Repossession

Yes, late fees indicate that payments were not made on time, which renders the original agreement invalid and allows the lender to repossess the vehicle if they so choose.

Daughter and husband are getting divorce and she is the co-buyer can she take it out of state

YES um no ! Technically yes, but there will always be fees attached that run up the price, such as fees for the guy who picked up the car, salesman fees, transfer fees, legal fees... don't worry, they won't let you get any of that money back.

Q1) "If I offer to make a payment on this debt can they legally refuse it?"

Yes. They are under NO obligation to accept anything less than the original agreed amount. Simply, this means that you originally had a payment plan and breached it. They do not have to accept any other offered plan (or payments).

Q2) "I have heard that if a creditor refuses any type of payment on a debt that it was automatically considered paid in full. Is this true?"

NO!! NO!! NO!!

That is an old 'wives tail' that probably derived from the requirement that payments must be in 'legal tender' and if refused, the debt MIGHT be found as waived. For example, you can pay this debt (in full) in pennies, nickles, dimes, dollars, etc. If the creditor refuses these legal tenders, the debt MIGHT be found to be waived. However, the creditor is NOT obligated to accept less than the full amount, nor in non-legal tender (horses, hogs, chickens, etc.). ....more about it you can visit: http://lawvolunteers.com/law/838/42838-c-collection-agency-refuse-payment.html

A manager of a title company is not required to be licensed title agent. Only persons actually issuing policies are required to be licensed. Check with your particular state's requirement. In many states, there must be a full-time, licensed title producer onsite during regular business hours in a title AGENCY. Therefore, if that is your state's requirement for a title AGENCY, the answer is YES. Ditto, a licensed title producer's license may be required as a title examiner/title officer, reading title and issuing final policies. However, in some states, if you are a foreign corporation or LLC doing business in that state (meaning you are licensed there, but do not have a physical presence there) ONLY the entity license (office license) and individual holding the entity license must be licensed and registered as title producer. The out-of-state examiners do not have to hold a license in that state and if their home state does not have licensing, they can exam and issue in the foreign state. Again, check with your state's DOBI or DOI as to their requirements. Every state is different. For example, New York does not have licensing requirements at all, however, the Notaries are required to pass a state exam in order to be issued their Notary Public commission. New Jersey, Florida and Pennsylvannia have specific licensing rules as to foreign corps/LLCs as I am sure other states do as well.

If they have called in the note and you have not paid in full, they have the option of selling it or holding it for you. Once you've paid the full note and they mark it "paid in full" they are obligated to get both the vehicle and the title to you immediately.

If the vehicle was purchased after marriage YES most states recognize any purchases made after marriage as Joint purchases

No. They are doing their job and it takes time to process things. You need to talk to your bank and find out if you are suppose to pay for the repo release. Show the repo guys your paperwork saying the car is released. You may still have to pay a fee to them, that is how things work. If you are irresponsible with car payments, then you pay. You can always try, but it's better to work things out amicably. Remember, he has your car and you might want to get it back without excessive damage. Maybe there are some fees associated with the repossession and he is waiting to be paid. You need to be careful how you approach this one. Keep in mind that YOUR actions initiated the series of events and it would be good for you to approach it with the appropriate attitude so that you don

The person can pay the bill if the want, but that does not give them ownership of the car. Vehicle ownership is determined by the names that appear on the title.

not normally the contract is with yourself, not them

Regardless of the information you find on the internet, you should not substitute a blog post for LEGAL ADVICE, and most definitely should consult with attorney regarding this general information.

The loss mitigation department of your lender is the best place to start. Expect to spend a lot of time on hold, and to get the run around from anyone you speak to.

How to write a letter explaining your mortgage and/or other lates when applying for credit.

OK, so you have gotten your credit report in the best shape possible and you are trying for that new home. BUT, your credit still has some dings. Even though you may qualify, the lender will ALWAYS ask you to explain any lates on your report. This letter will not help a desperate credit situation, but may make a difference in a marginal one.

The basic premise of this letter is:

* The situation you were in which caused you to pay late was beyond your control

* You have vowed to never let it happen again

* Here are the things you have done to make sure it doesn't happen.

To Whom it May Concern:

I am writing this letter to explain my late payments on my mortgage to XYZ mortgage company and to American Impressed in Jan 2000.

I am very distressed that this has ever happened to me, but I was <laid off>, <seriously injured>, <going through a death in family> . The circumstances drained my carefully put aside savings and I was forced to miss a payment because of it. My financial advisor told me not to tap into my 401K, and I was able to recover from this crisis and begin making on-time payments.

I have always prided myself in paying on time, and I have taken steps to put away more money in my savings account to guard against other unforeseen occurences like this.

Sincerely,

your signature

This letter is fine, but it is better to remove your late payments first or contact the creditor that reported them to try and have them removed. You can either remove them by negotiating their removal upon final payment with the original creditor or by disputing them to the credit bureaus.

File a consumer dispute with the credit reporting agency. You can do that online as each reporting agency has it's own website.

More than likely!

If it drives, take it to the finance company and hand them the keys.

Bankruptcy does not prevent a vehicle from being repossessed. If the debtor/borrower wants to keep the vehicle they must reaffirm the loan with the lender. Furthermore, new bankruptcy laws require the borrower to repay the entire amount of the loan and applicable fees rather than the discrepancy between the loan and the amount recovered in the sale of the vehicle.

A vehicle is a secured loan and cannot be discharged in bankruptcy. If a reaffirmation agreement between the lender and the borrower is not possible the vehicle is usually repossessed. However, the lender does not have a legal obligation to recover the vehicle. The lien will not be released until the loan is paid or settled to the satisfaction of the lender. Under new bankruptcy laws, the lender is entitled to collect the full amount of the loan plus any applicable legal fees and interest. This generally means that the lender will file a lawsuit to obtain a judgment which can be used as a wage garnishment, bank account levy or other method as allowed by the state laws to collect money owed.

Nope and it doesn't matter if it is a voluntary or involuntary repossion. Once the first payment is overdue by 30 days it automatically goes on you credit report as an overdue payment and then once the car is reposessed it goes on your credit and makes NO note to why it was taken back or whether you gave it back and even if you pay the amount off it is still on your credit for 7 years

To the car dealer? To the rental company? To your friend? You have to be more specific in the question.

It is treated as a voluntary reposession and it still hurts your credit. They will auction the car and you will pay the difference of your loan and the amount they get from auction.

The worse thing you can do is hide the car and not talk to the lender. 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.

It would depend on the other items in your credit file and how timely you pay those items as well. Your credit score is base on your total payment history. The longer you make your payments on time, the better your score becomes. You can subscribe to a service that notifies you when your score goes up and they are inexpensive. One I know of is www.mycreditinform.com - it so encouraging when you get those messages that it keeps you on track. Good luck...it's a great feeling to get and keep excellent credit!

No they cannot add late fees once the Chapter 13 is filed. I don't know what you mean about "adding charge offs." Yes, they can charge off the debt on their taxes if they want, but they cannot continue to show the debt as delinquent on a monthly basis on your credit report. Hopefully that answers your question. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!

Bank or loan company who repossessed it.

Actually a company can reposses your vehicle without notice. When the terms of a finance contract is broken the company has all rightd at that time.

They are under no obligation to notify you.