Repossession

Depends on the lender, the agreement you signed, and the state you live in.

Yes, if the contract requires that the borrower carry insurance coverage. If the borrower fails to adhere to any of the requirements stated in the written agreement the contract is in default and the lender has the legal right to recover the vehicle.

Each state has a statutes of limitations on loans. Check the following site for your state. http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml Please know that the clock starts ticking on the date of the last activity on the account-- which should be the date the car was sold or auctioned off. If your state limitations are up--the creditor can start them up again simply by showing the date they received the collection. Fortunately or unfortunately, old accounts that were not collected seem to be great money makers for collectors these days. These accounts can be sold for as little as a penney per $100--any money that is collected is profit to them. If the account bounces from one agency to another, the date keeps changing so the accounts stays active. My advise--if the limitation on you loan is up --report the agency to the Federal Trade Commission. "The FTC works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid them. To file a complaint or to get free information on consumer issues, visit www.ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261."

You drive the car to the nearest office of that creditor and get an employee to give you a receipt or letter stating that you have surrendered the car to them on whatever date it is. IF THAT IS WHAT YOU WANT TO DO.... Please remember that this doesn't mean that your obligation to the car and loan is now done--because it is not. If the car is sold for less than what you owe and you can bet that it will--you can be sued for the deficit balance. If the balance is large enough you can be guarnisheed-- and that is not pretty.

Check your loan contract, but in most cases (99.99%) if the payment does not represent the total past due amount, or if you do not have arrangements with the lender setting asside repossession actions in lieu of payment arrangements, no; one payment toward a past due balance will not stop or delay repossession of the vehicle.

There are a number of VIN #'s (vehicle identification numbers) on a given vehicle that will identify it. It is my understanding that tampering with these is illegal. As well, your VIN will be checked by any licensing agency as well as when the vehicle is eventually sold or pulled over for any reason. You would be wise not to tamper with these and try to maybe renegotiate your debt if possible.

If you weren't making your payments yes. It would only be repossessed if you weren't making your payments.

I think that you need to pay what you owe. You should call them and see what their policy is. I wish you luck:)

When a consumer defaults on a car loan their credit becomes negatively affected. Not only that, the previously purchased vehicle will become subject to repossession if the payment is not received.

You will be reported to ALL 3 credit agencies, and reported to chexsystems. You will most likely be unable to open any new loans or bank accounts.. including savings accounts, debit cards, credit cards, etc.

Must have been perhaps an annuity settlement? Or was there a judgement? Call the insurance company's main office, and start there, do you have any information at all? Such as the claim number etc? If you have trouble finding the company let me know specifics and maybe I can help you find out the contact. ---------------------------------------------

Check the website MissingMoney.com. It's not a fake - it's a real website where you can find out if you are owed money. It's free so definitely check it out. I just found my mom was owed a small amount of money, and another family member was owed nearly $2000 so it's worth checking out!

Yes, you can return a used car to the finance company in Canada. However, you also can consider returning it to the dealer you bought it from as well.

Talk to a loan officer at the lending institution and let them know what you're trying to do and make arrangments to pay the balance after the car is sold. If they know that you have plans to take care of the rest of the debt, they'll probably be willing to work with you. Unfortunately, if it's a lending institution that is associated with the auto industry, they may refuse, requiring that you buy a NEW car or pay off the old one. If all else fails, pay down the vehicle to what it's worth, sell it for the payoff amount, then the bank can't argue with you.

You have the right to reclaim personal property during the normal business hours of the establishment where the vehicle is impounded. The company storing the vehicle must take inventory of and proper protection of such property under the "in bailment" laws of the state where the vehicle was seized.

at any time.. day or night. Humans are creatures of habit, eventually, they will see your daily pattern of what you do.

When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car. Talking with Your Creditor

It is easier to try to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you'll be late with a payment. Many creditors will work with you if they believe you'll be able to pay soon, even if slightly late. Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may refuse to accept late payments or make other changes in your contract and may demand that you return the car. By voluntarily agreeing to a repossession, you may reduce your creditor's expenses, which you would be responsible for paying. Remember that even if you return the car voluntarily, you're responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report. Seizing the Car

In many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a "default." In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are allowed on your property to seize your car without letting you know in advance. But creditors aren't usually allowed to "breach the peace" in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace. Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property. A creditor usually can't keep or sell any personal property found inside. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can't account for articles left in your car, talk to an attorney about whether your state offers a right to compensation. Selling the Car

Once your creditor has repossessed your car, they may decide to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold. In either of these circumstances, you may be entitled to buy back the vehicle by paying the full amount you owe, plus any expenses connected with its repossession (such as storage and preparation for sale). In some states, the law allows you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession. The creditor must sell a repossessed car in a "commercially reasonable manner" - according to standard custom in a particular business or an established market. The sale price might not be the highest possible price - or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable. Paying the Deficiency

A deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $2,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing. In most states, a creditor who has followed the proper procedures for repossession and sale is allowed to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract. Depending on your state's law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only opportunity to present any legal defense. If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment.

it's all the same whether you turned it in or they picked it up

If you're supposed to surrendeer the vehicle and don't you can be reported for grand theft auto, which is a felony crime.

yes you may take the car back considering she defaulted on a aggrement between the 2 of you and the bank you are liable for any unpaid debts on the car therefor the car is yours as well....

It depends on where you live. In many states, property of a man and wife are considered shared. In other states, not so. It will depend on your local laws.

If the lender sold your car for more than the amount owed but fees are still due, such as the repo fees, storage charges, state taxes for selling etc.--it could be that you may still owe. I would ask for a letter that itemized all their costs and see how they come up with the figure you still owe. They HAVE to keep you informed. If you can, have an attorney look at it and tell you if what they have done is correct. Now--if you still owe- take care of it, borrow from a bank, a relative, if possible--depending on the balance owed--they can place a judgement and/or garnishee your wages.

Yes, if you gave the car up, and there is a deficit balance after the car was auctioned/sold. That balance is still due and payable. A registered letter should have been sent out. The creditor should be able to provide proof that it was "signed for" or was returned "not delivered". I would try to make arrangements or "settle on amount" agreeable with you both before they garnish your wages--if you don't have the money to do so, borrow it from a relative before things get worse---because--- Depending on which state you live in, the garnished amount could take a very painful bite out of your paycheck.

You would be better off buying a lower priced used car and getting your financial house in order. If you still believe you want the car back (in most cases the payments are higher than is affordable), check with the dealer and ask. The information may be in your legal packet that was given to you.

Yes, if you are not making the payments the bank can repo your truck.