Repossession

https://www.annualcreditreport.com/cra/index.jsp

Yes they can repo if they catch the insurance lapse. Most financed vehicles have a Full Coverage clause that you signed and agreed to when you contracted to finance the vehicle.

If you actually, "own the car still" and the insurance didn't keep it, sell it for parts in your local trading post, sell it to a junkyard or buy another one and keep it for parts.

If they get a judgment they (or anyone they sell your debt too) can garnish yourwages and yes they will report it to a credit bureau.Try too buy a used car and pay for it outright you will save alot of money.

AS far as your credit goes there isn't any a repo is a repo it stays on your credit for seven years.A voluntary repo can save you $200-300 in repo fees .You are still charged all the fees related to preparing the car for auction and auction fees etc. which run between $500-700 and up.And of course that is added to the balance after the the car is sold.

No you can't be sent to prison.You can declare bankruptcy .

IN MOST CASES ONCE YOU GIVE THEM BACK THE CAR THEY WILL RESALE IT AND IF THE CAR WAS ORIGINALLY 15 THOUSAND BUT THEY COULD ONLY SELL IT FOR 13 THOUSAND THAN YOU WOULD HAVE TO PAY THE REMAINDING BALANCE WHICH IS 2 THOUSAND

The Civil law you are breaking is not paying on your contracted amount with the creditor. The Criminal law you are breaking is - in most states - called Fraud upon a Creditor by deliberately concealing the vehicle.

Wage garnishment laws and procedures vary by state. Wage garnishment is usually not a one time thing. A wage garnishment order will usually last a specified time or until the judgment is paid in full, whichever comes first. Unless the garnishment is for child support or spousal support, the most they can garnish is 25% of your net pay and you can only have one garnishment going on at a time. A little further information, wage garnishment for creditor debt is not allowed in North Carolina, Texas or Pennsylvania. It is not strictly prohibited by the laws of Florida and South Carolina, however the requirements make it very difficult for a creditor to garnish the wages of the head of household. Wage garnishments cannot run concurrently, this does not mean that it is not possible for a different creditor to levy the debtor's bank account or take other action if they have a valid judgment.

No. Once your car has been taken away, that is the payment. The bank will have to resell the car and get what they can out of it. It depends on the state. Some (like mine) do not require the remaining balance after a resell. But your credit does get ruined for 7 years. The above answer is incorrect. Once they repossess your car, they will sell it. You are responsible for the difference in what the car sells for and the balance on the loan. You may also be responsible for the repo fees, depending on the state you live in. You credit will also be ruined for 7 years.

Normally a repossession stays on your credit rating for 7 years. If you are repaying the loan, talk to the bank and see if they have reported it. They may or may not have.

The owner of the car. If YOU got a ticket because YOU were operating an uninsured vehicle on a public road, YOU are responsible for the ticket. There may also be a citation for the owner for having the vehicle registered without the required insurance.

It won't help much unless you can sweet-talk the lender and convince him to remove the repossession from the credit report. Otherwise, the repossession stays on the record and the only 'improvement' to your credit rating would be the lack of an accompanying past due status.

Some states do not allow garnishment of wages. Check online by typing in "garnishment, Florida" in your browsers search engine and/or by calling legal aid in your area. Your financial situation usually has no bearing on garnishment or the execution of a properly ordered collection (writ)on a judgment.. as with any legal problem of which you are unsure you should seek legal help. All Social Security and RRB benefits (including disability) are exempted from garnishment under both federal and state laws. Private disability benefit exemptions are generally not subject to garnishment unless they are in connection with a personal injury award. Florida is known as a "debtor friendly" state, meaning that, in most situations it is very difficult for the judgment holder to execute the judgment award.

yes

Doubtful. Car titles are legally binding documents and people under 18 can't usually enter into any type of binding agreement.

It depends on the state that you are located in, the contract that you signed and the lender that you have a loan with. I am a recovery agent in Ohio and some lenders don't place a car up for repossession until it is 6 months past due while others will place an order for repossession after the debtor is 3 days late....depending on the contract that was signed. AnswerLegally, the moment you default on your loan (1 day late). A lender will usually attempt to see whats going on. If its a sub prime loan they will be quick to try to collect. Work something out if you can, even though you are late lenders should be courteous. Be nice and work something out and keep commitments, even if its for a partial payment.

The bank will take your car and resell it at an auction. Any difference between the loan and the auction amount must be paid by you. In some states (check with an attorney), your car is the full payment and you owe nothing in the end if your bank takes it.

Filing for bankruptcy, sadly, may be the only reasonable way, depending on your credit score. depending on the size of the suit(the amount of money) and the state of direct retention of collateral. i.e. is your car, house, tv, or anything of value for that matter paid off in full and under your name and/or that of your spouse? there is also thousands of variables and technicalities regaurding suits of this matter. all dependent on your state of residence. send follow up to julz420@hotmail.com

State laws vary, but generally any driver is required by state statute to have auto insurance and to carry proof of such insurance.

If your vehicle is being sold at a "Public" auction where anyone can go in and bid - then yes you can bid and/or buy your vehicle. Keep in mind that - if for instance - you owe $5000.00 and you buy your car back at auction for $3000.00 - you will still owe the lender the $2000.00 difference. In other words - you are not going to be able to get by on purchasing your vehicle at auction for less than what you owe and then not have to pay the rest to the lender.

It will hurt you in the long run. After it is repoed it is auctioned off and what ever is still left owing on your loan after they auction it you have to pay. So if you trash it they won't get a good price. In turn you will owe alot more. Plus I'm sure there are legal ramifications if they can prove you trashed it on purpose. Well, the more it is trashed the less it will be worth. Once a cap is repossessed, it is sold at auction if you don't redeem it. The money the lender gets for the car is taken off of what you owe. If you owe say, $5000.00 and the lender only gets $3000.00, you still owe the bank $2000.00. They will take you to court for the remainder and you'll have to pay. So, if you owe $5000.00 and your car is worth $5000.00 you'd be even if they sold it, but if you trash it, they may only get $100.00 for it and you'd still owe $4900.00. If I were you, I would vaccuum out the car, clean the windows and wash and wax it before the repoman comes. Better yet, pay up so he doesn't come at all.

Yes, in many states they will.

I would think it is based on your primary residence. That is how it works in MA