Repossession

Yes. If your balance and payments are current no repossession can occur. However, the amount due is generally not just the amount of payment multiplied by the number missed. The amount due would likely have late fees, interest charges and possibly other costs incurred too. That would be completely up to the lender. Once a contract is defaulted the lender has no legal obligation to agree to other terms and may repossess the vehicle and/or take any other action allowed by the laws of the borrower's state to recover the debt.

If the reposssesion did not net enough funds to pay off the total amount of your debt (which would have increased by the costs of the repossesion, penalties, interest, etc), then the loan (your obligation) was not cleared by the repossession. Presumably the agency owns the right to collect that and they can use any legal method to do so. Court would seemingly be one.

They cannot make contact ith the person, BUT they can repo the auto.

Not really. There is no residual value assigned to the leasee, so there is nothing to foreclose on. At the end of the lease you have nothing.

There is no set amount of points that are attached to repossession of a car. Depending on your credit score and payment history, the information could be viewed differently by various lending entities. However, remember that the more items of this nature on your report, the lower your score and the more you will pay for loans.

No, wage garnishment by a judgment creditor must run consecutively not concurrently. Garnishment/automatic deduction of court ordered child support is not considered a 'true garnishment', that being the case a child support deduction and creditor garnishment can be active at the same time.

First, presuming there is an early prepayment clause that allows one to pay the total for the total balance, and not one that requires the payments to be made for the entire term of the contract. (Many loans require they be paid all the way through, effectively assuring the lender of the expected interest rate/return he wanted for the entire term of the investment). While I would think that absent something (and it better be in writting) that the payment is being refused because the lender forgives it, until it is paid -- it is owed. But there must be more here...lender/creditors generally have no motivation to refuse payment (unless part of the no early payment arrangement)...very much the opposite! --------------------------------------------------------------------------------------- Added by Danika37075 This is the full story. I took a quick loan out with a check in the Nashville, TN area. This had been going on for a little while, each week trying to get the amount reduced by paying a little extra. A couple of months ago, I was in the hospital and didn't pay the loan. I received a letter stating that I had until the 25th to pay the entire "loan" off. On the 25th I called to make sure that they were opened and the manager was there. When I told her that I had all the money and was about to come in and pay the entire check off, I was told it was too late. That she had already sent it to their lawyers and refused to accept my money. When I said that the letter stated I had until that day to pay it, she had forgotten which date she put and apologized, but still said it was too late. Now they are taking me to court for the money plus court cost. I thought that if you tried to pay a debt and they refused your money, that you then didn't owe the money. Am I wrong? What recourse do I have now? Thanks Danika

One consideration would be that cancellation of a debt becomes income, and is taxable. But a repo isn't a cancellation of debt, it is a payment by selling the asset. However, as you can find in many discussions here, if your repossessed and the sale of the property does not return enough funds to fully satisfy the debt, the deficiency is normally not forgiven. Instead you remain owing that amount and the lender will presumably continue to try and collect it. Hence, the sale as an exchange of value isn't a cancellation of debt, and there likely isn't any even if there is a deficiency. No tax consequence.

Control in what sense? Sell them, transfer title? The cosigner guarantee's the loan on the vehicles and would need to agree to selling them and sign the title. You can use them for any purpose, do anything with them including burning them. You will still be responsible for the loan and if not you the cosigner will have to pay the loan off.

A judgment creditor can execute the judgment in whatever methods are allowed under the laws of the state in which the judgment debtor resides. The preferred method is by wage garnishment. Other possible methods are, levy of bank accounts (including those that are joint) seizure and liquidation of non exempt property belonging to the debtor and a lien against real property or the portion of such that is owned by the debtor.

No. He/she simply has to pay the loan if you don't. Has no real right to the car even if you do miss payments. Has to go to court and show you have defaulted on the loan and has paid on it.

They are impounded until further action is taken

a lot and it will hurt your credit for 7 years

Repo laws are different for each state. Check for laws in your state or advise what state you are in.

In most cases, in most places, a detective can be hired for most any reason. The detective must adhere to the local and state laws regarding investigations, however. As part of their job, a detective may speak with anyone and ask questions about another person. This is typically referred to as an interview. The interviewee (the family members) are under no obligation to speak with the detective and can refuse to provide any information at all if they so desire. You (or your friends, family, and any others) are never obligated to provide information to anyone except as required by a court of law. Believe me, you will know when the court requires it because you will most likely be speaking to a judge or a sworn law enforcement officer.

sure you can, but you will loose new car when u file bankruptcy anyway.also need more than just a car payment to file bankruptcy. laws have changed to prevent people filing bankrupcy just to dodge paying there bills

If you were notified that the vehicle was to be repo'd, and failed to turn it in, perhaps the repo guy figured the best time to get the vehicle was when he would be sure you were home. Maybe he had tried to reach you at other times and you weren't there. Sometimes people do what they have to do, just to get the job done. Yes, because it can be legally presumed that such action could create a disturbance for neighbors and/or other members of the household.

Hi! I personally use Simple Green on my van. I have used it for years. You can even clean carpets with it. It makes tires cleaner than any carwash detergent I have ever used. Plus, its concentrated, so just a little in a bucket of water is all you need. I spray it undiluted on the tires and rims tho. Also, its harmless to the environment!

The terms of most auto leases require that you maintain insurance. Failing to do so is typically cause for termination of the lease. If you can't afford insurance, you can't afford to drive.

If the terms of the lease include the requirement that you must provide insurance on the vehicle, and I've never seen a lease agreement that doesn't, yes, they can hold you in violation of the lease and repossess the vehicle.

It would seem that the report would show you have failed to pay as agreed and make payments, and had a repossession (as your question noted, you had a repo), at the very least. That you recovered and paid the amount due doesn't change that you failed to comply with the terms of the loan, didn't make the payments as required and the property even had to be seized. Things like the holiday, etc. are entirely irrelevant.

No Way. Its Your Stuff !

No, you're not out anything. In order to sue, you have to have provable damageds. They made a mistake, assuming you were current on your payments the whole time. It might have been inconvenient, but if we could all sue for being inconvenienced, the justice system would crash down on itself.