Repossession

Some police cars are not made obvious by placing a lightbar on the roof. It is easy to spot a regular patrol car in traffic, because the lightbar stands out above the roofline of most passenger cars. If police wish to be able to observe, tail, or otherwise operate without their presence being known, a lightbar is a hinderance. These are not undercover cars, being operated by detectives, but patrol cars operated by line officers, generally speaking.

Absolutely. Once the car is considered repo'd it is all paperwork, otherwise you could just hide the car from the lender.

No. A credit card company can win a judgment against you, which is a court order to pay a debt. If you still refuse or cannot pay, they can garnish your wages. But the company, who is not the law, cannot take your vehicle. * Vehicles are protected to the extent of the exemption that is allowed under the laws of the state where the debtor resides. It is possible if the exemption does not protect the vehicle and there is a considerable amount of equity the judgment creditor can pay off the lender/lien holder give the debtor his or her exemption amount and then seize and sell the vehicle. This rarely happens as it is expensive and time consuming and the judgment creditor seldom garners enough excess monies for the action to be profitable.

Why would you do that? Probably not as most insurance companies will refuse to pay out miniscule damages.

Yes, as long as the repossesor does not commit a breach of peace as defined by the laws of the state where the act takes place.

Criminal charges are not applicable. Financial responsibility is to the extent the lender wishes to pursue collection of the debt including but not necessarily a lawsuit. An exception in some states of a person committing a criminal offense would be if a replevin order is in effect and the vehicle is deliberately "hidden" from the repossession agent.

Yes, but it's not always that simple. While it's easy for a finance company to come and repossess your vehicle for being 30 days late, the courts don't always agree with that action. For example, if you've been paying on your vehicle for some time and you get behind, if you have continual contact with the finance company and all of your contact information is correct, court may rule that the finance company had no reason to assume a material breach of contract for a default of 30 days. However, if you avoid contact with them (won't answer your phone), your address is incorrect, and/or you're still pretty early in your agreement, courts will most likely see it as a material breach. Unless your contract or state law says otherwise, you also have the right pick up where you defaulted (by paying the defaulted amount in full) on your loan and you're not forced to pay the entire amount of the loan.

Furthermore, you should keep in mind that, in states that have adopted the Uniform Commercial Code [UCC], after you pay 60% of the balance of your loan, a repossession and disposal (resale) is no longer beneficial for the finance company because the resale of the vehicle would satisfy the debt (so they couldn't come after you for the remaining balance) and any remaining funds from the sale, minus reasonable charges, is required to be paid to the consumer.

Most respectable finance companies/banks will not repossess a security interest until

it is easily provable in court that they had reason to believe a material breach of contract. However, "buy here, pay here" type places tend to be a little looser with their rules, but typically end up paying for it when they do get sued for doing so.

well you only get in trouble if you get busted. so the best thing to do if you get busted is to say that it was in your buddys grage while he worked on it.

It's legal, but it's strongly, strongly recommended that you not put a car title in someone else's name. Once you do, they own the car. They can choose to keep it, drive it, move it and keep you from operating it. You may think that will never happen, but believe me as someone who works in a police department, we see the complications of this every single day.

IT DEPENDS IF IT IS BUY HERE PAY HERE OR A BANK REPO BANK REPOS YOU HAVE 15 DAYS TO PAY THE CAR OFF IN FULL AND 30-60 DAYS TO RETRIVE YOU BELONGINGS OUT OF THE CAR. BUY HERE PAY HERE LOT WILL GIVE YOU YOUR CAR BACK AS LONG AS YOU PAY THE REPO CHARGE AND YOUR BACK PAYMENTS

The debt is still valid and collectible therefore the creditor/collector can use whatever means necessary to recover monies owed. Collection procedures would also include the possibility of a lawsuit if the state SOL relating to the debt in question has not expired. It is always better to pay one's debts if at all possible.

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.