Repossession

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.

No one is released from contract unless the lender has some mitigating reason to allow it. This is usually death of a borrower. Other than that, the only legal way to "get off of a lease" is to pay the loan off. In most circumstances, but check your state law, the cosigner has the same rights and responsibilities as the primary signer. The lender is not going to referee your domestic disputes. Probably best to consult a contract lawyer. A co-signer has no legal rights to a vehicle unless his or her name is on the title. The cosigner is responsible for the entire amount of the loan if the primary borrower defaults; and cannot be removed from the lending agreement until the loan is paid in full or is refinanced without said cosigner being a participant.

If the loan on your car was charged off then the lender has written it off as a loss. You can still renew your registration. It surprises me though that a lender would charge off a secured loan.

Yes!! Banks pay a lot of money for collectors and repossessors to try to contact you. Collectors first try to get you to make the loan current, then they try to get you to at least contact the bank to make payment arrangements so you can keep your car. But when you avoid this person, and all of the bank phone calls, they can come into your place of work, to ask for the car. But in reality, they already have someone in the parking lot looking for your car to repossess it in the future o right then and there. And you can't really run around this! Because even if you quit your job and start somewhere else, the bank WILL call for a PI to hunt you down!

depending on where you live and your bank or finance company, you will either have to pay the entire balance or just catch up on the payments and late fees plus all repo fees. Call your lender and I'm sure they would be happy to answer your questions.

No. The state has you both on the car so you both have equal rights to it regardless of who signed it. Depends on how it is titled. If it is Joe AND Mary, they must both sign and the title loan company would not have given a loan without both signatures. If it is Joe OR Mary, either of them may sell (or lose) the car without the other's signature A contributing factor will also be if the vehicle is titled to a married couple and said couple live in a community property state.

Yours.

Yes, there is no difference. A repossession is a repossession.

In MOST cases, if you pay the repo fees and catch up on your payments, you can get the car back. Sometimes, however, the bank will want you to pay the entire balance.

No, the vehicle will be sold at auction and after expenses are paid, any money left will be applied to the loan amount. You will still be responsible for the remaining amount of the loan. If you don't pay off the remaining amount of the loan, the debt will be turned in to a collection agency and possibly court action will be initiated.

For Experian, a voluntary repossession will remain on your credit report for seven years from the original delinquency date of the debt.

the easiest way is to save up a good down payment (usually around $1000.00,)then find a dealer who will do their own financing. be careful of some of these dealers. always get the car checked out by someone you trust. i have found some good deals on cars at these type of places,but you have to work on a good deal. ask a lot of questions and if you are not comfortable,dont buy. if you do find a car my other advice is make your payments.many local dealers will write a reccomendation letter for someone who does good business,which you can use later on when you can get a new vechicle.hope this helps