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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
Is it legal for the bank to make you requalify for the loan after repossession?
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
In Oklahoma can a lender garnish wages for a car repossession?
YES AWG is authorized by a Federal law (20 USC � 1095a), which specifically preempts State law.
Its very likely that they can require you to pay off if you just refinanced the loan. READ your new contract in the parts about DEFAULT. If there's any doubt, call a local attorney.
AnswerIn some states, if you put down 20% on the loan, then all you will have to pay is the past due payments, plus the repossession fees. You will need to look at your contract and contact an attorney to find out if it applies in your state.
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.
Did the lender get a JUDGEMENT? What state are you in? The 7 yr. part is a fed law that a JUDGEMENT must be removed from your CR 7 yrs. from the date of judgement. As part of (and BEFORE) the payoff, try to negotiate with the lender to remove the repo from your CR. Email me if you need more info. PS Congratulations on paying the car off. You are likely one in 100000 who do so. My compliments to you.
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.
Can you report another person to the lender for a car repossession?
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???
How long after you file Chapter 7 bankruptcy in Georgia will they repossess your vehicle?
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.
Can you be forced to pay the balance due on a repossession from 1986?
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.
Depends on what interest rate the card charges and what the bank charges. Probably NOT. Your CR already has a repo on it, paying it off wouldn't remove that unless you did some magical negotiations with the bank, soo what would you gain?? Good Luck
It is illegal to disclose that information to anyone not also on the car loan, unless you had given consent (usually in writing) to do so. Your neighbors can be contacted, however, if there is reason to believe that you no longer live at the residence and we need to verify that you had moved. However they cannot be told that you owe a debt, or discuss anything about a debt. Contact with anyone, you or the neighbors, etc. after 9:00 PM or before 8:00 AM is a breach of the peace, and therefore very much against the law. Keep in mind that laws very by state, and this information is good for Ohio and Pennsylvania. If you have proof the incident occurred, you should seek legal counsel about your next step. Get statements from your neighbors as to what was discussed and the time,date,ect. Then get your phone records to prove what time they called. Then CALL a Local attorney asap. Disclosure is not legal, but there is nothing illegal about them calling at 1145 pm if they are not asking for payment.
Joey, that's a good question to ask your B/K attorney. S/He would be more familiar with your states B/K code.
How would you go about starting an auto repo business in Michigan?
Amanda, I would start by working for an established company and LEARN everything possiblr about the job. You might decide after 2 weeks that it is NOT the job for you. A business of any kind has customers/clients,equiptment/inventory(trucks,phones,storage lots), KNOWLEDGE of the territory, LAWS,accounting,CAPITAL to work with until the cash flow comes in(90-240 days), the list goes on. If you need more specific info, email me.
You get a BIG black mark on your CR and future loans will be at a higher than normal interest rate and/or a higher DP. PLUS, you will still have to pay the remaining balance on the repoed car. Do your best to SELL the car before repotime.
If they send you the bill for the remaining balance after your car is repo'd do they expect you to pay the bill all at once, **YES**if you sell it for less than you owe, **YOU must come up with the difference between what you sell it for and whats owed to get the TITLE B4 the sale is complete**how do you pay for the balance lump sum, payments, garnishment of your wages, lien on other propertyor sell it without a title?**YOU DONT**this answer may be too long for this board so email me and Ill do a better job. It is NOT easy but VERY rewarding.
If you sell your car after using it as collateral on a loan can you be prosecuted?
You could go to jail for selling a car that you owe money on. Felonies are different in different states. Call a local attorney and ask for a free consultation. If it is a felony in your state, you're gonna NEED an attorney.
Charge off is an accounting term. You still owe the money. Make them an offer IF the debt is NOT past the SOL. You say they DONT have a judgment YET so it sounds like it may be OLD. Its strange they would ask for 1/2 the balance if they don't have a judgment.
..looking for more clarification on this. If the car payment that supposed to be a repo in Illinois is showing Charged Off on credit report. Bank recently called looking for the owner and wondering where the car is at after about 18 months or more. What options is available to work this out with them at a fair cost?
it's probably not the bank calling, if it shows on your credit report as charged off they more than likely sold it or transferred it to a third party. third parties will go through any means necessary to try to obtain the money, so i would some research and ask a lot of questions first before you pay any money. and if you decide to settle the debt bargin for complete removal from your credit report and nothing less. you have to get something out the deal becasue all they want is your money.
Demand verification of the debt.
It seems there might not be much market for cars such as yours(junky, clunky, ragged out, motor blown?) so the finance co. decided to let you keep it. It's not worth repoing for what it will bring. BUT, that doesnt effect their ability to SUE you, get a judgment and/or garnish your wages, OR any other legal remedies. So if you really want to impress them, take the car to their parking lot and leave it on,say, Sunday. Big surprise for them on Monday morning. LOL
A:
After having been through this before, I can tell you that once you default, you have to give the finance company atleast 6 months (from the time it was considered defaulted, not from the time of the missed payment, usually at 60 to 90 days passed due) if at that time you still have the vehicle, you need to send the finance company a certified letter stating where the car is and that they need to retrive it. If they still don't recovery the vehicle with in 30 days, you can then go and apply for an abandonment title. After you get the title you can sell, junk or keep the car. You still owe the debt but obviously the car doesn't hold enough value at auction to try and recoup any of the debt by repossessing and selling it.
Can you sue your sibling for letting your car get repossessed?
You should call a local attorney for a free consultation. I would guess your chances of COLLECTING are slim to none.
