Repossession

A SxS in useable but not like-new condition will bring between $100 and $250. A 20 gauge or .410 will be in the mid to upper part of that range and a 12 or 16 gauge in the lower to middle part.

Very simple really,you have the right to pay it. If you don't pay it, the lender will likely seek a judgment against you. If successful, they will proceed with any other legal remedies available to collect. Those include garnishemnt of your wages, lien against other property you own, etc. You can make an offer to settle, they can refuse or settle. Last but not least, you can do the bankruptcy deal. Try your best to avoid this. It will haunt you for 7-10 yrs. Good Luck

NOT unless the contract stipulates that it will be. Otherwise, it is a contract in DEFAULT with the collateral in the lenders possession.

Bill, ONLY if the co-signor is listed ON THE TITLE as CO-OWNER. Co-signors only responsibliity is to make the notes if the signor doesnt. Signor is just USING co-signors creditworthiness.

Michigan

TITLE STATE: 1975 and subsequent years. SECURITY INTERESTS: Shown on title held by debtor. LICENSE REGISTRATION: Michigan Bureau of Driver and Vehicle Records, 7064 Crowner Drive, Lansing, Michigan 48918. Tel:(517)322-1460. RECOVERY REQUIREMENT: As per UCC, repossession allowed without committing a breach of the peace. Repossesses must hold valid collection agency license & Regulation, Collection Practice Board, P.O. Box 30018, Lansing Michigan 48909, (517)241-9239. DOCUMENTS REQUIRED FOR LIQUIDATION: Title must be in lien holder's name. Forward application for title accompanied by a certified copy of the security agreement and an affidavit of repossession. PLATES: Remain with debtor.

Notification (right to cure letter) NOT required. Repo cos. need copy of loan contract, copy of title showing you as leinholder, copy of your wrongful repossession ins. The less professional the company, the less of the above you will be required to show. Its all about CYA.

Charlie, if you signed a contract promising to pay X number of dollars for X number of months and dont pay, then the collateral will be taken back and considered "repossessed". Doesnt matter how the collateral gets back to the lender. Its a businness deal.

Greg, if you are the primary OWNER on the TITLE, you can take the car. It would be better if you did the repoing yourself. Most repo cos. wont touch this type of "repo" with a 10 ft. pole. Toooo many variables and he said/she said.

this sounds soooo simple. UNTIL you get it payed off or discharged by B/K. Lenders will sometimes accept a CASH offer, so keep that in mind at refund time. B/K will clear off the debt but your already bad credit will be even worse by doing so. Try to pay something on a regular basis if possible. Good Luck

Carly, it can affect what interest rate you pay(HIGHER THAN NORMAL), how much you have to pay down to even get a loan. It is NOT a positive thing to have on your CR.

YES, legally they can repo as long as you are in DEFAULT of your contract. However, they want the money, not the car. So do what you told them you would do, stay in contact with them, dont avoid their calls and things will work out.

I am NOT a credit score exprt, but anytime you pay what you owe it looks good.Anything positive helps a bad score. Good Luck and congratulations on the payoff.

It may not help your credit score, but a friend of mine had a repossession through Ford Motor Company several years ago. He then filed for CH 7 protection and received a discharge. When he went to purchase another vehicle, Ford contacted him. They agreed to give him a loan on the car he wanted to purchase and added the other debt on top of it. It is one way of getting another car.

Carla, the LENDER is the only one who can stop the repo. CALL THEM ASAP and be VERY convincing if ya wanta keep the car. Otherwise you will be back on your feet again. Good Luck

If the lender wants the car back and doesn't think you are going to pay because you have moved, they can find you in much less than 30 days. Look at it from the lender's viewpoint: you're 45 days late, moved, left NO forwarding address, no way to contact you. WHAT does that look like to you?

And, YES, in some states it IS illegal to hide secured collateral.

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