Repossession

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.

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.

NONE OF THE ABOVE. Call an attorney ASAP.

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.

Proof that you are you and MONEY to the lender. Plus any inventory fees for counting the mickey D's cups.

YES businessjournal.net txsheriffs.org Employer reimbursement for garnishment: Texas law now allows an employer to charge $10 per paycheck or the actual cost of processing of a garnishment of an employee's wages for such things as IRS liens, judgments, etc.

No, they cannot. Wages are exempt property in Texas under the property code and are not subject to garnishment.

Maria, there are some books on the market, mostly you spend money to learn something you can get FREE if you dig a little. Your best way to learn is work fo another agency for a year or so and let them pay for your mistakes. Mistakes in this business can be DEADLY and COSTLY or both. Good Luck First you will need CLIENTS, a TRUCK, and a place to store the repos. Call DCA�s Consumer Information Center toll-free at 800-952-5210. In the Sacramento area call (916) 445-1254. CHAPTER 11. REPOSSESSORS Article 1. General Provisions ............................... 7500-7500.3 Article 2. Administration ................................... 7501-7501.8 Article 3. Application of Chapter ........................... 7502-7502.6 Article 4. Licenses ........................................ 7503-7503.14 Article 5. Examination ...................................... 7504-7504.7 Article 6. Offices .......................................... 7505-7505.5 Article 7. Registration .................................... 7506-7506.14 Article 8. Conduct of Business ............................. 7507-7507.13 Article 9. Prohibited Acts and Citations .................... 7508-7508.6 Article 10. Disciplinary Proceedings ........................ 7510-7510.4 Article 11. Revenue .............................................. 7511

Yes, time heals all things. Money and repaying ON TIME helps tooo.

You should contact the bank ASAP. You will have to convince them that you WILL pay every month. That may not be easy after they had to repo the car. But TRY anyway. They have the option of collecting however they feel they wil get the most money. Its up to you to show them what that will be. Good Luck

This depends on whether the bank filed a lawsuit against you and was granted a judgment entitling them to legally garnish your wages. If that legal action was granted, they can and will take the amount granted by the judge from your wages regardless of your payment.

Lori, im NOT sure about an answer. If you will post your state or email me, I will try to give you state specific advice. Naybe someone else will answer for you who already knows.

YES, you can. It may be harder to get financed (bigger DP and/or higher interest rate) but you can. You WILL have to pay the balance due on the truck so seriously consider SELLING it. You may have to put money with the selling price to get the loan cleared but it will be MUCH cheaper that way.

Tricky subject there. FIRST, they must be behind in the payments, LOLOL Then you need the COMPLETE VIN, plate #'s will be very helpful, address where the car hangs out most will be very helpful. Then you need to find a repoperson to give the info to. If you care to email me, I can forward the info to a recovery co. in your city. They can handle it from there. reporoosta at hotmail dot com . If not, good luck

2010-09-21: who are you, a nosy neighbor? Are you trying to get back at somebody? If you feel a car SHOULD BE REPOSSESSED and you cause problems for the owner and the car SHOULD HAVE NEVER BEEN REPOSSESSED, he or she might just come back and press charges against YOU for false accusations, invasion of privacy, maybe even (if the state you're in allows it) assault and battery by defamation of character. First, define your place in this scenario, make sure you are legally covered, and go for it. But remember - sometimes it's like grabbing a dog by the ears and pulling. Ouch!

YES, usually you pay MORE down payment and/or higher interest rates.

NOT sure on this, but it seems that until they give up the right to repo by getting a judgment for the amount owed, they could still repo. Once they get the judgment, they would not have the car for security for the loan. Ill check on it and post again in a couple of days.

They may let it go due to lack of security, but remember: no payoff, no deed certificate.

Read your contract. It will tell you what default is. "Default" in leasing is when a Lessee fails to satisfy the conditions of the lease contract. Thus the lessee materially breaches the lease, and also usually when the lessee passes beyond the point of being able to remedy the breach as specified in the contract. Or, more simply, when the Lessee fails to live up to the lease contract and thus the lessor may take actions. "Repossession" is when a lessor acts to take back whatever property was leased. Terms for repossession are usually spelled out in the lease contract. Many lease contracts provide that when a breach occurs and the lessee is in default, the lessor may act to repossess the leased property. So the default may lead to repossession. But it is essential to study your contract and secure sound legal advice from a competent attorney in your jurisdiction to answer, "Can they take X away if I don't make my payments?"

A judgment occurs when a creditor takes you to court, sues you, and wins his case against you. The creditor must do this before the statute of limitations has expired for the original debt. Typically, the court will try and contact you via mail, but they do not need proof that you were contacted, and you do not have to be present for your creditor to win. The creditor only has to provide proof that the debt is owed. You want to avoid this at all costs; for it is after a judgment is issued that a creditor can seize bank accounts, assets, or garnish wages. In addition, it is easy to renew a judgment once its statute of limitations has passed. In effect, if the creditor is diligent about his renewals, you could find yourself in the position where a judgment against you never expires. A judgment will drop off your credit report after seven years, but your creditor can hound you until the debt is paid.

Gpysy, they have about a year to come get it. LOL Most wait until you are 90 days late to give you a chance to come up with MONEY and keep the car.