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Repossession
Seizure of property bought on credit for which loan payments are not being received. Please note that when asking a car repossession question, it is often useful to include the state that you live in. This will enable people to give you better answers.
11,694 Questions
If you got a ticket for not having car insurance are you responsible or is the owner of the car?
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.
If your car is repossessed how does getting it back help your credit?
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.
Can you get a car in your name at 17?
Doubtful. Car titles are legally binding documents and people under 18 can't usually enter into any type of binding agreement.
How far behind in payment do you have to be before repo happens?
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.
When your vehicle is repossessed do you have to pay any monies still owed?
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.
What happens if a bank sues you but your income does not even cover your basic needs?
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 car is reposessed do you have the right to bid for it at auction?
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.
What will happen if you intentionally trash your car before it is repossessed?
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.
How do you insure your car if you work half the year in another state?
I would think it is based on your primary residence. That is how it works in MA
How long can you fall behind in your car payments before they can issue a warrant?
They cannot issue a warrant to have you arrested for non-payment of your car loan. Worst case: They have sent a repossession agent to retrieve the vehicle but you have hidden it and he cannot find it. If you avoid repossession for long enough and refuse to cooperate, the lender may get a court order (writ of replevna) demanding that you surrender the vehicle. This order will be delivered by the county sherrif, not the repo man. At this point, you will either allow them to take the car or be arrested for contempt of court. It is about 30-45 days
Yes it happened to a friend of mine he wasn't even aware that the insurance had been cancelled and when he got stopped at a check point they told him that his lincence had been suspended because he did not have insurance he paid a huge fine.
Can your car get repossessed if you are 1 day late on payment?
Answer No, i am 2 1/2 months behind and they still havent picked it up. Im struggling to pay it before they have to repo the vehicle but if you are one day late you are fine just dont be late for too long or you are in a situation like me.
**Edit****
This is not true. The bank is giving more lead way than they are required in most states because they would rather get your money. Once the unit is repossessed, there are a lot of fees before it is auctioned off, and it's likely a customer will not pay those fees (even though they are liable for them) if they don't have a car, especially if they didn't pay for the car when they had the car in the first place. Most states can repo after one day past due. Most banks won't though. several states require a "Cure Letter". It basically says you have so long to pay the car current or the bank reserves the right to repo. Some states only have to have one or two of these sent a year or for the life of the loan and they don't have to send anymore after that. Texas requires a cure letter that allows 10 days to pay current. Then an acceleration letter that says the entire loan is due with in 2 days or they can repo. Louisiana requires you sue the person for the car. Wisconsin used to but no longer requires the customer to be sued. I worked legal, repo and collections for General Motors Financial for nearly 8 years and also worked for a repo company as a spotter car driver. I assisted in repo's as well...
Does a cosigner have to have a job?
No, a cosigner can be retired, or just in good standing with the federal credit bureau. They do not necessarily have to have a job. But the deal with a cosigner is that if the individual they are cosigning for does not pay the bill, the cosigner is responsible for the payment.
They can stop the vehicle from being licensed. They can declare that the vehicle is being held fraudulently and if you drive it you could be arrested. You signed an agreement and gave your promise to pay for the vehicle when you took out the loan. Is your promise worth anything? If you don't pay this loan you will probably have difficulty getting any future loans. You might be better off just contacting the lending institution and finding a way to pay off the loan, then the vehicle is yours and you don't need to look over your shoulder for the repo man.
What is voluntary repossession?
It usually occurs when someone has become delinquent in payments and the bank has called in the balance of the payments owed. The borrower may return the vehicle to the lending institution and the vehicle will be sold at auction and any money received (less the costs of selling and transporting the vehicle) will be applied to the loan. It would be far better for the borrower to sell the vehicle for as much as he/she can get and apply that to the loan. To do that you will need to make arrangements with the lending institution since most car loans that get to that point are "upside down". At least you won't end up owing the bank quite as much if you sell it yourself. voluntary repossession is a term used, when you the borrower on a loan (usually vehicle) cannot keep up payments for one thing or anopther. You are giveing it back to the back or whomever the lender is. This will still be a negative on your credit report, no matter what folks tell you. Best bet is to sell yourself and give all proceeds of sale to lender and work on further terms to pay off balance (if any). It is when you turn your car into the lender and state that you cannot pay for it. It is no less damaging to your credit than if the repossess it without your consent. Don't do it! Contact the lender and work this out. Your credit rating will be damaged for 7 years. You will also still have to pay the difference in what your car sells for and the balance on the note.
How much money does a vehicle repossession agent earn?
Spotters are guys who drive cars and find the cars and either get the keys or call the tow truck, they make between $30-$100 each car
If you have a truck and work for a company then you average $100 - $300 a car depending on who you work for and where you are located. I work in New York City.
Not everyone can do this, it takes more than you think.
Regardless of who the agent is that actually repossesses a vehicle the responsibility will remain with the agency that actually accomplished the repossession, however, the Creditor is ultimately responsible for the actions of the agents that they assign an account to. The assigning agency, if they had no actual part in the repossession will probably not be responsible.
Can you get car insurance on a car that is not in your name?
An example would be a case where dad says " OK, you can use my spare car but you gotta get your own coverage".
If You have permissive use from the owner of a vehicle, then obviously you have an insurable interest. However, Only the Legal owner of the Property or the designated agent of the owner can receive compensation for the property in the event of a covered property loss.
Whether your insuring for liability only or you buy full property coverage you must list the owner as an insured on the contract, Then Dad will be proud and happy you were prudent enough to fully insure his and your interest in the vehicle he loaned you.
List all drivers for liability purposes and list the owner for property and liability interest.
Another example would be almost every time we Rent A Car. When we purchase the daily insurance with the rental car we insure our liabilities in the use of Someone Else's Vehicle.
Yet another Example would be when a vehicle has been recently purchased and you are still in process of transferring the title. Naturally you can insure the vehicle so you can drive it while your working on the title transfer. Almost any Insurance agent can do this for you.
You can not insure the property of another when no insurable interest exists. It would be unlawful to insure the property or life of another where the intent is to gain unduly from another persons loss.
Bare in mind though that Insuring the car is one thing. Registering the vehicle with your state is another thing and you may have local regulations regarding vehicle registrations as related to auto insurance and the vehicles operation on public roads. Yet another reason to always list the vehicle owner as an insured on the policy.
Insurance laws vary state to state. In MA, no. Contact your agent.
The person with the insurance. Never allow someone who isn't on the policy to drive the car. * The person who has their name on the title is primarily responsible, so since there is a loan on the car in your name, the title must still be in your name. If your friend crashes the car YOU will be responsible for HIS injuries as well as any damage and injuries to others. If you do not have his name on the policy as the primary driver and the insurance company finds out he was buying the car from you and driving it on a regular basis, they may refuse the claim AND prosecute you for insurance fraud. == ==
Is it legal for a repossession to appear twice on your credit report?
IT IS NOT ILEGAL FOR ANYONE TO HAVE A DEBT SHOW UP TWICE ON THEIR CREDIT REPORT. THE BEST THING TO DO IS CALL THE CREDITOR OR COLLECTION AGENCY THAT THIS DEBT IS UNDER AND HAVE THEM REMOVE THE EXTRA INFORMATION OFF OF YOUR CREDIT REPORT. ASK THEM TO REPORT IT TO THE BUREAUS IN ORDER FOR THIS TO BE RESOLVED.
What are the obligations of a co-signer?
Co-signers are in fact co-borrowers and are jointly and severally liable for the loans. A co-signer guarantees the lender that if the primary borrower does not make payments, the co-signer will assume the loan obligations and make payments on it in the primary borrower's place. a cosigner of a car? because if they dont pay there car bills they will come after you for the money. and if you dont have it to pay they will reposses the car and you and the other persons credit is down the drain To pay the bill if the 1st signer defaults. If you don't pay, then your credit is ruined so be careful of who you cosign for. Be sure you can trust them and that they are responsible.
