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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
That isn't enough information. I suggest that you talk to a lawyer.
Garnishment refers to monetary recovery usually in the form of wage or bank account garnishment. Creditors are awarded judgments when they prevail in a lawsuit, judgments can be executed in several ways, garnishment of wages or levy of bank accounts, liens against real property and the seizure and sale of non-exempt property belonging to a debtor. All states have a set of exemptions that can be used by the debtor to protect real and personal property. It is highly unlikely that a creditor would attempt to enforce a judgment against items such as household furnishings even if the state exemption did not fully cover the items. Exemptions that are used to protect property against creditor attachment relating to a judgment are the same as those used in bankruptcy. There are also federal non-bankruptcy exemptions that can be used in certain circumstances.
If you want your car gone is there an easy way to give it back to the bank?
Sell it yourself. If you turn it back to the bank they will just sell it at auction (which results in far less money than if you sold it yourself) then they will require that you pay the difference between what they received from the sale and what is owed. The whole process will destroy your credit and you will not be able to get a good rate on your NEXT car or anything else that you want to buy on credit.
If you are self-employed and your car gets repossessed how does the bank take action?
The matter is the repo, not your employment. If your car is taken they will auction it off for what they can get and you will be held legally responsible for the balance. Regardless of the amount. Self employed or not. Yes, it is much harder for them to collect from you if you are self employed.
Can a collection agency in Florida garnish wages without a writ of judgment?
Florida has extremely strict laws concerning wage garnishment when it pertains to the head of household. Generally due process must be followed before writ of garnishment is granted, this means a lawsuit must be won by the plaintiff, a judgment awarded and the judgment allowed to be executed as wage garnishment. FLorida is considered a "debtor friendly" state, meaning creditor attachment upon any type personal or real property is very difficult. This however does not pertain to court ordered child supportand/or spousal maintenance (alimony); federal or state tax issues or in some instances federal student loans.
No, you'll be * 1) considered a credit risk since you didn't keep up the payments on the car loan. * 2) have no collateral for the new loan
Until you get paid up to date, your car can and probably will be picked up.
Yes, a creditor/collector has no legal obligation to accept payment for anything other than the agreed upon amount. The same premise applies to making less than the minimum payment on credit accounts as well, such action would render the agreement null and void and the creditor can legally demand payment in full.
The insurance will see it as your fault because you lost control first, the other driver probably didn't have time to react.
Go to www.visajourney.com and ask this question. I can only help you by suggesting that. There are people there who will be able to answer your question. Answer . Call the leasing company and tell them you need to surrender your vehicle back to them because you must leave the country. If it is not a lease the call the bank that holds the loan. They will be a lot happier to have the vehicle back then nothing at all.
Yes, vehicles are considered secured debt. If the BK was filed under the new reform laws which took affect in Oct. 2005, the borrower is obligated to repay the entire amount of the loan and not just the vehicle sale deficiency.
What do you do if the lender refuses to pick up your car after a Chapter 7 bankruptcy?
There isn't much you CAN do to force the issue if the lender doesn't want the vehicle. You can try: dropping the car off at the lender's place of business with a note and mail them the keys; you can write a letter stating that if they do not pick up their property you will charge them $xxx.00/day storage fees. The first thing you should do though is write a letter (phone calls are ineffective) and ask that they come take THEIR property. * If the vehicle has a low value relative to the cost of repossessing and resale the creditor does not have to recover the vehicle, but can pursue litigation for monies owed. The enforcement of the laws pertaining this issue will differ depending upon the holdings of state appellate courts.
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.
