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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
Can a co-signer take the primary borrower to small claims court for missed payments?
That depends on the stipulations of the contract and the laws of the state you reside in. In most cases, the co-signer can use litigation to recover any money they have spent to cover the debt.
It depends on whether your name is on the title as co-owner. If it is, then you have equal rights of possession. If NOT on the title, you have the right to KEEP ON PAYING to protect your good credit. Have fun
Yes you must turn the vehicle in on a lease. You are responsible for the full amount of payments on the lease. If the vehicle is not turned in it can be reposessed.Remember you never owned it.
It certainly does. Unless the person likes the idea of "Grand Theft Auto" charges. You would have to reafirm your contract with the lender and pay any accrued fees/penalties.
If the buyer stops making car payments does the co-signer have to take on that responsibility?
YES YES and YES, Do not cosign for anything that you do not want to pay for. The cosigner is responsible for payment and if not the lender and file liens, sue or any other method to collect as listed in your contract.
Is the lender obligated to notify a cosigner if a payment is past due in the State of Wisconsin?
No, the cosigner may be the first one the lender attempts to collect from if the primary borrower defaults. That will probably be the only "warning" one receives.
Can a co-owner take the car from the primary owner if car is paid for in full?
If the car is paid in full and two names are on the title with an "or" (ie. Jane Doe or John Doe) then either of these people can get a new title without the other person's name on it. If the title uses "and" (Jane Doe AND John Doe) then one of the people would have to sign over ownership to the other.
What are the rights and liabilities of the co-signer and co-owner?
A co-signer accepts equal responsibility for the debt in the event the primary borrower fails in their obligation to pay. Being a co-signer will definitely impact a credit score. A co-signer generally has no ownership claim to any property that is involved. A co-owner actually owns a portion of any property, to the extent the state laws and the wording of the title/deed allow. A co-owner will not always be responsible for the debt itself.
If a person co-signed for another's car will the co-signer be taken if they file for bankruptcy?
Yes!
The whole point of cosigning a loan, from the lender's perspective, is that they have 2 people on the hook for the loan in the event it goes sour.
If the person stops making payments (bankruptcy or not), they will come after the cosigner, making the cosigner wish he/she had never, ever cosigned.
Does the lender have to notify the cosigner if the person responsible does not make a payment?
In some states yes.
Can you take a vehicle back if you are the cosigner?
ONLY if you are listed on the TITLE as co-owner. Othwise you have NO rights to possession, ONLY payment of the loan.
How does the cosigner get the car if the person driving it is not making the monthly payments?
The co-signor will have to make arrangements with the LENDER unless the co-signor is listed on the TITLE. In that case, go get the car.
Who is responsible for making monthly payments when there is a primary buyer and a co buyer?
either OR both
the person making the payments is actually buying the car. it is illogical that a cosigner could claim any ownership rights, having paid nothing. the person having made the payments is the owner It depends on the title. If it is only your name then it is your's. If it is both names, then it belongs to both of you regardless of who pays.
Can you take possession of a car that you co-signed for if the primary is making the payments?
NO. Cosigning means the person is promising to be responsible for the debt if the primary borrower defaults.
The co-signor might be doing you a favor and might not be. Just tell the lender what you want to do. IF youur credit is good enough, they will take care of the paperwork.
He will be the first to be sued. You will be next. Make sure the lender knows where he is working and living.
Well, if you take possession of the car, you cant be charged with stealing your own car so, a civil suit would be the next choice.
How do you start a repossession business in Delaware?
TITLE STATE: Yes. SECURITY INTERESTS: Shown on title, held by first lien holder. LICENSE REGISTRATION: Delaware Division of Motor Vehicles, Administration Office. Post Office Box 698, Dover, Delaware 19903. Tel: (302)739-2500. RECOVERY REQUIREMENT: As per UCC, repossession allowed without committing a breach of the peace. DOCUMENTS REQUIRED FOR LIQUIDATION: Title. Repossession Affidavit(MV-195), copy of contract. PLATES: Remain with the vehicle http://www.delcode.state.de.us/title10/c095/sc04/index.htm
How do you get customers for a new skip tracing business?
You have to let people who have skips know about you. You will want to more than likely build an in-house list of your target market. Building your own list might be a big task so a good route would be too rent a list from a broker. Your target market will vary depending on skip trace niche. If you skip trace bail jumpers you will want to compile a list of bail bondsmen, lawyers, even private detectives. Divorced couples, you would compile a list of lawyers for contact.
First you must realize what your niche is and analyze potential clients that would fit that particular background for your services.
An effective way to contact your list would be to first send a sales letter to your potential clients. You will want to either hire a printer for this task or use your own printer. Physical elements of the letter should have nice non glossy paper. To ensure your letter is opened up it is best you use a handwriting font for your envelopes. Do not use labels. Labels give less urgency to the viewer of the mailer and the chances of your letter going into the trash before it is ever read increases. Personal looking letters always get the first look, yes, even in business. Return address can be normal font.
Follow up all your mailings with a phone call reexplaining objectives and goals you plan to provide to the company. It will for the most part convey the same information as your mailer, but provide a second and more memorable contact that will reinforce your marketing message.
Another way to gather customers is to hold a free seminar at a local public building explaining how to retain on skips and how your organization helps theirs. Many local newspapers will list a free seminar for free in their paper.
These suggestions are just a few of many options to gather additional skip clients.
they can either repo the car, and you won't get into trouble, or they could find you and the car and there is a chance that you will go to a county jail for 2 to 30 days.
AnswerFirst of the repo guys are not "authorities" they represent the bank that's it.They cannot have you arrested and you will not go to jail Repo guys like to scare you with that kind of crap.Look at it this way don't you think the repo guys (some of the laziest people around)would have the cops do their job for them if they could???This is a civil matter not crimminal!!!!! Cops deal with crimminal !Where can you obtain bonding and insurance for a repossession business?
Repo Business Insurance You can also contact me! I represent an Industry driven Program that was designed to package all of the coverages that are required by the major lendors. The hard coverages to acquire through your average broker are the wrongful Repossession and the Drive away coverage. This is a national program and writes as an admitted carrier in all but 5 states. Feel free to contact me with any questions that you may have i will be happy to help you out. My contact info is Michael@glbins.com You are required to have wrongful repossession, commercial liability and auto insurance, as well as a dishonesty bond in most states when operating a repo business. Most insurance companies provide both bonding and insurance. You best bet is to go with an agent that you are familiar with or one that was given as a referral by a close friend, relative or business associate. If you are new to the insurance world, call your membership organization (if you belong to one) or your local chamber of commerce for a list of names of reputable agencies. Shop around from there. Make sure all quotes that you receive are provided to you in writing. Here is an additional opinion from another FAQ Farmer:
- Most schools that offer licensing of insurance and sorts would be the best place to call, they will tell you where you can get them and they are not motivated by price.
In Virginia can you own a car and not have tags or insurance if the car will not be driven?
I was told (when it came time to pay property tax), that you may have a car with no or expired tags, inspection sticker, insurance, and/or city sticker, BUT that you may still be charged property tax on the vehicle. There may also be local ordinances restricting where the car may be legally parked. With the car I had (as described above), I was not required to pay property tax due to the age/excessive mileage of the vehicle.
Can you get a full coverage insurance policy on a car that you do not own?
An example is a case where dad says " OK, you can use my spare car but you gotta get your own coverage".
If You have permissive use from the owner of a vehicle, then obviously you have an insurable interest. However, Only the Legal owner of the Property or the designated agent of the owner can receive compensation for the property in the event of a covered loss, so you need to list the owner as an insured on the policy.
If you buy proper insurance coverage, Then Dad will be proud and happy you were prudent enough to fully insure his and your interest in the vehicle he loaned you.
You can not insure the property of another when no insurable interest exists and only the legitimate owner can receive compensation for a property loss. For Liability purposes any authorized driver has an interest in the insured status of a vehicle they are driving.
List all drivers for liability purposes and list the owner for his property interest.
Failure to disclose ( AKA "concealment") that the vehicle is owned or driven by another can negate any comprehensive or collision coverage and compromise liabilities. Meaning that the company would not have to pay in the event of that type of loss.
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Yes, you can. I did through Allstate Insurance Company. They did not ask if the car was in my name and I did not tell them anything different.
How long after you buy a car can you drive legally without insurance in PA?
All driver of a motor vehicle on public roads must carry proof of Financial Responsibility at all times. There is no exception for a newly acquired vehicle.
