Repossession

You describe a situation that leads to a very low credit score. The fact that your care was reposessed tells you that. yes,you were still under a contract.My car was repoed,because of one payment was late.But they were charging extra insurance collision even though I had full coverage.After the fact they relize that I had insurance now they put the money they owe me towards my car that they have. Your credit score will be low because of the bankruptcy and the repossession. Yes, you may still owe money if you didn't add the lender for the car to your schedule of debts. You should talk to your attorney about this even if the bankruptcy discharged, he may be able to re-open it to add the deficiency balance left after the car was sold.

Your timing MIGHT be off if: low power, poor acceleration, poor gas mileage.

If the lender sues the borrower and wins a judgment the lender can then execute the judgment as a wage garnishment on any outstanding amount that is owed and in some cases legal fees and other expenses incurred in the recovery of the debt.

Yes. You are responsible to repay every cent of the loan plus the stated interest rate and the default interest rate if any is stated in the loan papers. The lender is allowed to take possession of your property if you fail to make the scheduled payments on the loan. However, by the time the lender repossesses the property, the value of that property has usually gone down due to neglect or abuse of said property. The lender is bound to get the best sales price for the property. If you owed $10,000 on the loan and the property was sold for $12,000, the lender has to return the extra $2,000 to you. However, if you owed $10,000 and the property sold for $8,000, you would be responsible to pay the $2,000.

No.

Repossession can happen any time after a payment goes late; it all depends what the initial contract states.

1st-- verify that you were not included in the bankruptcy--I've seen plenty of spouses that thought they did not go bankrupt but did. Signatures were requested by the attorney for certain paperwork--you signed without paying too much information---later you might find out you had been included in the bankrupcy. 2nd--if you were included in the bankruptcy and it was done jointly. Then that would answer your question about the car. The lender can't contract you because of the bankruptcy. Now, if you were not included in the BK and you are sure that you signed the promissory note on the car, then you should call the lender and ask for a detailed letter as to what happened with the account. You need to know that you might be opening a can of worms but it is either now or someone calling you later on this! You might find that when the car was sold, there was enough money to take care of the balance and any repo fees--so it is paid off. Or you might find that there is a deficit balance that has to be taken care of. (the car didn't sell for enough and there still a balance due) Make arrangements with the lender to pay off the balance -- see if they will re-write the balance as a brand new loan so that you can pay installments and get this reported as a good account on your credit report. You may have to do some explaining on your credit for the account that shows up as a repo. You can request that a quick explanation be added to the repo account on all 3 credit reporting agencies.

Some will work out a deal, but recognize that they will auction the vehicle and receive far less than it's worth, then they will charge administration fees and anything left will be charged back to you. You'd be better off if you went to the lender, let them know what you're trying to do, then sell the vehicle yourself. You'll be able to get more money that way and if the bank knows that you're planning to pay them back they may actually work with you... but they aren't required. Defaulting on a vehicle loan can be expensive and a financial disaster.

Yes.

The IRS has almost unlimited power to collect tax arrearages and does not need to follow due process to implement collection procedures such as wage garnishment or bank account levy, property liens, etc.

The lender owns the vehicle and is required to sell it at a public auction for as close to the market value as is possible. It is likely the judgment wage garnishment is a result of money still owed on the original loan amount plus fees that were not covered in the sale of the vehicle.

Sell it privately for what you owe on it.

In Ohio...they are required to give back your personal belongings. This does not include anything that is a permanent fixture on/in the car...like a stereo system or rims. If they refuse to give back your personal belongings...I would contact an attorney and pursue legal action.

That depends on the state law, but generally, no.

All US states require the repossession agency be licensed and bonded.

There is not a time limit on the collection of a debt. There are statute of limitations set by the state in which the debtor resides or in some cases where the debt was incurred that limits the time for which a lawsuit can be filed by the creditor/collector. It would seem that after the stated 13 years a lawsuit would not be possible with the exception of the debtor having changed the state of residency after the debt was defaulted.

Sell it on your own. You may not be able to sell it for the amount owed, but work out a deal with the bank to finish paying for the vehicle at a reduced rate after it's sold. Most lending institutions would much rather work out something than have it go into bankruptcy. That, plus it's a lot better for YOUR credit history if you take matters into your own hands and deal with it now.

You have not provided enough information to answer you question so I am going to assume some things. I am assuming you had an accident and the insurance company told you the car was close to being totalled. go to www.kellybluebook.com and input your cars information under private party sale then under whole-sale now you know what your car is worth on the open market in your area. let us say the number is $1000. Now, bring your car to an autobody shop and have them give you an estimate of damage, remembering that this amount is without taking things off your car. once you taake things off your car it will be more. lets say that amount is $1000. The insurance company will want to let their estimator evaluate it. you do not care what this person says unless it is a number close to what you want or better. which it will not be estamators job is to get the lowest number possible for the insurance company no matter what they tell you. lets say then persons amount is $800 now your fight is on... call insurance company...just listen to what they have to say and call them back. did you like the deal? if so then say it is not enough and let them counter offer if no counter then take it. if you do not like the deal, what will you settle for. call them back and ask for more and negotiate down to what you want or close to it. if you do not like anything they are saying then say no and fix my car or pay me the retail value for my car. which is required by law in most states. good luck, gig1 Unless you have special insurance, the insurance company is only liable for the value of the car, no more. Not the value of fixing the car, just the value of the car. That makes sense really when you consider it is the most you had could lose right before the accident. You may have reason to dispute what they feel the value is, but not that they should pay more than that value in order to fix it.

In the state of Ohio, your car may be repossessed if you miss one payment. Your car may be taken any time of the day or night by the repossession company. The repossession company is not allowed to keep any items that you may have left in the car. The company must inform you as to what they are going to do with the car, including selling it, putting it in a car auction, or keeping it.

If you have a bank checking account, just go to the credit card website (most major credit cards have their online site where you can do payments online) and see if they have that option. Some places will charge you for that, others will do it for free, or you can only do it by phone. The best way to find that out is by calling the credit card company and asking them if they have online services for payments. Nantenchild

No. Unless the cosigner is also a title holder they have no legal rights to the vehicle.

Yes. A charge off does not mean that the debt is not still valid and subject to collection by any means available to the lender.

It means that you physically drive the car back to the lender possibly after calling and making that arrangement. Sometimes not. But you turn over your keys and leave the vehicle there. If the lender knows you are coming, some paperwork depending on the state should be ready for you to sign.

If the lender has placed a judgment against you for the deficit balance (balance left after the car is auctioned/sold), then yes in most states, they can take the tax return and apply it to the balance owing.

Yes, they can sure you for any monies still owed on the vehicle. No, nobody can charge anything to your credit card without your permission. But beware, there may well be some clause worked into the mice-type on the agreement that you never even noticed was there. Go over any paperwork you have; if you don't see anything about implied permission given for them to charge your account, dispute the charge with your credit company and file a formal complaint.

Yes, many loan agreements have a clauses that allows them to call the note due and/or repo the vehicle if there are any singnificant changes to your credit status. Bankruptcy certainly qualifies.