Repossession

The estate has to resolve the loan, either through selling the car or returning it to the lender.

Well you will never get any work if you are not insured, at least do not hold out for ford triad or anybody else , you might get title loan company's but almost all of them require their recovery agents to be insured. but there are no licensing requirements. police departments must be notified after the repossession and some require to notify them before hand

if i moved to another state say Georgia or am going there can

the bank find my car to reposess it>?

In the UK if your house is repossessed it will stay visible on your credit file for 6 years. It would be very difficult to obtain credit with this on your file. It is possible to obtain another mortgage but this would be from a specific lender and your monthly repayments would be considerably higher. If you have mortgage arrears or in the process of having your property repossessed this can be stopped. If you type in your address bar "stop repossessions" you should be able to find help.

it is a sizure caused by an electric current passing through the brain

It depends - was it hit and run ? Were both cars backing or one parked and one backed into it? If the other party is no where to be found, typically your Collision coverage ( if you have this coverage) will pay after you pay the deductible. It may also increase your future rates (and /or loss of discounts for being accident free) - so use some logic if it over $1,000 to repair.

If you notified the lender, no. Be sure to fax proof of the bankruptcy to the lender.

You also need to let them know approximately when you will be notifiying them as to what you plan to do.. reafirm the balance ( continue to pay) or give up the car.

Good luck!

If you believe neither of you have received notice, then request proof from the lender. This doen't mean that just because neither of you signed for the notice that you can say it wasn't received. If they can show that it was mailed and returned...it was enough. They tried.

Have you talked with the cosigner, because this will be on both of your credit reports. If they don't have any proof.. get an attorney.

Good luck

In North Carolina, a lender can pursue wage garnishment if they obtain a judgment against you for unpaid debts, but this typically requires a legal process. After a voluntary repossession, the lender may also pursue a deficiency judgment if the sale of the repossessed asset does not cover the remaining debt. Additionally, a lender can place a lien on your house if they secure a judgment against you. It's advisable to consult with a legal professional for guidance specific to your situation.

Sign off your interest in the vehicle to the primary, letting him/her have the right to sell or drive the vehicle. Either way, the primary needs to have control of the property that he/she is paying for.

I know the police can confiscate vehicles used in crimes. And if there is a clause in the loan agreement saying they can foreclose if the vehicle is used for criminal activity, I'm sure they can, but am not sure what constitutes proof, or if they even have such clauses.

My experience at this point has not been pleasant. Texas has very few mobile home laws for consumers, the ones just implemented are for current status accounts basically. I did a voluntary repo in 2005 on an Oakwood home bought out by Vanderbilt. The mobile home was wrecked during delivery, Oakwood agreed to fix it but then filed bankrupcy. repairs were never made and Vanderbilt refused to pay for repairs. After fighting Vanderblt for over 2 years, spending money on a bunk lawyer and finding out that I got screwed, I let it go. Now Vanderbilt sold the home for 2 thoudand dollars and wants me to pay the difference of 22 thousand dollars. I filed complaints with all the state of Texas agencies that would listen. Needless to say I'm still fighting them, they sent my account to a collection agency out of Houston called Synergetic. Synergetic is a joke in it's self, their reps are oh so rude. Anyways save you'r self the trouble now. If the lender is in fault of anything to do with the mobile home sue them now before repo, because trust me they will have no problem comming after you first. I learned a valuable lesson at a young age, NEVER EVER BY A MOBILE HOME FOR MORE THEN IT WILL BE WORTH IN A TWO YEAR PERIOD!! Which pretty much includes all mobile homes period.

Turn it in to your homeowners insurance and have them work out the details. Most likely they'll go after the friends insurance, but that's their job. Let them figure it out. It's your house, so your insurance should pay for damage caused by an unforeseeable accident. If someone caused the fire, or permitted it to spread to your house through negligence or reckless conduct, then the insurance company can attempt to sue that person for reimbursement.

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.