Repossession

PULL YOUR CREDIT REPORT

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Depends on the state you live in. Check the list. Statutes of limitations for delinquent debt State Written contracts Oral contracts Promissory notes Alabama 6 years 6 years 6 years Alaska 3 years 3 years 3 years Arizona 6 years 3 years 6 years Arkansas 5 years 3 years 5 years California 4 years 2 years 4 years Colorado 6 years 6 years 6 years Connecticut 6 years 3 years 6 years Delaware 3 years 3 years 6 years D.C 3 years 3 years 3 years Florida 5 years 4 years 5 years Georgia 6 years 4 years 6 years Hawaii 6 years 6 years 6 years Idaho 5 years 4 years 5 years Illinois 10 years 5 years 10 years Indiana 10 years* 6 years 6 years Iowa 10 years 5 years 10 years Kansas 5 years 3 years 5 years Kentucky 15 years 5 years 15 years** Louisiana 10 years 10 years 5 years Maine+ 6 years 6 years 6 years Maryland 3 years 3 years 3 years Massachusetts+ 6 years 6 years 6 years Michigan 6 years 6 years 6 years Minnesota 6 years 6 years 6 years Mississippi 3 years 3 years 3 years Missouri 10 years 5 years 10 years Montana 8 years 5 years 8 years Nebraska 5 years 4 years 5 years Nevada 6 years 4 years 6 years New Hampshire 3 years 3 years 3 years New Jersey 6 years 6 years 6 years New Mexico 6 years 4 years 6 years New York 6 years 6 years 6 years North Carolina 3 years 3 years 3 years North Dakota 6 years 6 years 6 years Ohio 15 years 6 years 15 years Oklahoma 5 years 3 years 5 years Oregon 6 years 6 years 6 years Pennsylvania 4 years 4 years 4 years Rhode Island 10 years 10 years 10 years South Carolina 3 years 3 years 3 years South Dakota 6 years 6 years 6 years Tennessee 6 years 6 years 6 years Texas 4 years 4 years 4 years Utah 6 years 4 years 6 years Vermont 6 years 6 years 6 years*** Virginia 5 years 3 years 6 years Washington 6 years 3 years 6 years West Virginia 10 years 5 years 10 years Wisconsin 6 years 6 years 6 years Wyoming 10 years 8 years 10 years *Six years if contract is for payment of money. ** Five years if promissory note is added to a bill of sale. + The applicable statute of limitations in Maine and Massachusetts on a debt owed to a bank or on a promissory note signed before a witness is 20 years. Me. Rev. Stat. Ann. tit.14, s 751; Mass. Gen. Laws ch. 260, s 1. ***Vermont's statute of limitations on a promissory note signed before a witness is 14 years. Source: Money Troubles: Legal Strategies to Cope With Your Debts, 9th edition (Nolo, 2003). http://www.nolo.com. Used by permission

In most locations, yes.

However, generally it must be proved that you intended to conceal (the usual word) the asset. Keeping it in your locked garage is usually not regarded as "concealment". Keeping it at your fourth cousin's garage out of state probably is.

It's extremely likely that any effective attempt to prevent your car from being repossessed means you lose the use of it anyway, so there's ultimately not much point in doing so, particularly since the lender is generally allowed to charge you for the cost of the repossession... you're just building up more debt. Even if what you're doing is not strictly speaking illegal, about the only logical reason to do it is if you know that you'll be able to pay off the debt in full in a short time and want to keep the car from being repossessed before you can do so.

The question does not indicate if the action is to be on the part of the creditor/lender or the borrower/debtor. Nevertheless, there are not generic forms for a Right To Cure notification. Individual states establish the procedure and therefore information included in the correspondence must be in conjunction with the laws of the person's state of residency.

so is there special wording in the forms?

15 days to respond to letter

letter is from lender to debtor

no one knows

No, it's illegal to ride in a towed vehicle. However, if you're getting into the vehicle to prohibit the car from being towed, you could find yourself in trouble with the law. Once the car is on a repo list, it's no longer technically yours due to default on payments.

talk with the ones who repossesd it to change there remark, try to make a deal,like promise to pay out early,pay on time for a period of time,what ever it is get it in writing for evidence

it depends on how long the repo and you interest rate will be real high

Go to the lending institution, explain the situation and offer to take care of the remaining part of the debt. Banks don't like to be left with a loss when they repo a vehicle and the auction sales price does not cover the loan amount. Sometimes you can demonstrate your responsibility if you take care of their loss or even a part of it. Remember that you were the loan underwriter and as such you are responsible for the loan if the primary borrower failed to pay. That is the sad part of cosigning, the cosigners often get stuck with the remainder of a bad debt. Paying it off is often your only option if you want to protect your credit. You'll have to give them something if they are to be motivated to NOT file against your credit. I agree with the previous, but if your question is do you have the right to...something (I guess getting the car back?)...because you say the lender didn't inform you of primarys default. Probably not. As above notes, your the cosigner and it's your responsibility. Albeit the loan may have certain "rights to correct" terms. But what exactly would you want (that is possible)...compensation because the one you cosigned for defaulted? More than that I'll wager the bank attempted to contact you. Are you sure the address/phone on the paperwork for you isn't the same as the primary, who may have not wanted you to know what the bank was calling about?

That would be a nice scam, but the reality is, you're the one who has injured the lending institution. If you want, you can save yourself some money and have it towed to the lot of the lending institution's choosing. Call them and ask where they want it, then pay to have it hauled off. You'll pay for it in the long run, after they sell it at mortgage they won't be able to get what it's worth then you'll be billed for the difference plus the fees associated with hauling it away.

Presuming there is no agreement between that specifies something like this, you probably have no grounds of any type to get possession. Certainly not repo. I'm not sure there is any type of default at all for you to act on in any case. The lender requires that there be insurance - he may have a cause of action like repo - (although he'll probably just buy it for you, which he is allowed to do and charge it against the loan). Moreover, as I understand it, you say you co own and coborrowed the vehicle - as if you both have equal everything. I gather you have insurance for yourself and on the vehicle and correctly identified all drivers having access to the car, as required by the application for the policy? So why wouldn't that insurance also cover any driver of the car?

The cattle should have been reviewed by a brand inspector before they were taken and only those cattle carrying the brand of the individual or company on which the bank has the lien should be taken. This is a serious matter and is a form of cattle rustling punishable as a criminal offense in most places. Contact your state livestock inspector or brand inspector also the local sherrif and cattlemens association.

Property exempt from lawsuit judgment is the same that is allowed in bankruptcy. Unfortunately, Ohio law gives the consumer very poor protection from judgment creditors. Basics: Homestead exemption $5,000. Private disability benefits, $600 (monthly) Personal property not to exceed a combined total of $2000. "Wild Card" any property not to exceed the amount of $400. Federal non bankruptcy exemptions are applicable (such as Social Security, pension benefits, etc.

You can be sued for the amount owed. Pursuant to that, you could have your wages garnished or be arrested for contempt if a judgment is placed against you and you refuse to pay.

Repossession is a complicated situation. The more the consumer knows the less power a Repoman has. Why? Because a Repoman has NO power or jurisdiction. Everything a Repossession Agent(more acceptable term)says or does is based on outsmarting the debtor. The contract you signed when purchasing the collateral is full of loop holes and Civil Law constraints which really restrict what can actually be done. Again the more the consumer knows the less thqat can be done to him or her. I have executed 1000+ Repossessions in the last 8 years and only once did I come up short because a consumer was educated and took the steps to prevent the repo. Now there does exist Foreclosure and other Criminal Laws that can be used against a debtor. In Georgia, O.C.G.A. 16-9-51 'Hiding, encumbering or endangering property subject to security interest', is an antiquated statute but I have used it dozens of times without fail. It takes two weeks to make this law effective in each case. Once a process like this goes into effect a Warrant for Arrest WILL be issued. Be more specific and I will try to guide you in your situation. POST: I do not work in the industry any longer. I "reposses" people now!

If you were late and in violaion of the loan agreement, the only thing you CAN do at this point is to visit the bank and see if they will make arrangements to continue the loan or optionally, pay the loan in full in exchange for the title. The conditions of the loan are important, and if you don't follow through with the terms of the contract that you signed, the bank WILL take back the car.

Yes. It is perfectly legal for a repossession agent to take possession of a vehicle when they are acting on behalf of the lender. The repossession agency does not have the option of allowing the borrower to retain the vehicle even though proof is presented that payments have been rendered. Such issues are strictly between the borrower and the lender. The lender and/or court being the only parties that can rescind the repossession action.

personally that's more of a question for a lawyer to handle. if i were you i would speak to a lawyer its your best bet. good luck

Simple version: The creditor sues the debtor and is awarded a judgment. The creditor executes the judgment as a wage garnishment. The garnishment papers are served on the garnishee's employer. The employer withholds the amount stated in the garnishment order from the named employee's wages until the debt is satisfied or the garnishment order is no longer valid.

7 years if there is no "new action" on the particular account. "New action" means if you were to start paying on it or if the financier were to get a Court judgment on the loan.

By the way.......A voluntary repossession (turning in the car before it go to collections) is the SAME as a regular repo. It will be listed on your credit in the same manner unless tou have negotiated a new termination clause wiyh the lender.