Repossession

It is very difficult but if you have a good relationship with the bank they may allow you if you pay some of the debt down.

NOPE! sadly they don't even have to tell you they repoed or are going to repo. the unit. This includes houses, Good rule, DO NOT COSIGN.

In the state that I live in (IN) as long as the co owner is on the title of the van then the cowner can take possesion upon death(bc he\she already owns it) That way it doesnt have to go through probate and such. We just went through this prob with my mother-in-law and my wife. We have my mother and law's van now. I hope this helps you.

Hello,

1. Debt Consolidation takes only those debt which are current.

2. This means, the collection agency that has your debt is not at all related to the Debt Consolidation program.

Thus they are free to take any action against you.

My suggestion,

If it is a small debt, work out something with them and pay them off.

If it is a huge debt, consider Debt Settlement.

Thanks!

This is not legal advice :)

Read the fine print. Often default on one loan can be cause to call in all loans. If the loan was called, (meaning that you either pay it all off right now or forfeit the car) and you didn't pay off the loan, then they can do exactly what you described.

Renting an apartment or home will not show up on your credit. That just builds up rental history for yourself. The only time a renter will ever report you to a credit agency is if you move out with a balance that was not paid within 14 to 30 days of your move out.

If you have insufficient credit strength for a lending institution to accept a loan you'll need a co-signer.

NO. What this will do is satisfy the debt only. This will show in favor on your credit, but it will still show as a repo. You are better off paying the debt. If you are doing this, make sure to have them issue a satifaction of debt letter to the credit bureaus. This will increase your score.

yes you do so the bank or dealer wont report it to creditors. When a vehicle is repossessed it must be legally sold for the fair market value, or as near as possible to that price. The amount obtained by the sale is applied to the remaining balance of the loan. The borrower is responsible for any deficit amount plus applicable fees. A repossession is almost always entered on a credit report.

Depends,how is the amount of debt. if amount is low,only warning should be placed to debter. But if amount is big enough,then they can bully on you. Depends on the situation,how you tackle it.

Ohio follows federal garnishment guidelines which allow a maximum of 25% of the garnishee's disposable income to be seized, with the first $154.50 weekly based income being exempted. Child support, alimony, disability benefits, public assistance, and all Social Security benefits are 100% exempt from garnishment by a judgment creditor. The judgment creditor must serve (or make a reasonable attempt to deliver) a 15 day notice to the named garnishee before the action can commence. Other personal and real property that can be exempted from judgment creditor attachment are outlined in Ohio BK exemption statutes. Please note, it is the responsibility of the judgment debtor to claim the allowed exemptions.

A Collection Agency that "owns your debt" can not garnish any wages.

Assume that the collection agency in their efforts to collect the debt for their client, sues the debtor and then provoke that the Court works an arrangement to pay the debt, if the arrangement includes garnishment of wages then, the Court can garnish salaries.

And there is laws to garnish wages that apply to every state.

As an auto technician for over 20 years (not as a tax professional), I have found that even though I have itemized I seldom had enough work related expenses (tools) to be able to use as a deduction. Unless you spend a large enough amount of money or if you are self employed you may be better off using the standard deduction. Yes, You can claim anything you spend on work, If your HOURLY,SALARY,or CONTRACT, But, Keep in mind that if your an hourly worker and you claim A lot of stuff on your taxes that puts up A RED FLAG at the IRS. and you could be AUDITED, so keep your reciepts,,,,,, Good luck, Jamison. Your pay arrangement, that is hourly or salaried, is irrelvant and it certainly isn't "anything" you spend. You can deduct only unreimbursed employee expenses (Line 20 form 10, line 9 form 1040R) that are: 1. Paid or incurred during your tax year, 2. For carrying on your trade or business of being an employee, and 3. Ordinary and necessary. An expense is ordinary if it is common and accepted in your trade, business, or profession. An expense is necessary if it is appropriate and helpful to your business. An expense does not have to be required to be considered necessary. You may be able to deduct the following items as unreimbursed employee expenses. As all misc. deductions, they are generally subject to the 2% floor. Business bad debt of an employee. Business liability insurance premiums. Damages paid to a former employer for breach of an employment contract. Depreciation on a computer or cell phone your employer requires you to use in your work. Dues to a chamber of commerce if membership helps you do your job. Dues to professional societies. Home office or part of your home used regularly and exclusively in your work. Job search expenses in your present occupation. Laboratory breakage fees. Legal fees related to your job. Licenses and regulatory fees. Malpractice insurance premiums. Medical examinations required by an employer. Occupational taxes. Passport for a business trip. Repayment of an income aid payment received under an employer's plan. Research expenses of a college professor. Rural mail carriers' vehicle expenses. Subscriptions to professional journals and trade magazines related to your work. Tools and supplies used in your work. Travel, transportation, entertainment, and gift expenses related to your work. Union dues and expenses. Work clothes and uniforms if required and not suitable for everyday use. Work-related education.

You have not bought the car, Untill the loan has A signature on it, All other paperwork is just to verify that you are willing to continue from that point forward. A carlot WILL tell you that you BOUGHT it, but the answer is NO....... Now with that said,when you take A car for ANY-REASON from A carlot, and use it, then bring it back without buying it, The carlot can charge you for several things, Like,,,,,,,,,mileage,depreciation,damage,time,and whatever else they can think of. This could be as high as, $300.00 for haveing the car overnight and putting 40miles on it.,,,,,,,,,,,,Good luck, Jamison.

IF YOU GOING TO FILE BANKRUPTCY KEEP YOUR CAR AND PUT IT IN YOUR BANKRUPTCY IF YOU NEED YOUR CAR. IF YOU JUST WANT TO GIVE IT BACK JUST GIVE IT BACK ANY TIME BUT THE LOAN STILL GOING ON YOUR CREDIT FILE SO IF I WAS YOU I'LL PUT IT IN WHAT EVER CHAPTER YOUR FILEING.

Hello, Jamison here, Yes! Not likely though,,,,,,,, Unless its one of the BIG-3

Hello, Jamison here, On credit score==EXACTLY THE SAME You CAN try to explane it to the lender, They will listen but they wont care too much,, If its NOT REPO'd Yet put A foot in someones Behind side!!!!!!!!!!!!! If its REPO'd== MAKE THEM PAY IT OFF!!!! This is what the bank wants, And this is the real reason they want A cosigner in the first place.

in my state you don't have to but there are some "no fault" states like Michigan. I would call my insurance and ask them to make sure.

Yes, but not all at once. Creditors can only garnish up to 25% of disposible income per week. Go to http://www.courts.state.md.us/district/forms/civil/dvcv65br.html

for more info on garnishing wages.

i dont have an answer just proving a point sorry guys

Most lenders will not let a borrower switch co-signers. The reason for this is that the lender would have to go through the approval process all over again including pulling credit reports, calculating percentage rates etc.

A finance company could settle the auto loan. You simply need to get in touch with the company and make an offer. Be sure to get any agreement in writing.

She can cry all she wants, the car is now hers. As soon as you leave the lot the car became hers. They won't take it back and why should they, she is 18 and signed a leagal contract. I use to sell cars, so even if you take it back to the dealership and leave the keys in it, we will just drive it back to your house and leave it in the driveway, happens all the time. At least she learned a leason. She can cry all she wants, the car is now hers. As soon as you leave the lot the car became hers. They won't take it back and why should they, she is 18 and signed a leagal contract. I use to sell cars, so even if you take it back to the dealership and leave the keys in it, we will just drive it back to your house and leave it in the driveway, happens all the time. At least she learned a leason.