Repossession

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.

It's the sworn statement that the lender files with the state DMV when a vehicle is repossessed. It includes data such as, how the vehicle was repoe'd (voluntarily or replevin order) the default date of loan, the date of repossession, the amount owed, the value of the vehicle, all indentifying information,(date and time, location) and so forth.

Yes, they can be garnished for this reason.

Yes. There's a process they have to follow, which includes getting a court judgment against you. If you don't hold to that judgment (which is usually paying back the money owed), they can ask the court to garnish your wages.

yes and do all the time and the old agentcy will still show on credit report

It can be bought and sold as many times as the agencys want to move it around

A private auto sale is considered a contract. As such, if the buyer isn't paying as agreed, he's in breach of ths contract and subject to civil remedy, such as a law suit. Unless specified in the contract or allowed by your local law, you can't take the property back. That places you in breach as well and could be considered auto theft.

The only way to get it back would be if it were up for sale and you bought it. Once it's legally sold, it becomes the property of the new buyer.

The owner of the vehicle buys the insurance -- for the vehicle. Cars are insured, not drivers.

Only in an attempt to locate you; if he already knows your home address or phone number, he can't. Know your rights; check out the Fair Debt Collection Practices Act, a federal law that all creditors must follow.

It isn't relevant as both states allow repossession of a vehicle under UCC laws (without a breach of peace).

Yes. The borrower is responsible for any deficiency between the amount of the loan plus applicable fees and what the vehicle sells for at auction. The lender is legally required to get a sale amount as close to the vehicle's real value as is possible. Therefore, the sale price is used to determine the amount owed by the borrower not the blue book value of the vehicle.

What do you think? Yes, you are still contractually liable for that debt under any color of law. What you are really asking is if they will puruse you if the debt has been charged off. The answer is that Harley likely won't, but likely someone, down the road, will buy the debt and pursue you. You generally have, depending your specific state laws, 10 years from the breach of the contract before the statute of limitations kicks in and prevents someone from collecting from you.

When co-signing on a loan, you are held legally responsible for payment if the other co-signer doesn't pay. The creditor wouldn't give you the full amount on the loan because your credit isn't good enough for them. When co-signing you are held to the same legal responsiblity as if you were going on the loan solely by yourself. It shows up on your credit report and affects it negativly. Repossesion isn't good because creditors look at it as an lack of abilty to pay. They will sell the car at auction and you will held legally responsible for the amount no gotten for the car. So either way you will pay.