Repossession

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"

Not making the entire payment is still a default on payment. You will be charged the late fee and you will need to make it right with the bank or they will start the process of repo.

Sell it for what you owe if it is possible. Pay off the loan, get the title and sign it over to the new buyer. If you cannot get what you owe, then get as much as you can. Get a personal loan from the bank to pay of the remaining balance. The personal loan is better than the amount you owe on the car.

Take them to court. * It is possible they are within their legal rights to hold the vehicle and its contents if a replevin order or other court order is in effect. Often the lender's agent cannot release the vehicle until they are informed by the lender that all the reaffirmation documentation has been finalized including checks clearing, insurance confirmation and so forth.

Perhaps. If the married couple resides in a community property state, all debts and creditor action apply to both spouse's if the debt was incurred during the marriage. It will also be a factor in any future joint financial transactions the couple may want to make in the future, such as a mortgage loan or a refinancing or equity loan for a home. However the repossession should not appear on the husband's credit report; allthough this is not a certainty, as CRB's are somewhat notorious for their lack of accurate reportage.

Depending on the state of residence, it is possible for a lender to still repossess your car if you get caught up on the payments. Certain states allow a lender to request full payment of an auto loan when borrowers fall behind, even if they have caught up on past due payments.

She can do that. It is legally her car and according to the paperwork, the state will view it as "she was renting the car to you." She has every right to take the car away, it will hurt her credit if she can't come up with the money to make payments. You are obviously not responsible enough to own a car or you could have made a purchase on your own. Next time, purchase under your name so you are responsible and liable if a payment is missed.

yes

Did the car get repossessed? This I believe, would best be addressed by the person/entity who has the lien on the car (the bank, the credit company, etc).

You should consult an attorney for the correct answer, but, my experience would indicate that you would not be responsible if you did not sign on the contract at the time the auto was purchased. * If the married couple did not live in a community property state, the debt belongs solely to the deceased and becomes a part of the probate procedure the surviving spouse would not be responsible.

Read the contract. If the second car is connected to the first, yes. Otherwise, not without a judge signing off.

Yes, voluntarily relinquishing a vehicle does not relieve the borrower from the original contract obligations. The lender/leaser can sue the borrower for the amount still owed on the contract and any applicable fees.

Your car will likely be repossessed if you did not sign a reaffirmation agreement. If it was included in the bankruptcy, but just not reaffirmed, however, a judgment can not be placed against you for past due amounts or any balance owed. They can, though, slap you with a repossession on your credit record.