Repossession

Jen, you SHOULD get your PP back. NOT giving it back is illegal and called 'conversion". There may be a fee for inventory and storage, but you get it back. Call the LENDER and tell them your problem. They are ultimately responsible for anything that involves a repo. Note: as a rule of thumb, you get back anything that would fall out if the car were turned upside down. That doesnt include things that are attached(wheels,tires,radios,TVs,playstations, funny little lights all over the car,ect)

Heidi, as a general rule, YES. You are responsible for the UNPAID balance due on the loan. Example, you owe 5000.00, car gets sold for 2500.00, you owe 2500.00 plus fees.Good Luck

The driveway is the preferred location for taking repos.

They can take it from anywhere that it can be recovered without breach of peace.

A "FRIEND" would bring the car TO the repoman.

Mary, only ONE state where they have to tell you they are gonna repo, and that's when the sheriff knocks on your door. (WI) 8 states have some type of "right to cure letter" with a time period to go with it. But even those states allow 'self help" repos after the letter and time period.Usually you know you are GONNA be repoed after the lender calls every other day wanting to know when you will pay current, ect. Very few people realize that they should take ALL their PP out of the car then and just use it for free transportation. Most continue to keep various articles of PP and/or household belongings in the car. If you had posted your state, I could have given you more specific answers. Good Luck

Brian, were you the co-signor on the loan??? Otherwise, NO. How could you be responsible for someone else's debt? YOU would have to sign the loan. Sounds like a collector trying to smoke ya...

Chad, you can look in the phone book under "recovery agencies", you can ask at the local auto auction for info on local repo cos., you can look at the local coffee shops late at nite for repo trucks, OR you can buy a cat on time and DONT PAY THE NOTES. Be sure to wait up for the repoman. Email me and I might can put you in contact with someone in your area.

Randy, IF it sells for more than the unpaid balance, you should receive the excess.

60 days is usual for most lenders, however, it varies.

The bank doesn't want the car either. It will probably be sold at auction to a dealer for the WHOLESALE price. You will still owe the difference between what you owed and what they get PLUS their expenses.

Banks are in the MONEY biz not the CAR biz. Yes, they will get $$$$ but not enogh, so naturally they want MO MUNY.

YES, they can/will likely garnishee his pay AND/OR yours too. Especially if he doesnt pay, they will come after you and any assets you may have. Make him take care of this ASAP. When you co-signed, you said in effect, if he doesnt pay, I WILL. Good Luck

BUSINESS HOURS are business hours. Usually 9-5 Mon-thru Fri. BUT, a lot depends on your attitude. NICE people usually get better results than grouchy people. Also, please remember that repo people have lives to. Its all good.

Michelle, a repo is a repo is a repo to a credit score. It says you couldn't meet your obligations and the lender had to take back the collateral to try to get their money. A new lender looking a your CR will see 'repo" and say, well, I better charge this person more because they might not pay me back. NOW, IF you pay off the balance due after the repo is sold, then the new lender might say, well, they had hard times but DID pay what they owed. Lets give them another chance at reasonable interest rates.

http://search.yahoo.com/search?p=%22credit+scores%22&ei=UTF-8&fr=fp-tab-web-t&n=20&fl=0&x=wrtpaste this link into your browser and pick out one to explain "FICO" to you. Good Luck

I didnt answer because I have never dealt with this b4. I hoped someone with experience would help you. From the banks viewpoint, I can see why they would want you to. But, your defense would be, does the contract you signed say anything about having to do so after a repo?? The contract is the basis for most actions between you and the bank. If the contract doesnt make it clear, call a local attorney for a free consultation. Good Luck

YES AWG is authorized by a Federal law (20 USC � 1095a), which specifically preempts State law.

Good news and BAD news. It WILL be discharged for him. It WONT be discharged for YOU. You will be expected to pay the WHOLE debt.

Hang in there. Dont give up. You are probably a one in 100000 case. You are doing it the right but hard way.Avoid the B/K if theres any way possible. You've made 3 yrs, dont waste all that hard work.It will get better. Someone (lender) will see that you are paying on the balance and RESPECT that enough to cut you some slack.

Your credit rating (or score) depends on All the information contained in your credit report. A repossession, which shows as a charge off or collection account, is considered a significant derogatory listing and would have a big impact on your credit score. Any derogatory item that has been updated, for any reason (including recent payment) would have impact your score the most. 35% of the your credit score is based on your payment history. In general, derogatory information remains on your credit report for 7 years from the date of last activity.

Depends on what state you are in and what you do with the car AFTER you stop paying the notes. Do you have a grand plan to get a free car?? Either pay the notes or turn the car in. Be a real friend and dont screw over someone.

If your friend purchased the car, he probably used you as a reference. Once the payments are no longer being made, the finance company will search through all of the referenced to see if they have the car. It is best to finance your own vehicle and turn this vehicle in. If you continue to pay on this vehicle and eventually pay off the loan, you will never see the title because your friend fled. What's the point on paying for something that you will never have clear title to.

IF you know which lender to report them to, you can. Doing so is really a GOOD idea because we ALL have to pay so the deadbeats can try to ride for free. Reporting them SAVES them(the debtor) money in the long run cause the lender doesnt have to pay to find them. Some people just dont know when to say" I CANT make these notes". Its a combo of pride and desperation???

IF you filed it under your B/K, you can consider it repoed and leave it at your attorneys office. That way, you can go ahead with your life and start making adjustments to the new way of doing things. No need to put it off any longer.

Call your state Attorney general for the real o'pinion. I would say even if you could they will charge them back to you....soooo 6 of one, 1/2 dozen of the other,HUH? It would be a "cost" incurred in repoing the car...

IF you can charge the fee (again ask a lawyer) and IF you can prove they had all the required information to pick the car up...they can not charge it back as inurred costs for a repossession. you made the good faith effort and told them where the vehicle was...you can not be charged for their neglegence in picking it up.

If you had the car for three years you should have sent them a certified letter telling the exact location of the car after 6 months and then applied for an abandonment title.

HECK NO, if he could have had you arrested, he would have and taken your car. He would not have worried about you signing any paperwork.He was just blowing smoke.

I don't know what the paperwork was because it was dark outside and he kept hasseling me to sign it. What do you think it probably was? I remember seeing something about 45 days and auction. I made payments on the car the next day and was able to avoid the repossession, but I am concerned about what I signed. Would I be able to get a copy of those papers? Even thought the repo did not go forward, did I incur any additional fees for that?

Jill, I think you need to go to the lender and ask for a copy. times may be tough and you may get behind but ya still need to pay attention to what ya sign. You might be MARRIED to the repoman...LOLOL

YES,its still their car. You should have had it towed away 3 months after filing. NO, you cant charge them storage.

Demand VERIFICATION of the debt. Dont say or do anything until you have verification in your hand. THEN you can prceed to make a plan. Someone somewhere had to have gotten a JUDGEMENT against your husband for the balance owing. The judgment has to be in effect for them to try to collect.