Repossession

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.

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.