven is taxable as income.

I have been told if you dont have road tax and you crash your car or someone crashes into you then your insurance is void