Repossession

There are several factors that come into play here. First, you need to find out if there is Credit Life Insurance (CLI) on the loan. Many banks and other financial institutions offer this at the time the loan is made. This type of insurance is designed to pay off the loan in case of death. Find the original paperwork from the car purchase/loan if possible as the CLI information will be with it. If no luck there, call the financial institution with the loan and ask them if CLI was puchased. If CLI was purchased, then you will need to contact them and tell them that your husband has died which will then put things into motion for them to take care of loan. Once that is done, the car then belongs to whomever it is willed to.

If you have CLI.. stop reading....

When a loan is made where there is collateral used (as in this case) to guarantee payment, then that loan must be paid out.. or the collateral (the car) given up to the lien holder. So... if whomever receives the property does not continue to make payments on the loan, then the financial institution has the right to repossess the collateral. Advising the loan company who now has possetion of the car, simply tells them 1)where to look for payments and 2)where to go get the vehicle if payments aren't made.

I am assuming that since you stated the car title was transferred to your name then there is not problem with the will and probate.

One other point, if the car title is not a 'lien title' and in most states is will show the lien holder name on the title if there is one, then there is effectively no 'lien' on it. However, that may not save you from legal action should the financial institution be able to show valid paperwork that indicates the vehicle was used as collateral.

Last point your husbands estate consist of all assets and all liabilities that he has acquired and accrued. Liabilities must be taken care of with the assets of the deceased. Should there not be enough, then the owner of the debts against those assets are entitled to invoke the default provisions contained in the loan documents.

90, but don't push your luck. If you can't afford your car, your best option is to contact whoever financed it and explain your dilema. They want your money, not your car, so they will attempt to work with you. Ignoring them is alot like car theft. I would say 30-45 days 90 is pushing it.

Wage garnishments are usually handled by a process server or a government officialy such as the county sheriff's office. The judgment creditor has on obligation stop the garnishment right away. There isn't a specific time deadline to return the money that was garnished after the bankruptcy was filed, but it should be returned ASAP. If you don't have it back within a couple of weeks, file a motion with the bankruptcy court.

You present proof that the repossession never occured. You can dispute it with the credit reporting agency.

When you cosign for anyone you are taking 100% responsibility for the payments on that car. If the person that gets the car doesn't keep their payments up it will be repossessed by the bank with an option for the cosigner to take over payments or sell the car and pay back the loan. Marcy

If they take the money then yes however they have the right to refuse the payment since you are in violation of the loan agreement.

Not sure of TX law, but in AZ there is a 10 day right to cure period. In other words, a repo'd vehicle in AZ cannot be sold for 10 days after repo. In Ohio we deal with many "buy here, pay here" lots that send us orders to repossess vehicles. The way it works here is once we repo the car, the lender can't do anything with the vehicle for 20 days. If the debtor hasn't contacted the dealership (lender) after 20 days, the dealership will have the title transferred back to the dealer's name and depending on the vehicle's value they will usually re-sell it on the lot but sometimes will send it through an auction. Most people think that if their vehicle is repossessed that the only thing the lender can do with it is sell it at auction. This is not true. They own the vehicle now and can sell it however they want whether that is on their lot, auction, private sale, or they can take bids on it.

in nc i voluntarily repoed if you call i that because of the bad economy it was either let the vehicle go back or my home now they are going to sell my home to get what is left owed afterauction

Depends on your state. In AZ, they cannot liquidate the collateral for ten days after repo. If it has been longer than 10 days, they can sell it and you would still be liable for the amount due (minus what they made off of the sale of the vehicle).

Yes they can.They police do not need to be contacted nor a court order used because it involves contract law not criminal law.They may come on your(the loanee's)property to repo however they may not enter any structures nor cause any damage. Yes. Involving the police prior to the repo would constitute a wrongful repo. When you financed the car, you authorized the car company to repossess the vehicle if payments fell short. Ask yourself this, what would be cheaper, easier and less stressful? Paying the payments on time or going through the whole repo process? Hmmmm.....to me it would be the first one. Of course it's called self-help repossession. Most police departments do not require that you call and report anything unless there is no contact at the time of the pick-up. It's a good practice though to do it every time anyhow just so there is a record of the time and date. Plus it helps when idiots call it in stolen even when they know it was repossessed.

Yes it's their car you signed a lease they don't need a title to repossess their car. Title or no title they look up that information and have it mark on that title that the car was repossessed

No, look up the Fair Debt Collection Act its online.

the bank will sell the motorcycle normally at auction what ever it sells for is taken of what is owed and you pay that balance if it makes more then is owed a refund is payed

Technically, your lien holder has the right to repossess anytime you don't meet the obligations you agreed to- which in this case is paying your car payment on the same date each month. Luckily, most financial institutions have a ten day grace period as far as auto loans are concerned. In my experience of counseling many people who are delinquent on their bills, no one has ever been repossessed in such a short time period. Typically, the lien holder will wait until the next billing cycle and send a statement with two payments due as well as a late fee. In this case, they are making out on the deal, assuming that this was a one time oversight or hardship. They usually get both payments as well as the late fee. However, when you let the payments slip further behind, then they will most definitely call to see whats going on. If they have already called after 6 days, it could be because you have never paid late before, and they want to give you a friendly reminder so you don't potentially hurt your credit. And with this call, most are really understanding and willing to work with you. As far as I know, no finance company can refure a partial payment either. So I would take a deep breath if I were you and make sure that you send the rest of the payment ASAP.

The primary signer's credit will not be affected by the bankruptcy of the co-signer (as long as pmts are made on time). However, if the loan is relatively new, the lender may require the primary borrower to sign new papers providing a different co-signer.

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Assuming it is about a car, they will take it away, you will lose your deposit and your credit will be ruined.

no

YES.

The bank or lender, who owns the vehicle ( You don't own it until ALL the payments have been made ) are within their rights to take it back as you are not insured if you don't PAY for the insurance. You are risking THEIR property, the car, by not having insurance coverage on it continually.

Remember, you DON"T own it until ALL the payments have been made in full. Until then the company that LOANED you the money to buy it , OWNS IT.

The cosigner becomes the target next. If you default, it is up to the cosigner to pay the bill or both of your credits are ruined and the bank takes their usual steps to repossess a vehicle.

Definitely yes

You will be responsible for the whole debt since you are the only one capable of paying the debt after your wife's bankruptcy.