Repossession

It depends onwhat's in the contract. * The co-signer would need to be on the vehicle title as a co-owner or a lien holder before they would be able to take possession of the vehicle.

This is what's known as a "self-repo". Basically once you stop making payments on a car for a period of time, the financer will soon move to repossess your car. This is as simple as coming and towing your car from your house very early in the morning. The other way around is to call your financer and tell them to come and repo the car because you can't afford it anymore. However, it does not matter if you give it up willingly or not. If you attempt to hide the car, you give it to a friend for safekeeping, you move, you total it, etc, then there are other methods in which the financer can come after you. With that said, a "willful repo"/"self repo" will go on your credit report and would say exactly the same thing as if it was an "unwillful repo". However your credit report will not say how the financer got the car.

Whether a repossession is done "voluntarily" by the primary or through the action of the lender, the primary borrower and the cosigner are still legally responsible for all the terms of the lending agreement. The affect the repossession has on the cosigner's credit history will depend upon the actions of the lender to recover the debt owed.

If any money is owed and the primary on the account can't pay, the you as the co-signer are responsible for the debt. It doesn't matter whether you're resonsible for it or not; as a co-signer, you agreed to take care of it.

The lender will have the right to pursue a civil judgment in court for the outstanding debt. If not paid, wages can be garnished or a warrant for arrest can be issued.

Yes. Once the lending agreement is in default the lender may take whatever action they choose in recovering the monies owed. It is a misconception that by making a partial or token payment the creditor will not be able to assert their legal rights. The lender can accept the payment, still repossess the vehicle or pursue litigation.

You have to pay for it later. If you proceed to not pay them, the loans will build up. The same thing that will happen if you go 60 days with no payment on any of the loan payments, eventually they will repo you car. If you can't make the full payment, SEND SOMETHING. You can thing petition the court at a later day to prevent repossession (called an injunction) by proving you have done everything in your ability to pay for it. The company will also cut you a little more slack. Make sure you pay you loans, it will destroy your credit if you don't.

I can't answer why he took the action he did. I will say that he did not "steal it". If the lending agreement was in default the vehicle is subject to being repossessed and it is the legal right of the lien holder to do so. A lending agreement is considered defaulted if even one of the terms is not adhered to; meaning even when a payment is late the lender/lien holder can take whatever action necessary to secure their interest in the collateral/property.

The state that you reside in would decide that, but the only sure way you as a spouse would have any true right to the car is if your name was on the title/loan and if you continued to make the payments on time.

from akacastro: No, if you no longer want your car. The towing company is either a subcontractor of the Auction dealers who were contracted to eventually sell your car, or the lending institution. If you plan on reinstating your vehicle, the lending institution or AUCTION dealer or towing company is fully insured while the vehicle is in their care or possession.

Judgment creditors prefer to use wage garnishment or bank account levy to execute the judgment writ. If neither of those remedies apply the creditor can seize and liqudate non exempt property belonging to the debtor, or place a lien against real property (jointly owned property can usually be attached by a creditor lien).

I am assuming that the car payments are not being made and your credit is being hurt. Short of playing repo man/woman yourself--you need consult an attorney before you do anything.

Both. But in reality, they go after the money. If the primary is broke, doesn't have a job, homeless, whatever, the bank will go after the person with the money. Now aren't you glad that you co-signed? They'll first try to get the primary signer to pay the debt. If he can't, the company will hold the co-signer liable for it. A co-signer is just as legally liable for the debt as the primary signer. You know when it's a good idea to become a co-signer? Never.

If the repossession agent can get to the vehicle without breaking anything or causing a civil disturbance, he can take it. Private, public, or government property, or who signed the loan is irrelevent.

If this relates to a joint account holder or cosigner, then yes the person's credit rating will be affected by a repossession. Yes, whoever's name the car is in will be affected by the car's repossession. Only if the car is somehow tied to the account. Only a bad payment history on that joint account can affect your credit.

The person would have to be deceased in order for the estate to be distributed. If the person left a Will then the terms of such would apply after any debts and taxes have been paid. If the person died intestate (without a will) the state probate succession laws apply.

It depends on when the lender reports to the credit bureau companies-- If they showed the repo today on their books and sent their update information to them also today-- then all 3 credit companies will show it today/tomo the latest. If they showed the repo today on their books but they sent the update to all three credit companies two days ago, then the repo will show up next month when they report again. On the other hand, there are lenders that send that information as soon as it happens -- so if you are going to do something do it now but don't be disappointed if it already show.

Generally speaking, they can only change your due date so it benefits you - such as later than originally agreed. This may be the case if your due date falls on a holiday. Check your loan documentation for specifics, but you shouldn't be held accountable if the date was changed without making any effort to give you advance notice of the change.

Generally it would not affect the terms of the "13" if it has been approved and is already in force. The safest option would be to contact the bankruptcy trustee for specific advice on the matter.

The crux of repossession depends on the contract you took out at first with the other party. My suggestion would to refer to the contract and find any clauses pertaining to repossession. The legality behind repossession is quite complex and difficult to outline and I am not a lawyer to give advice on that matter but can only give suggestions as a public person. For example, if you went into contract to buy a new car and overtime you could not pay the monthly installments then the other contracted party can take court actions through specialized repossession agencies to repossess your car. This may include further charges and expenses the other party can incur upon you on top of what you have in debt with that party. The list is long. Do not quote me as this website is open to international viewers thus each country and legal system may operates differently. It is wise to seek legal advice or talk to someone who has experienced it before.

Any type of monetary loan agreement you enter into makes you liable to the terms you signed on for. The car being repossessed is not a good thing. More than likely they will report you to the 3 top credit agencies and a mark will be on there in a number depiction to indicate how many times, months and amount defaulted on. You will likely have problems getting decent credit in the future with low rates and dont be surprised if your turned down for any credit, either. Well, this is my advice, create a budget for your finances, stick to it, live within your means, pay for items cash so you dont create more credit and see if there are any seminars in your area for financial planning or how to live moderately.

as long as it is size appropriate. Can be put on a Jeep CJ so no reason you can't get one on a F150

This is really odd, I never heard of a bank that won't give it to you in writing. However, you can save your butt by doing these things. 1. Come in and talk to the manager, or whoever it is that said they will do this to you. Bring someone with you to witness, and ask the manager to have an employee there to witness the conversation. That way you have someone that can help you hold at least 2 employees accountable. 2. If you can, bring a tape recorder. You have every right to record the converstaion because it is about YOUR loan with the bank. You can get a cheap one at Target for 15 dollars. 3. Ask the bank to print an up-to-date statement of what you owe AND keep all of your car loan statements. This way, you have a document of the day you went into the bank. (when documents are printed within the branch, the time and date is usually on the document on the bottom) And you need your states to show all the payments that are being made. 4. If you can, go to the bank to make payments instead of mailing them in. Receipts usually print with the teller's name and time you came in, and at this point ask for another statement. Also ask the teller to photocopy the remittance stub and sign it and give it back to you. 5. If the bank refuses to return your car, you can take all of this to court. With the cassette tape, you have proof that they bank will give you back your car, and you have a physical witness of the conversation that took place. And you have evidence that you really put an effort to make it current. Because realistically with my banking experience, people would rather have their loan charged off if they can't get their car back, and although its not the smartest thing to do, most would agree that they don't want to pay for something they can't get back.

Absolutely! You are more likely to be home, so there is a higher chance they will connect with you and the vehicle in question.

Get bonded and insured. Get your business license. Then, get some reliable people with experience. Get the word out.