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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
Well, when you get an high priced or classic vehicle insured, the insurance company will usually ask for an appraisal or inspection anyways...Which at the time of loss there adjusters will still come up with a value they think the vehicle is worth.
Certainly and is very adviseable if there is a significant difference. Many adjusters will offer a "low-ball" figure and refuse to take into consideration the condition of the vehicle before the wreck.
They know that your only option is to file suit and that will cost you attorney fees. Look in the newspaper and local auto trader magazines for an equal vehicle. then forward the appraisal and similar ads to the adjuster.
If he still fails to make a reasonable offer contact your local state insurance office or attorney general to see if you may have a "bad faith" claim.
How much damage does there have to be to classify a car as totaled?
Usually over half the price of what ever the car is in blue book.
What if you hit someone's car in a lot and put your number on the car then drove away?
That is the responsible thing to do. You did what was right.
Probably because the owner did not exercise normal precautions and by leaving the keys in the vehicle actually participated in its theft. Call that lawyer who advertises on TV. If he can't get the insurance to pay, he'll get a judgment against the owner.
The owner of a stolen vehicle is not responsible for the actions of the thief that stole their vehicle. If there is no liability on the owner, the insurance company does not owe the claim for property damage to others.
Can you be held responsible if your son crashes with another car on your private property?
yes.......usually only thing private property has to do with claims investigations is make it more difficult, as no police report will generally be written......if your son is negligent and liable for the loss, he is....private property or no........on your property or not.......if he is negligent, he is negligent and will be liable (you as the gaurdian) for the loss........more info is needed for me to help.......facts of loss...your vehicle or another? who owns vehicle? permission or not to drive? etc....
Yes. The taxi driver should have parked in such a way as to not impede the exit of the passenger. Taxi companies carry lots of insurance for obvious reasons. Which is also why the fares are usually costly. It could go both ways, if you didnt think you had enough room on one side, why not try the other side? It depends upon the damage and where the taxi cab driver parked. The law "should" seem fair and reasonable under the view of the average person. For example, if the driver parks so close you don't enough room to exit comfortably then he would probably be at fault, but if there's no one next to you then someone pulls up and you still open the door without noticing the car next to you then you would be negligent. It depends on the circumstances. Basically you need to ask yourself who the idiot was, the driver or the passanger.
What should you do if a car hit your car but your insurance just recently expired?
Was it the a hit and run? Is that what you are asking? You do not know who hit your vehicle and your policy was expired? If there is still time to pay before it actually 'lapses' do so. Otherwise, if you had no insurance policy/coverage on the date of loss you will need to find the person that damaged your vehicle or pay for the damage out of pocket...sorry....
Yes, they can and, yes, it does happen. Primarily, this happens in situations where the person is behind in their payments. The lienholder will apply the check to the back payments.
What do you do when someone wrongfully accuses you of hitting their parked car?
Did you turn this into your ins company? If not do so immediately, they will investigate it. There are many ways to prove or disprove this, and if all evidence is a 'draw' their insured should get the benefit of doubt and in this case deny claim.
You may bare some ramifications (rate increases etc), but if I am understanding this correctly you do not own the vehicle at all. The owner will be liable however the policy that you are listed/co own will be responsible for payment and could effect your rates, in the future as well.
I would advise letting them purchase their own car and insurance. If something tragic happens the attorneys can and will come after you.
It is not that unusual in a tragic accident for the damages to exceed the insurance and then you are personally liable. If you do decide to go this way consider purchasing an umbrella insurance policy.
lwpat
If you can't pay to get your car out of the impound can you leave it with them?
In Texas, when your car is impounded, it is best to go immediately and retrieve your car. The towing charge and daily storage mounts up. The longer you let your car stay in impound the more you are charged. If you have a mortgage on the car, the company that has the mortgage is notified and they pay the charges and retrieve the car. You will have to pay them back plus their charges. After 30 days the car is auctioned .
Yes. HOWEVER --
I can only tell you about Michigan, because that's where I live. If you leave a vehicle in impound, the local law enforcement department continues to compound the amount you owe them, up to a limit of 20 (or 30?) days. After that, the vehicle is either sold at auction -- if it's worth anything -- or turned over to the towing company to resell if it's not worth much. The bigger issue, though is abandoned vehicles. If you leave your vehicle by the side of the road, you are liable for any charges the police incur for having the vehicle delivered to impound. What often happens with these cars is that, because they're worth very little and can't be sold for any value, the towing company and police department turn over to a collection agency the amount owed for towing and storage. If you don't pay up, this goes on your CREDIT RECORD!!! In the long run, you're better off to get the vehicle back and then junk it out--
Good luck --
This response is for the girl who is "confused and broke"
If you sold your BMW to someone, and they have paid in full, then you do not legally have any right to the car.
Because you were the person who received the notice of impound, I'm assuming that the person who purchased the car from you did not transfer title nor register the car with in their name. Because you received the notice does not mean you are still the owner. This means you need to file a release of liability with the DMV, ASAP.
BY LAW, you need to file a release of liability with the DMV when you sell or transfer title. This is also for your protection, because if the car was used in the commission of a crime or involved in an accident, or issued parking tickets, you may be held accountable.
You may be broke, but that does not mean you are entitled to a car which someone else has bought and fully paid you for.
If you take the car, you might end up with your friend behind bars, for fraud or even auto theft.
Well, in my exerience especially following an arrest this is what we would want you to do so yes you can. After so many days we'll usually send an edited title to the impound yard then it's theirs.
Keep in mind though, the cost is still at your expense and if it is not paid we report it to all credit bureaus in all 50 states.
In Ontario Canada your car is impounded and you can leave it there if you like BUT The Mechanics Lien and Storage Act says the owner is responsible for the tow and daily storage fees. They must be paid before release. If you leave it there to long the impound yard send a letter to come get it and after 30 days of that letter going out they can sell it and keep only the cash that covers the bill. The rest of the money goes to you. BUT I have never seen a vehicle sold for 1 penny more that the storage costs. ADVICE...get it out as soon as possible.
If you leave it there for to long they automaticaly take ownership of your car and it will be auctioned.
in ma if we receive a car and nobody has come out or called within 20 days we send 3 certified letters to the owner one every ten days then after third the vehicle is legally ours we do not charge the customer anything else and all debts are considered nullified
In California how can you find out what happened to an impounded car?
Call DCA's Consumer Information Center toll-free at 1-800-952-5210. In the Sacramento area call (916) 445-1254. ag.ca.gov they can tell you what the requirements are for towing impounds. If you want to know what happened to the car, just call the police department that had it picked up and I'm pretty sure they'll let you know, but only if you're the legal owner.
What happens if a car payment is refused and you are not late or delinquent?
WHY was it refused? Not accepting it wil make you delinquient. You need to reach an understanding with the LENDER.
* The question is a little vague, however here's what I can say: IF, and it should have been, the repossession was first put on his credit report 7years ago then no. Any negative credit - excluding bankrupcy - by law must be taken off your credit report after 7years of its last active date (this is either when it was put on, or when you last paid it).
That is a highly unusual tactic.Unless you were notified in advance that they would only accept a lump sum payment.You need to check the consumer laws of your state.They probably, however can do it.If they take any legal action against you they may find themselves explaining their actions to a judge or trustee.Knowing your rights and standing up for them is your best defense.
Unfortunately, yes. But hopefully, it's not common. My best friend owed an animal vet $900 when her cat died in his care. When she, a single mom, tried to make payments, he refused them and didn't cash the checks because he wanted one payment in full. They ended up in court. The judge took my friends side. He totally criticized the Vet and told him he should rethink his collection policies. Legal, yes, but not a good idea.
How long does a creditor have to collect after a car has been repossessed?
In the US, the FDCPA (Fair Debt Collections Practices Act) regulates this nation wide. The individual states may have legislation also that addresses this, but they may only make the regulation tighter or more stringent, not looser.
Under the FDCPA the creditor has seven (7) years past the date of last payment to recover on a debt. If they seek judgment and this is granted, they have ten (10) years, and can motion the courts (often successfully) for an additional ten (10) years to collect. This is also from the date of last payment.
In the case of repossession or foreclosure, these acts can be construed by the courts as the date of last payment.
Here's a possible scenario that may help to explain:
Say you purchased a car in July 1999. You made payments until you lost your job in November. Your last payment was 1 November 1999. The vehicle went up for repossession in December, and the agency recovered the vehicle 1 January 2000.
The lender now has until 31 December 2007 to collect on the outstanding debt, all the while assessing further fees and interest.
Now, on 1 December 2007, say the lender gets tired of trying to collect the debt, so they file for judgment. On 31 December 2007, the lender is granted this judgment, and now has until 30 December 2017 to collect.
For the next ten years, they may make several efforts to recover the owed amount, but are never able to secure the balance. There is still going to be a balance owed on 30 December 2017. The lender can now go back to the courts and petition for an extension. Say it is granted, as is often the case. Now the lender has until 29 December 2027 to collect. A total of 27 years. during this time, every action taken by the attorney of the lender, every collection attempt made for which a fee is charged, every activity on the account that can be assessed some sort of fee is gowing to cause this debt to grow. A simple $1000 debt can grow to monsterous proportions within that 27 years.
Word of advice, find a way to file chapter 7 bankruptcy before it goes to judgment.
Should you sign a Stipulation for Judgment agreement?
That really depends on the terms of the proposed stipulation. Without adequate protection such as a court-ordered repayment plan, having a judgment against you can negatively impact your credit and give the creditor the ability to garnish your wages and take your property. On other other hand, you need to consider what would happen if you didn't sign it and compare the consequences of both actions to see what is best for your situation.
How long does a repossession stay on your credit report?
This will stay on the credit report until September of 2008 for that 7 year period, regardless of when the loan winds up getting paid off.
It can stay on the report a bit longer if it goes to court and the bank gets a judgment against the borrower. Say this happens in 2004, then that stays on the credit report another 7 years until 2011.
Bankruptcies stay on 10 years while delinquencies and defaults stay on for 7 years.
More Information:
- Seven years, unless you're applying for a high-paying job or a very large loan or life insurance policy, in which case the repossession will always be reported.
- Repossessions and all other notations remain on credit reports for seven years from the date of last payment IF there is no judgment on the account. In the event of judgment it remains for ten years after the date of last payment or the date of judgment (whichever is later), and can be extended for ten additional years in some circumstances.
- Occasionally, errors are made by the credit reporting agencies, and notations on reports may remain longer than they should. In the event of an unfair or erroneous reporting, contact the credit reporting agencies involved by registered letter. Corrections must be made within thirty days of contact. Be prepared to provide support for your request to make corrections to your credit reports. Generally though, no information older than seven to ten years should ever appear on a credit report unless ordered there by the courts.
- For reference, please consult the Federal Fair Debt Collections Practices Act.
- For debts that have gone to a collection agency, be aware that any contact, letters, phone calls etc to that agency, can set a new date on your credit file.
Can a collection agency refuse to accept rolled coins as part of a payment?
Yes.
Oddly-enough, there is NO U.S. Federal law that mandates a person, organization or merchant (which would include a retailer or collection agency) accept coins (rolled or otherwise), as payment for goods and services, even though coins are considered 'legal tender' as stated in the Coinage Act of 1965.
How is this possible?
Simple. Though it seems strange, the dollars and coins struck and printed by the U.S. Treasury are for the FEDERAL RESERVE SYSTEM. The Federal Reserve System MUST HONOR US currency and coins...however, not necessarily anyone else.
Link to U.S. Treasury FAQ's:
http://www.ustreas.gov/education/faq/currency/legal-tender.html#q1
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Yes, I would think so. You are better off sending a money order (keep your receipt) or a certified check.
If you pay by mail they can refuse cash payments (doesn't matter if it's coins or bills) but if it is in person they must take the coins, but you would probably have to unwrap them so that they can count them while you stand there----just another one of their stupid power trips.
Creditors or collectors can refuse any amount or manner of payment that has not been agreed upon in an original lending contract or collection agreement. This includes personal checks, checks by a third party, methods such as the one cited and so forth.
It is legal for this to occur, just as long as the original creditor updates their tradeline showing the account has been "transferred or sold" and the balance is updated to "0". What is NOT legal is for a collection company to place a debt on your credit report that is just about to reach it's statute of limitations for the purpose of keeping it on your credit report beyond the 7 year statute ("resetting the clock" so-to-speak). In other words, even if the debt is transferred to 6 different companies and they each report a trade line to your credit report, once the 7 year statute has expired, the bureaus must remove all tradelines from your history regarding the debt.
I hope this is of some assistance!
If you voluntarily turn in your car will it effect your credit?
YES!
When you finance a car loan, you are NOT buying a car. You are BORROWING MONEY "secured" by an automobile.
If anything happens to that vehicle, wreck, getting stolen or repossession (whether voluntary or involuntary); You are still liable for the amount of money you financed. This is why banks and other auto financers make you keep the vehicle insured during the term of the loan.
The financer may auction the car for a portion of the remaining balance. If that is done, you are still liable the deficiency balance (whatever is leftover of the original loan). It will show as a "charge off, repossession" on your credit for seven years from the date of last activity.
It is a court order against the debtor to pay the creditor what is due. The judgment can be satisfied in several ways, wage garnishment is the usual one. Levy against bank accounts. Liens against property. The liquidation of non-exempt assets. And sometimes (rarely a homestead) the forced sale of property on which a lien has been placed.
If it is in the winter make sure the radiator is full of water with antifreeze before starting the car. If this leak is not too severe it should be ok to drive a couple of miles to a mechanic.
What company sold Watauga shotguns?
Wautauga was a trade name used by the Whitaker, Holtsinger Hardware Company of Morristown, Tennessee on firearms they retailed.
Folsom, a sportings goods distributor and retailer in New York, was probably the wholesaler. They did not manufacture any firearms but Crescent Firearms of Norwich, CT was a wholly-owned subsidiary of Folsom.
Folsom also distributed arms made by a variety of Belgian firms. If you can find "ELG*" in an oval mark, probably under the barrel, it is Belgian, otherwise, most likely Crescent.
Crescent operated from 1893 to 1932.
Well, Jon, everything I told greyeagle applies to your gun, too. But, being a 410 makes yours worth about twice as much - about $100-$150 depending on condition.
