Repossession

The garnishee is not notified by the judgment creditor or the court, but the wage garnishment will not begin until 30 days after the writ has been served on the employer; therefore the employer usually notifies the employee that garnishment action is pending. A wage garnishment will remain valid until the total judgment amount is paid in full. Wage deduction for child support is not considered garnishment, thereby allowing a support deduction and a creditor garnishment to be concurrently executed.

No If you own it, you have an insurable interest and can buy insurance. The company will want to know who will be driving.

They can always ASK for payment, but whether they can actually collect depends on many factors. If you have no job and no assets, it would be very hard for them to collect anything.

not legally their suppose to have police with them to repo a vehicle but they do stuff like that alot of times * No, repossession agents are not accompanied by authorities unless they have a relevin order or other instrument issued by a court of jurisdiction. The repo agent has committed a crime (actually several) and should be reported to the authorities immediately. The agent can also be held liable for any damages incurred by the driver of the car, regardless of the fact that an attempt to repossess the vehicle was in progress.

Hopefully you have all the bills on the loan and can prove through paperwork that they never tacked on the repair bill. Then they'll have to prove they presented you with a bill. If they never presented you with a written bill for the repair, you have recourse, but it would be through civil court and not the police. You can sue them for wither the car or the value of the car, plus any additional costs brought on by the repo. Gather your paperwork, try to resolve with with the car company, and then pursue your civil options if you have to.

No, not unless you borrowed money on your home (listed it as colateral). The bank who has your mortgage(s) is the only one who can take your home if you default on payment. * The forced sale of a homestead for creditor debt is possible in almost every state. However, avoidable in most cases as the state's homestead exemption will generally protect the property and judges are very reluctant to allow such an action. If a lender sues and wins a judgment against the debtor the judgment can be executed as a lien against real property belonging to the debtor, this applies to all creditor/lenders, whether it is credit cards, vehicle loans, promissory notes, etc. The exceptions would be, married couples living in a state where real and personal property can be held as Tenancy By The Entirety, when the debt has not been jointly incurred, and those states (such as Texas) which have statutory law forbidding the forced sale of a homestead.

if the third party had permission (or implied permission) to drive (from an owner or agent of the owner) and the policy doesn't exclude them.......the owners and the driver will be held liable.....

* You have to contact the storage yard immediately. * If you have proof of ownership take it with you. (You might not need this.) * If you have proof that the car is registered in your name take that with you. * The storage yard should not charge you for holding your belongings if you have contacted them immediately. They might charge you some fee if they have to go to some trouble to get your belongings.

Yes, if the vehicle is repossessed and there is a deficit between the sale and the loan balance, (including fees and penalties)and the borrower cannot pay what is owed.

NCIC doesn't do anything about stolen vehicles. It's simply a national database that flags stoeln property, missing and wanted persons. When a law enforcement officer runs an article, vehicle or person through NCIC, the result returned will be either that the item or person in question is clear of if there's a record. In the case of a vehicle, NCIC would return either a clear or stolen record. The law enforcement agent will then take the appropriate action. In order to return a hit (stolen), a vehicle first has to have been entered into NCIC as such by a aw enforcement official.

The second to last sentence should read - Never will a voluntary repossession cost you MORE than a forced repossession. A repo is a repo. Voluntary Repos will, in most cases, save you money due to the cut in fees associated with the repossession. In some cases these fees will not be any less and the cost of a voluntary repo and the cost of a forced repo are the same. Never will a voluntary repossession cost you less than a forced repossession. Either way, voluntary repossession is the decision I would make, due to the possibility of a lesser cost.

You might be able to get a personal loan after a car repossession. However, you would get the loan at a very high interest rate one the repossession is on your credit report.

That's what they do at the bank, if the main person does not make the payments the cosigner is responsible to take it over.

If your name was on the note, yes.

Yes, there will be evidence that SOMETHING happened, but it will also indicate that the problem was properly resolved. Yes. Even though you corrected the problem, you still made the mistake. It will always be there.

Of course not! ************************************************************* I'm not sure I understand the question.

You are asking if the bank will return the money you spent for "extra equipment" you invested in after buying the car?!?

Your car is being Repo'd so chances are, you haven't been making payments on the car.

Whoever sells the car probably isn't going to be able to sell it for enough to pay the loan in full. So not only are they not going to give you money back, but you might be obligated to pay the difference between what the car sold for and the amount left on the loan to avoid being sued.

Since you have violated the terms of the loan, there is no obligation for the lending institution to reinstate the loan. So you can pay off the loan in full but if they don't want to sell you the vehicle, they don't have to. It's theirs now. They get to dispose of it as they feel appropriate. However, if it was for no insurance they will most likely reinstate the loan. Just call them and be very nice and let them know that they sent the bill to the wrong address or something. I have just recently gotten my car back after it was repoed for no insurance. It will suck for you though, they take your personal items and re-sell them to you. What a steal.

Check the vehicle registration, if you are the only one on the registration and you are paying the bills, then you are the legal owner. You can call it in as stolen and get the car back that way. **************************************************************

If you are a cosigner on a car that is in Repo status then you either need to pay the lender they are asking for (In order to stop the Repo) or the Repo will go on your credit as well. This can very by State so I would check the laws in your state.

Remember that when you cosign a loan you are as responsible for the payments as the person you are cosigning with. Hopefully you saved the paperwork you signed when you financed the car, I would find the papers and read the fine print (your responsibilities are in that little text somewhere).

Your wages could be garnished. What happens in a repossession is that the car is auctioned off. Then you are responsible for the remaining amount owed. * When a borrower is sued for monies owed and the plaintiff wins the case a judgment is entered against the debtor/defendant. Judgments can be executed in accordance with the laws of the state where the debtor resides. The preferred method is wage garnishment or bank account levy, followed by the seizure and liquidation of non exempt property or a lien against real property belonging to the debtor.

No, only the lien holder of the car can repossess it. If the primary on the account can't make the payments, the co-signer becomes leggaly responsible for the debt. No. You have to go through the legal processes and sue for the car. If the primary owner of the car is not making payments and you can prove to the court that you have made the majority of the payments, then you may be able to get the car. You should never co-sign in the future, too much is at stake when you do. If your name is the only name on the registration, then you can take the car from the primary owner - call it in stolen if they refuse to give it up. Technically, the owner is the person on the registration - no matter who pays for the car.

The spouse would only be responsible if the married couple live in a community property state. Community property states treat marital debt as joint regardless of which spouse incurred the debt(s); (Texas and Wisconsin attribute marital debt responsibility differently than do the other CP states).

Yes, if the lender wins a lawsuit judgment they can execute the judgment as a wage garnishment. Georgia follows federal garnishment guidelines of a maximum of 25% of disposable income with the first $154.50 (weekly based) being exempt from garnishment action. A valid garnishment is generally imposed until the debt is paid.

NO WAY * Yes. In the majority of U.S. states any creditor (including credit card issuers) can file suit and if they win can use the judgment to place a lien against a home and then request a forced sale of the property. However, even though it is legally possible it is very rarely done. Whether or not a home can be sold depends upon the amount of equity the owner has vs. the allowed homestead exemption, the existing state laws governing forced sale actions and how the property is titled. Many consumer's believe a credit card is being considered an unsecured debt the issuer or their agent has no legal recourses to collect money owed, this is not true. Unsecured debt simply indicates that there is no specific collateral that the debt is tied to and therefore all property belonging to the debtor that is not exempted under the laws of the state where the debtor resides is subject to creditor seizure and sale or attachment. "Macky"