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Repossession
Seizure of property bought on credit for which loan payments are not being received. Please note that when asking a car repossession question, it is often useful to include the state that you live in. This will enable people to give you better answers.
11,694 Questions
What is a repossession affidavit?
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.
A discharge of a debt in bankruptcy does not mean the debt is paid.
Secured debts such as a vehicle do not get discharged in BK. The loan has to be reaffirmed, paid as agreed or settled according to the terms of the lender.
If none of the above apply, the credit union is still a lien holder on the title and the title will not be cleared until that is done.
If the loan was reaffirmed and paid according to the terms the credit union has to release the title within a reasonable amount of time. The time limit depends upon how long it takes the payoff transaction to be finalized, for example a check or money order clearing, and so forth.
Exception when lender may not release the title: Cross-collateralization!
This is a term used when the collateral for one loan is also used as collateral for another loan. If a person has borrowed from the same bank a home loan secured by the house, a car loan secured by the car, and so on, these assets can be used as cross-collaterals for all the loans. If the person pays off the car loan and wants to sell the car, the bank may veto the deal because the car is still used to secure the home loan and other loans. Technically, cross-collateralization expires when the borrower has no outstanding loans with the bank. In the context of bankruptcy, cross-collateralization also means the collateralization of general unsecured prepetition debt by collateral securing post-petition loans.
Another example of cross-collateralization is when an individual may have a checking account and a loan at the same bank. If the individual becomes past due on the loan, the financial institution may take money out of the bank account or freeze the account until the loan becomes current.
Can wages be garnished for the balance of a loan in a voluntary repossession?
Yes, they can be garnished for this reason.
Can a creditor garnish your wages for a vehicle that they have repossessed?
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.
Can collection agencies sell your account to another collection agency?
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
How do you repossess a car from someone who defaulted on a promissory note in a private sale?
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.
Can you get a car back after it has been repossessed and sold?
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.
Can a creditor come to your employment?
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).
If you cannot pay your car loan and they take your car as collateral do you still owe on the loan?
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.
How do you find an old address where you used to live?
Try zabasearch.com. This is a link that noone knows where the server is, and FBI would like to get their hands on, because there are information about people there you would not imagine someone actually gathered. After you get your info you may want to send them mail to remove your information from there, because the link is infamous for ID frauds and stuff. I speak from personal experience.
Is an at fault party responsible for the value of after-market add-ons to a totaled vehicle?
Technically, the at fault party is responsible for the resale value of the vehicle. If the owner has put after-market equipment on the vehicle that does not imcrease the value, no, the at fault party is not responsible, at least not in most states.
yes , you need to build your credit. the charge offs will stay on your credit score for 10 years or more and you will never get a loan. or improve your credit, pay them off. continue paying your bills on time,save money.go to your bank and get a secured credit card,best way to build your credit back up.
You have very little recourse. As a co-signer, you are just as legally obligated to the debt whether you knew it existed or not. As a co-signer, it is incumbent on you to be aware of the status of the loan.
1. 2002 U.S. quarters don't have an eagle on the back. They're part of the state quarter series and have one of 5 different state-related images.
2. Please look at your pocket change. ALL U.S. coins in current use have the front and back oriented 180º to each other so that the sides point oppositely when a coin is flipped side to side like the page of a book.
3. Philadelphia did not use the P mint mark on quarters until 1980. Your coin is one of nearly half a billion coins minted in Philadelphia that year, so it has no extra value.
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How long does it take for a repossession to show on your credit?
Depending on the lender--it could show up the day they pick up the car or 30 days from picking up the car. It is not an exact science--most lenders send an update once a month--and it doesn't mean that everyone sends it at the beginning or end of month--it can be any date. Some lenders may update twice a month--the second usually being done manually if needed. If you are looking to finance--take the first step- put in an application at dealership where you might have a friend working so the blow may not be so embarrassing. Do it quickly as once it is on your credit, most lenders will require a co-signer IF they do any financing at all.
Probably not. The risk was yours since towing was the logical next step for failing to meet the requirements of the loan. It was your failure to meet the requirements of the loan which led to the vehicle being repossessed which subsequently caused the vehicle to be towed. All the towing company needs to do is to prove that they used standard towing practices.
Can your car be repossessed from the parking lot where you work?
Yes, the car can be repossessed from any open location, your driveway, an open garage,and any kind of parking lot, etc. Sorry.
No it is not illegal for the repo agents to call the police because if it's a reposession, the lender has a financial interest in the car, and since the pink slip holder of the vehicle (the lender) OWNS the car, the lender has every right to the car since it wasn't paid for. However I'm not completely sure what authority police can exercise. I think the next step a lender can take on an unpaid car is to sue/send to collections, or garnish wages.
What are the laws for being a repossession agent in Delaware?
Get yourself a business license and some clients.
if you need the car and the money situation is temporary many companies offer payment deferment which could buy you an extra 30 days. otherwise see if the co-signer wants to take over, at least give them the option since both of your names are tied to the vehicle and a repo. will affect you both. Call the bank or finance company that is holding the note. Trust me, they want to work with you. Get the 30 day paymant deferred to the back of the note and make an arrangement. How long have you been paying the note? Based upon the number of payments left, your credit, etc. You may be able to refinance the note with another bank. I know that Capital One formerly had a program for this. Do not just sit on your hands. If you have a co-signer, the company will go after that person, as they are legally allowed to do. If you haven't yet notified your co-signer of your financial struggle, you'd better do it soon.
How do you know if a car is bugged?
You can certainly can find someone with an adequate radio receiver that will detect a radio bug. But if it's a tape recorder, you'll just have to find it.
