Repossession

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.

It would depend on the contract you signed when you purchased the car.

NOT EASY!!! THEY DON'T CARE!!! IT'S STILL A REPOSESSION NO MATTER WHAT!!! VONUNTARY IT IS BY YOU BUT TO OTHER CREDITORS, IT JUST DOESN'T MATTER AT ALL. WHEN THEY LOOK AT YOUR CREDIT REPORT, THEY WILL ASSUME IT WAS REPOED AND YOUR CREDIT RATING IS SHOT TO HELL.... TRY TO SELL THE CAR. HIDE IT, UNTIL YOU CAN SELL IT AND PAY THE LOAN OFF. REFINACE IT IF YOU CAN, ASAP......

Yes, you can. Alot of times they will work with you. They don't want your car, just your money!:)

Obviously the person who caused the damage is responsible. If I thought my neighbor's homeowner's insurance would pay for my car if it is wrecked on his property, I'd drive it right into the side of his house!

A cosigner has no legal rights to a vehicle unless his or her name is on the title. If the cosigner's name appears on the vehicle title then he or she is also a co-owner of said vehicle and any dispute in possession and ownership may need to be decided through legal procedures.

Yes, you can be terminated from a job for any justifiable reason. The repossession and garnishment are YOUR problems, not your employer's. * No, it is illegal for an employer to fire an employee because of his or her wages being garnished. Unfortunately, it is usually not difficult for an employer to come up with a plausible reason to discharge an employee in order to circumvent discriminatory practice laws.

Yes unless responsibilty for certain debt is clearly stated in your divorce papers. If her name is on the loan as co-signor then yes she would be responsible.

I think you have like 10 ir 15 days, they have to send you a notice stating when the car will be sent to auction and what date time and place the auction will be, you have until the day before the auction to pay the amount they are demanding. Keep in mind though the sooner you pay the more you save, because they have the right to move the vehicle to another location at any time, which might incur more charges.

There is no statute of limitations on debt. You are responsible for the difference of what the car sold for at auction. You should get the advice of a lawyer just to be sure of your rights, there may be loop holes that the common citizen doesn't know. A lawyer typically charges a small fee for advice, some will give you a free consultation.

No. It only affects the lender ability to get paid if the primary borrower defaults.

Yes. And that will help out their credit history too:)