Repossession

Yes, as long as the action does not constitute a breach of peace. The repossession agent may not however, remove a lock on a gate or enter a closed structure such as a garage whether it is locked or not. In a few states the repossessor cannot enter posted property, or can only do so at their own risk.

No. Once you sign the papers, there is no buyer's remorse law (the 3 day rule) on vehicles. Sure, they would probably give a good deal buying your a used car with little mileage on it. But it is a used car the minute you drove it off the lot and probably lost several thousand dollars worth of value.

It is their legal right to never inform you and simply allow your credit deteriorate. It is your job as the cosigner to make sure the contract is up-to-date.

Usually you can, you can buy it back from the insurance company for a "salvage" price, you will then have a salvaged title and wont beable to insure the vehicle with full coverage any longer only liability. Talk to the adjuster about it.

That is part of the problem of using the bankruptcy laws. Afterward, lenders consider you to be a high risk and as such charge you more for a loan.

State law does not allow wage garnishment for creditor debt. It does allow garnishment for child support, spousal maintenance (alimony), federal and/or state taxes; and in some instances judgments pertaining to personal injury and/or property damage.

Depends upon the agreement you signed and what it states. Also, different state-laws could give someone certain/extra rights. * Yes, there are no lenders who would allow a person to drive a car that has not been completely paid for without it being insured. State laws governing whether or not a vehicle must be insured to be registered and driven are a different issue than the lender requiring insurance coverage.

Yes, the cosigner is partly responsible for the car. Therefor they can take equal ownership or ask that you refinance in your own name so they are no longer liable if you default on a payment. Remember, missing payments will hurt both of your credit histories so they have a right to protect their reputation. * A cosigner has no legal right to any property unless his or her name is on the title, nor can a cosigner force someone to refinance a loan without taking the person to court and receiving a court order directing the primary borrower to take such action.

The legal term is foreclosure. Anytime a mortgage agreement is defaulted on the lender has the legal right to begin foreclosure procedures to seize the property and sell it for the fair market value. States establish laws that control the way a lender can implement forclosure proceedings. Some states allow the lender to use the self-help method, meaning no court procedure is necessary. Others states require the lender to use the due process through the court as prescribed by state laws.

Police officers get very suspicious when your vehicle registration does not match your driver licence.It shows that you are lying about your primary place of residence.And also tax reasons. The vehicle should be registered where the car is parked or garaged most of the time. Unless you can show proof of owning two differant properties,or use your parents address, a police officer will force you to match your licence and registration. Police officers get very suspicious when your vehicle registration does not match your driver licence.It shows that you are lying about your primary place of residence.And also tax reasons. The vehicle should be registered where the car is parked or garaged most of the time. Unless you can show proof of owning two differant properties,or use your parents address, a police officer will force you to match your licence and registration.

No.

None, unless the cosigner is also on the title of the vehicle they have no legal rights to the property. When someone cosigns a loan for any reason they accept the responsibility of paying the debt if the primary borrower defaults. The only option a cosigner has in recovering money paid out in connection with the loan is to sue the primary borrower in the appropriate court, in the city or county where the borrower lives.

Yes, if you have a tax delinquency the IRS can impose a tax levy (garnishment).

You do not want the get the IRS mad they will come after you no matter where you are. It would be nice if the IRS focused more on the corporate than the middle class. Look at Enron and other big corporation for instance.

A car lease can be thought of as a long-term car rental. If you choose to lease rather than buy, you will not own the car. You will simply be leasing it for a predetermined period of time.

When you lease a car, you are not leasing it from the car dealer itself. You instead lease it from a leasing company, who in effect buys the car and rents it to you in exchange for your monthly payments. This leasing company can be the financial arm of large automakers (such as GM Finance or BMW Finance) or may be an independent leasing company of the dealer's choice. The dealer generally acts as an agent on behalf of the leasing company in negotiating the terms of the car lease.

The most common type of car lease is called a "Closed End Lease". In this type of lease, you and the dealer agree on the length of time and interest rate at which you will lease the car, and also on the final value of the car at the end of lease (called the "residual value" of the car). When your lease is over, you can either turn your keys in or you can exercise the option to buy the car at the pre-agreed residual value.

It should be worth noting, that an open-ended lease is practically unheard of these days. Any legitimate car dealer should be offering a closed-end lease.

Technically, once the lending agency has gone to court and had the loan declared to be in default, the vehicle is no longer yours. After the judge awards the action by the lending institution the repo man is just acting as agent for the lending agency to get what is righfully theirs. You haven't paid for it and haven't kept current on the terms of the loan so the vehicle isn't yours. The policeman is only there to make certain that there is no violence when he picks up THE BANK'S car. Yes, he can make you give it to the repo man.

Yes

Bad idea!! This is called a voluntary repossession. Your credit will be ruined for 7 years, and you will still be responsible for the difference in what the bank sells the car for and the balance on the note. Go to the bank and sit down and work out new payments. Sell the car yourself and borrow the difference if you are upside-down on the loan. Have someone possibly take over the payments. Do whatever is necessary to avoid a repossession.

call the finance company and tell them that you want to do a voluntary repossession and they will take it from there.

You'll have to pay off the bank and get the title cleared.

My company does repos in the state of Virginia. If you are not "here" all you have to do is call the local towing companies and ask about rates and fees. If you need to get in touch with me please do so at: serv-671456061@craigslist.org

The real and personal property belonging to a debtor that can be protected from a creditor lawsuit judgment is the same as that which is allowed in bankruptcy procedures. Generally a vehicle that is not covered by the state exemption (1- vehicle max.$2975) can be subject to seizure and sale but other factors may apply (such as there being a disabled person in the immediate family). Although possible, it is rarely done unless the vehicle is that of a luxury model and/or can be easily sold with limited costs and maximum profit.

It depends upon the amount of vehicle exemption that is allowed by the state in which the car is registered or was purchased.

No. Unless you go to one of the dealers that offer a little box on the dash board that requires payment to run. Total rip off. A repossessed vehicle will stay on your credit record for 7 years. Due the recent economy no one will get you a new car loan or lease. Your best bet is save mnoney and pay cash for a used vehicle.

None. When a person cosigns any financial agreement they are entering into a legally binding contract to repay the debt if the primary borrower defaults on the loan. Although it would seem the cosigner should be allowed to be relieved of the debt responsiblity due to the actions of the primary borrower, it is unlikely a judge would take the same view. The cosigner does have legal option to recover money spent to cover the primary borrower's financial obligation. In a case such as cited it would be very difficult to file a lawsuit against the person in question. The person in possession of the vehicle however may be in violation of criminal statutes for removing the vehicle from the state if he or she did not receive prior approval from the lender.