Repossession

Its NOT a matter of HOW late, just that you ARE late. Read your contract. That should explain when you are in DEFAULT.

What would you like to do?? Does your state require a lic. and bond?? IF NOT, so what? If so, call an attorney ASAP.

IF the lender accepts it you can.

Not to my knowledge. The lender cant say its stolen because they LET you take it from their possession. You havent said its stolen OR you would have a police report to show it was. So, it's NOT stolen, you are hiding it to hinder repossession. Hope that's not a felony in your state.

My contracts state that if the borrower takes the vehicle out of state when in default that I could report the vehicle stolen. I never have tried, but I did pay an attorney to draft them up for me years ago.

In wild and lawless Nevada...

the original creditors claim should drop off and the CA claim stay. Double?? Likely, the unterest and fees are building up. Try to settle this somehow. They WILL deal.

On ANY repo, you pay the balance due AFTER the car is sold. Payoff = 5K, car sells for 2k, fees = 1K, you owe 4K.

Chris, I dont know the answer to the question YET. I will find out today. Email me latyer on and Ill have it for you. What does the lender "say" they will do???

Check your contract for anything special, but I see no reason why they cant.IF you are in DEFAULT, YES, they can repo.

no you were more late then your saying I bet.

Legally, a lender may contract your vehicle for repo at midnight the day youre payment is due. Most wont, but legally they can reposess your vehicle the day after your missed payment

In most states, you will owe whats left owing after the ins. co. pays.

The co-buyer should contact the LENDER and ask to have the buyer removed from the loan. Nothing can be done legally without the LENDERS approval.

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GOOD question. Read the contract. Were you in default of it?? Why didnt you TAKE the car back? Why did they have to come get it?

BAD news. They have already tried to let you make payments. This time they will want ALL of it.

"remaining balance" as in what you are behind OR the remaining balance due on the loan??

The debtor GETS the surplus, the debtor PAYS the shortfall owed.

Anyone can sue anyone for almost anything. Winning and collecting any judgment is another thing.

What is a repo? Repossession occurs when a contract is in default and the lender takes possession of the secured collateral.IF your situation doesnt fit that description, call an attorney NOW.

Roosta, yes I meant "repo" to mean repossession. The lender had my car for 3 days. I paid what I owed to get my car back and paid for 1 1/2 years. I still own the car. It has been paid in full for 2 years. But when I made the last payment in Dec of 2001, they list it as a repossession. But the so called repossession happened in Feb or 2000. Like I said they had my car for 3 days. I didn't realize they had it listed as a repossession until recently when I tried to get some credit for a new car. I have filed a dispute with each credit reporting agency, but I have to wonder if they will take if off.

NO, its not illegal. If you really want the car repoed, take it back to the lender and leave it in their parking lot. It is costing you HIGH interest and late charges to keep driving the car. Good Luck

as long as you are in DEFAULT of the contract, they can repo the car. Dont forget the time element involved between you paying up and the repo co. being notified that you did pay. Have your reciept ready to show the repopeople that you DID pay and WHEN.

Were you in DEFAULT of any other part of the loan contract?? INS?? Illegal activity?? ect??? If not, you have equal rights to the car. You can repo it back, let them keep it(probably best) OR call a local attorney for state specific laws.

It depends on what state you are in that you chose NOT to post.

Not sure I understand reply. I co-signed loan with ex, whom lives in other state now. Car was reposessed in that state and I was not notified by ex. I did not know car was sold at auction since bank sent me its notice of intent to sell to an out-to-date address ( I found this out after contacting bank upon learning of repo). I can prove the bank had a current address on me. Can I fight the deliquency balance since bank knowingly sent notice to wrong address.

family, friends, crooks, loansharks? How good is your credit now? Call a few banks and find out. Do you have anything else to put up for collateral on another loan?

Other than digging a hole and burying it, if a Repoman can get a clean shot at the car it's going to be gone. With the tools that I carry, it will be recovered within the boundries of the law.

The insurance company would not be interested in repossessing a car that has been completely demolished. The insurance company will pay over any damages to the loan company since it has a lien on the car. You would receive any amount remaining after payment of the car loan. On the other hand, you will be responsible for any remaining balance owed on the car loan. That is why "gap insurance" is important for a financed car. Gap insurance pays when the amount of compensation received from a total loss does not fully cover the amount the insured owes on the vehicle's financing.

I believe that once the car is sold at an auction or other means, you are suppose to be provided with paperwork showing you the amount it sold for and any remaining balance. If there is a remaing balance, you will probably be ask to pay it.