Repossession

Gap coverage is intended to cover the difference between what the car is worth and what is owed on the car. So if you owe 15,000 on a vehicle that has a value of 12,000, you should be covered.

You cannot simply return it to the dealer. It does not work that way. Unless the dealer is the lien holder, he has nothing to do with the car, which you will find out very quickly if you try to just take it back. You bought the car and took out a loan which you promised to repay when you signed a legal contract to repay the loan plus interest. If you are having financial problems, contact the lender and see if you can work something out. The last thing you want to do is have your car repossessed. If you do then the lender will sell your car for whatever he can get, which is usually wholesale. You will then be responsible for the difference in what the lender sells the car for and the balance left on the loan. You will also be accessed repossession fees. And to add insult to injury, your credit will be ruined for 7 years. The very last resort is to allow your car to be repossessed.

It can be aslong as they have permission to enter the home they cannot enter without permission or they can be arrested for breaking and entry

Make sure that you have proof of full payment for the loan. Then, discuss the issue with them. Perhaps their refusal is for some other reason? If you owe the co-signer money for the car, you will need to pay it back, but be sure that you keep copies of the cancelled checks/money orders you pay with. Another way to solve the issue is you can ask them to put a lien for that amount on the title, but the title will be in your name. When you sell it, a portion of the sales price will be needed to pay off the lien. However, it is their choice as to whether they will do this if you still owe them money.

You must complete an application with the court in order to have a wage garnishment reduced if it causes undue hardship. A wage garnishment can not take more than 25 percent of a person's income.

2 car 20x20, better yet is 24x24

3 car 30w x 24 give or take.

Comment:

20x20 (400 ft2) barely accommodates two of today's cars, and leaves very little room for anything else such as snow blower (for us in the snow belt) or lawnmower. Opening the card doors can even be dangerous. A 20x20 foot print also typically limits you to one garage door.

A 24x24 (576 ft2) garage provides almost 50% more space than 20x20. Accommodates two large cars plus storage, lawn maintenance, snow removal gear, etc..

For a 3-car, a 24' depth is good. A 30' width for 3 cars is nowhere near as bad as 20' for 2 cars, but can still be tight if you need to store other items. Consider 32', 34', and 36' widths. 36' is pretty large; at above 36' width you begin to create a monster.

I work for a vehicle finance company & my job is to order up cars for repossession, set up repo agents to pick up vehicles and to take care of auto auction issues when vehicles are stored at an auction awaiting sale, or have been sold. Well first off you need to call the auction, the repo agent (the person who picked up your vehicle or company) and then also your bank or finance company that the loan was through. Discuss the issue with them & see what can be done or what they want you to do. I have to say that this is a very weird thing to hear about. It is not in the auctions best interest, the repo agent or the financial institution to do anything to a vehicle, and never have I heard of any such thing. Think about it, the auction gets the same amount if the car sells or if it just sits there, the repo agent has done his job so he gets his money, and the financial institution wants their money & wants you to pay for the vehicle and if the car isn't running you may not be able to do that with the cost of repairs and such. I have to say I find it very unlikely that the auction or anyone else that had access to your vehicle would do any such thing......

When you fail to make the car payments. Usually the bank or financial institute that holds the lien will give you fair warning for payment and then they will tow the car if no payments are made.

Without seeing the sales agreement and/or loan agreement, it's impossible to answer your question with any certainty. But assuming that both agreements are fairly standard, boilerplate sorts of things, then here's the basic situation: If your husband, as co-signer, was smart enough to insist on finance insurance on the deal (or if the dealership F&I person was smart enough to sell it with the deal and if neither your grandmother nor your husband opted out of it), then the finance insurance policy will pay-off the car in full just as soon as your husband files a claim and sends the finance insurance company a copy of the death certificate. If, on the other hand, no finance insurance policy was purchased by your grandmother and your husband at the time of contract signing, then your husband must continue making payments (or must sell the car and use the proceeds to pay-off the loan... whichever he prefers). That's what co-signers do: When the principle borrower cannot pay for any reason -- including death -- then the co-signer must honor the contract. If finance insurance pays off the car loan, then the car is free and clear, but it's in her name. Therefore, her estate has possession of the vehicle and neither you nor your husband can simply take it -- especially if she's intestate (had no will). If there is no finance insurance, and your husband, therefore, must pay it off, then even though it's in possession of her estate it's a fairly easy process to show the executor or administrator of her estate that he's now on the hook for the payments as the co-signer and, therefore, the vehicle needs to be conveyed to him so he can either continue making payments on it or sell it or whatever he plans on doing with it. If he sells it, he will not be able to give a free and clear title to it to the buyer until the car loan is satisfied. So if he sells it, he must first call the loan company and get a cash payoff amount. Whatever he sells it for must be equal to or more than the cash payoff amount or he'll end-up paying some cash out of his pocket because by hook or by crook that finance company is getting the cash payoff amount... period. It's probably worth sitting down with an attorney for an hour or so and getting proper legal advice. What happens as far as who has to pay-off the car is pretty straightforward and doesn't really require your talking to an attorney. But you don't want to mess with taking things which belong to her estate until and unless you're legally allowed to. And that's a probate issue -- one worthy of chatting with attorney about, even if only briefly.

The vehicle will be sold at auction, the proceeds will be applied to the loan and to the repo fees, then you will still be responsible for any remaining amount owed to the loan.

not that I know of. like a auto repair ship, you pay what they charge

Yes, you would be wise (and your policy contract requires) to report this to your company so they can investigate, and officially get from the other driver they are not injured and there is no damage. I have seen these types of claims many times come back and 'bite' hard. Two months down the line the insured gets an attorney rep letter, claiming both injury and damages. By that time much evidence can be lost. For your own protection report the claim.

If you are married, you are still a legal entity with the other person, so a judgment filed against them would also have your name on it. Be sure to include some verbiage in your divorce agreement about it, and if possible, arrange to have it paid from any joint monies before sorting out the settlement. Obtain a copy of the "paid" letter for your records.

He's not allowed to repossess your baby. Note: Child welfare service workers are not repo men; they CAN take your baby.

A charge off is when a creditor basically gives up trying to collect the debt and "charges off" the debt from their books. They do this more for their benefit than the one who owes. It allows them to close out the file and clean up their records. This looks especially bad on a credit report.

Unless you have a stipulation in your divorce decree regarding responsibility for the loan, you are stuck until the loan is paid off. The only one who can repossess the car is the company who holds the loan, but the amount owed would still be outstanding. You could see if you could get him to refinance the loan on his own...I am not sure about your liability if the car is totalled without insurance to cover it. Meanwhile, pay all of your bills and work on getting your credit into shape. If you can save money to pay cash for a car "for now," that would help you for the short term.

If you can't pay anymore, the lender has the right to repo. The repo will be reflected on your credit report just like everything else. It will stay on their just as long as everything else. If it is auctioned, the lender has the right to charge you and seek judgment on the difference that the car sold for vs. what you owe them. So yes you will be hounded for the difference plus any costs to repo, ship, auction, paperwork, etc.

That all depends on the condition of the car. It will work fine if it is in good condition.

Sue them both, plus the driver, plus their respective insurance companies, and let the court find them "jointly and severally liable," so you don't care which one of them actually has to pay.

A 3rd party creditor is the other party that is involved in a legal dispute between the offeror and the offeree. Creditors are typically referred to as collectors.

Is he on the deed as well? Those are two separate entities. If he is just a co-signer on the loan, you can sell at any time. If he is on the deed, you have to do an "Affidavit of heirship" process.

If you are the only surviving heir this is simple. You just have to find 2-3 people that knew your grandfather and know that he wished you to have his property.

If there is more then one or two heirs to his estate, each one will have to sign an affidavit of heirship.

it depends