Repossession

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.

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...

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.

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.

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.

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. == ==

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.

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.

License tags are the property of the state which issued them. The repo company should return them to the DMV or motor vehicle bureau. Different rules in different states. In some states they stay with the car and in others they belong to the person they were issued to and in others they are returned to the state.

your car is parked unless you have someway or another had the car in drive while you weren't in it then how can you pay for damages you did not incur and if you weren't parked in a no parking zone or a handicap spot then the person who hit you is responsible for all damages because they weren't paying any attention

A cosigner can only be removed from a loan through refinancing of the original agreement.

After a repo the loan holder will sell the vehicle at auction and any amount you owe less the sale price is your responsibility. Interest on that amount is usually negotiatable and will be waived if you pay any shortage.

You have to pay the new company. It's still a debt and as such the debt was sold as an asset of the old company. It would be NICE if you didn't have to pay it, but you do. Yea, wouldn't it be nice if we didn't have to pay after the local finance company sold my note to GMAC?

Since it's accurate, there isn't much you can do about it. If they had lied or if someone else had done it perhaps you might have cause to complain. Next time, pay your bills on time and the car won't be re-poed and you won't end up with a bad credit rating. Actions have consequences.

It is the notice given to the debtor and the IRS that the debt has been cancelled. The amount of the debt is now considered taxable income under IRS regulations and must be included on the debtor's tax return.

usely if you talk to the tow company an offer the tittle an th tow charge to there lot, they will let you. hope this helps

The owner of the articles in the car retains possession. While a car may be repossessed with articles inside, they must be released to their owner upon request. If they're not, the company can be liable for theft and a police report may be filed.

NO.

The only way to avoid having a judgment entered against you is to show up on the hearing date of the lawsuit with a valid defense. Please be advised, the only acceptable defense in a creditor vs. debtor lawsuit is the debtor/defendant bility to provide proof the debt is not valid. As unsympathetic as it seems, loss of employment, illness, not having the financial means to repay, is not considered a legal defense.

Yes.