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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
Can your car be repossessed if you do not maintain insurance coverage on the vehicle?
An automotive loan usually contains a clause that says the loan recipient must maintain insurance on the car for the life of the loan. Usually, this includes not only the legal minimal liability insurance, but also theft, collision and fire insurance.
If you are in breach of the loan agreement, your car may be subject to repossession, depending upon the terms of your loan agreement.
My Car was repossessed what do I owe the bank?
They will auction the car and you will have to pay the difference of what you owe and what the car sold for.
What do you if a car was repossessed despite regular payments being made?
First, talk to the bank where your loan is and find out why a repossession was made. If they did not repossess your car, then you have a case of auto theft. If they took your car, you deserve to know where you messed up and can dispute it from there. You may have to get a lawyer.
How do you get a car out of repossession in Georgia?
When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car. Talking with Your Creditor
It is easier to try to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you'll be late with a payment. Many creditors will work with you if they believe you'll be able to pay soon, even if slightly late. Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may refuse to accept late payments or make other changes in your contract and may demand that you return the car. By voluntarily agreeing to a repossession, you may reduce your creditor's expenses, which you would be responsible for paying. Remember that even if you return the car voluntarily, you're responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report. Seizing the Car
In many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a "default." In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are allowed on your property to seize your car without letting you know in advance. But creditors aren't usually allowed to "breach the peace" in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace. Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property. A creditor usually can't keep or sell any personal property found inside. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can't account for articles left in your car, talk to an attorney about whether your state offers a right to compensation. Selling the Car
Once your creditor has repossessed your car, they may decide to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold. In either of these circumstances, you may be entitled to buy back the vehicle by paying the full amount you owe, plus any expenses connected with its repossession (such as storage and preparation for sale). In some states, the law allows you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession. The creditor must sell a repossessed car in a "commercially reasonable manner" - according to standard custom in a particular business or an established market. The sale price might not be the highest possible price - or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable. Paying the Deficiency
A deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $2,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing. In most states, a creditor who has followed the proper procedures for repossession and sale is allowed to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract. Depending on your state's law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only opportunity to present any legal defense. If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment.
With new bankruptcy laws that is no longer possible. If the person files for bankruptcy and includes the vehicle they will have to pay the entire amount of the loan.
You cannot skip a year even if you made double payments for the first year, the bank considers those payments extra and hopefully you made sure the payments went to the principle, not the interest.
Yes, if the lending agreement was in default and the lender found it necessary to implement collection or repossession action at their expense. The majority of financial contracts contain clauses allowing the lender to charge the borrower additional fees and penalties for, late or missed payments, collection or repossession costs, and so forth.
You let your son use your car now you want it back what do you do if he wont give it back?
If your son is refusing to return your vehicle and it's registered in your name, you rson is committing grand theft. You'll need to contact the police and report the vehicle stolen. Be warned, though, if they find the vehicle, they'll probably arrest your son. The owner cannot report the vehicle as stolen since he or she is aware of who has possession of said vehicle. If the person refuses to voluntarily return the vehicle, the owner can request the assistance of the police department that has jurisdiction where the vehicle is located. The owner must appear at the police department with proper identification and the vehicle title and registration as proof of ownership, before authorities will render assistance. In a few cases the owner may need to obtain a court order to retrive the vehicle. Such action depends upon where said vehicle is being kept, such as a locked facility.
WI is now and has been self help since the middle of 2006
A cosigner is the person who agrees to pay off the full balance of the loan if the primary borrower fails to pay. A cosigner signs the loan documents and guarantees payment of the loan even if they have no ownership in the property covered by the loan.
Can the repo man go in your backyard?
Yes, the exception would be if the property is secured such as a locked gate. In most states the removal of a lock by whatever means is considered a "breach of peace" and is illegal. If however the repossession agent has a replevin or court order he or she may enter the property by whatever means necessary to retrieve the vehicle.
Yes! If your car is going to be impounded do not fight back whatsoever it won't help! Be careful!
Yes. It is an absolute fallacy that a creditor/lender has to accept any payment other than the full amount that was agreed upon in the original contract. Many consumer's are under the impression that as long as they make a payment of some type to a credit card issuer or lending institution, respossession or legal action is not possible; that is totally false. As soon as a borrower misses a scheduled payment the contract has been defaulted on and unless there is a "grace" period, the creditor can take any action deemed necessary. Additonally, the lender can continue to accept lesser payments and apply them to the interest and penalty fees and be within their legal rights to file a lawsuit, repossess a vehicle or begin foreclosure proceedings.
If a will is made out to 2 people and one dies before the money is paid out what happens?
It depends on that person's will. Any inheritance may go to their family. The state's probate succession laws determine what should be done with the deceased's share of the inheritance.
How can a person refinance under another person's name?
In most states, it is not necessary for the mortgage holder to also be listed on the title of the home. For example, I may purchase a home for my mother...the mortgage is in my name, the title to the home is in hers. Of course, the lender/bank is the actual owner of the home until they are paid in full.
There are so many questions that have to be answered before a good answer can be given to you. Are you also going to be listed on the mortgage? If not, then the "other person" is essentially buying the home from you...or for you. In either case, you should start by contacting a mortgage broker (not a bank, they are very different) and telling them what you want to do. Since every state has different rules, they can tell you exactly what you need to do and they can also get your "other person" in to get qualified for a loan.
If you're going a dedicated car lease transfer website, the timeframe can usually vary from 10 days to 6 weeks. This is because there is paperwork that needs to be transferred and disseminated between at least three parties - the lease seller, the lease buyer, and the finance company.
Do repo people have to ID who they are when they come on private property?
Repo people are the scum of the earth. They are nothing more than prostitutes for finance companies. Yes, the can follow you as long as they do NOT try to physically remove you from your vehicle. That would be an assault. If they enter your private property, you can tell them to leave, if they don't, that is criminal tresspassing. Anytime you park your vehicle, either have it parked in a closed garage or have it blocked by other vehicles. Repo folks cannot enter a closed garage (at your house) or remove any vehicles blocking your vehicle. Repo folks can have keys cut to your vehicle WITHOUT your permission. Repo folks can tell you by law, you must give up your vehicle to them...THAT IS A LIE I am in the towing business and they cause so much trouble for towing companies. If you get out of your unattended vehicle for just an instance, consider your vehicle GONE ........
Can a car be repossessed if you are two payments behind?
Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle.
How long does a reposessor have before they can sell a vehicle that was repossessed?
As far as I know, they can sell it the same day they repossess, unless there is some provision in your loan contract. But the car actually is theirs. That is what repossession means. They have the title, because when you signed the loan contract, the loan company actually bought and comletely paid in full for the car from the dealer, and then allowed you to drive it while you paid them back in installments. The loan company actually completely owned the car from day one, you never actually owned it. So, when they repossess, they are taking their car back away from you. They can sell it anytime they want. If they are nice, they may give you the opportunity to catch up the payments, and drive it again. All that is completely up to them, providing there wasn't some clause in the loan contract that prevents them from doing that, but I seriously doubt that.Here is an interesting side note. Most loans require you carry full coverage insurance on the vehicle at all times. If you let that insurance drop, they can repossess the car, even if your loan payments are up to date.
No. You cosigned on the loan. You are the bank's back-up payment if the first person defaults on payment and you become responsible. That is why it is very important that you trust the person you cosign for or you have the funds to pay for the car if they default. If you pay for the car, it becomes yours. Before it was repossessed, the bank should have notified you in writing. Then you have the option to take the car and pay for it.
Both credits will by hurt substantially.
Can Social Security wages be garnished to pay for a car repossession?
No, all SS benefits are exempt from garnishment or attachment for creditor debt of any sort.
"Your new car had a problem with the trunk latch and has been back to the dealer twice for repairs and still is not fixed can you make them take the car back?" This is such a minor problem, they should be able to fix it! Or replace it! The part that is. If you like the car, it doesn't make sence to try and get them to take car back for a faulty trunk latch. Check the laws in your state, for a "Lemon Law" They have so many chances to fix the problem, if they can't fix/repair or replace within alotted warranty time, then they might have to replace car. Make sure you check "Your State Laws" Keep good records of every attempt at the repair, get a slip showing that it was in for that problem, with the times and dates clearly marked on service slip. If they don't get it fixed or your not satisfied with it, and they won't deal with you any other way. Then you will have to notify your Attorney General, and/or Better Business Bureau, and possibly file a complaint with the local Police Dept in the same City/Town as Dealer is in. Good luck, PS: Another possiblity is to just repair it yourself or have a friend with mechanical no-how do it, if the cost of parts are involved, and you have service slips showing it was at dealer numerous times, then bring old part to dealer and ask them for reimbursement, this isn't a gaurentee for them to pay for parts, but it would be worth a try, some dealers are civil, and others just don't give a darn. Your a small fish, in a big lake to them. Just don't buy from them again, and never give a good word to anyone about them either. Dealers don't like bad reps', They want and need business. Again, Check you local/state laws, they vary all over. You could be intitled to your state laws, plus the laws of state the dealer is in, if it's different from yours.
If it was a part of the bankruptcy process, no, you aren't responsible. But it has to be specifically spelled out in the petition.
How do you find a car that you use to own?
you can find it either through carfax,com or you can see thru the Department of Motor Vehicles.
How late can a vehicle payment be in Virginia before repossession?
I am a repossession agent in Virginia it takes 2-3 months of not paying before the repossession status occurs.
AnswerI am a repossession agent in Virginia it takes 1 missed payment then repossession status occurs.Do you still owe the money for the car if they have repossessed your car?
You would owe any payments not made up until the day the car was taken. So, if you hadn't paid for two months and they took you car, you would owe those two months.
The borrower would owe all back payments and penalties plus any difference in the amount of the loan and the amount for which the vehicle is sold.
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You have to take into consideration that the lender might not be able to sell the car and get enough from the sale to pay off your loan. So if there is a discrepancy between what you owe and what they sold the car for then you owe the balance.
When a car has been repossessed, the purchaser is liable for any balance that remains on the car if it is sold by the lender. The balance that the lender is looking to collect will include the fees charged to them by the repossession company, storage com, and the selling agency if they do not sell the vehicle themselves. Additionally, interest will continue to accumulate on the balance until the car is sold or the original owner re-assumes it.
If the car is sold for enough money to cover the balance then the original purchaser will not have to pay any past due payments. If the car sells for less than the balance due, the original purchaser will be liable for the balance and interest will continue to accrue on this.
