Repossession

You know how far behind you are, sooo, you should have that amount READY to send/give the lender to have any hope of continuing the loan relationship. In any case, you will have to contact the lender to resolve the issue, if only to tell them where to p/u the car. It will take much convincing to get the lender to OK your plan. If you need more info, email me.

I don't think keeping a car slated for repossession in Illinois is a felony.

Yes you can it is a felony in the state of Illinois if you hide your car or any morgaed property from a secured creditor,It is called Concelment of Colleteral.Check the state of illlinos genaral assambley web site

ENTIRE balance Due including interest and fees - sale price. BUT, the lender can take an OFFER. cash works best. LOL bargain, negotiate, wheel and deal. good Luck

YES, concealing mortaged property is a felony in most states. It is one of the lenders many legal options.

WHy should they refund your money? YOU didnt complete the deal. You tried to buy a car knowing your credit wasnt good enough.

are you kidding me..... that is the worse answer i have read on this board. You should and WILL get your money back, if you dont i would start contacting news stations,and your local paper

Dont know what state you are in but My state requires it(paperwork) for you to operate the repo on the road. Even if the state somehow didnt require it, it would only be common sense to have it in case you get stopped, shot or otherwise legally involved.

YES, they can. The person who sold the car can be charged with selling mortaged property(felony in most states).You will be out your money. best to take the car back to the seller and get your money back while you have a chance.

WHy would you want to file countersuit??? What would you sue for? You cant sue until they sell the car for an unreasonable low price so then you cant prevent low ball sale. After its sold for low ball price, you have to either prove the lender "gave" it away OR they broke some law in doing so. If you are soooo worried about the sale price, why dont YOU sell it/get someone to assume payments. that way you control/know how much balance is owing.

After sale of car, lenders options are get a judgement, garnishee wages, attach other property. Each is at the lenders option. try to work out a pyment with the lender that you can live with. lenders dont really want to spend any more money on your account than they have to, but do want to collect as much, as quick as possible. Good Luck

About the same as any repo. The impact is that you couldn't complete the agreement for whatever reason.

Same as a repo. A repo is a repo is a repo.

That is correct, there is no difference in voluntary and involuntary. Stays on your credit report for 7 years. Don't let it happen to you.

It is not that bad ....in fact you can probably get another car just at a higherinterest rate... besides someone has to keep wonk and clay in business.

YOURS

Unless you get the lender to agree to an offer, you will pay the balance due for payoff(repo fees, late charges,ect. have likely devoured any reduction in interest you would have seen for early payoff)

dont see why not. I've repoed a car within a hour of getting the assignment.

You are a big hearted person to buy and finance a car for your ex. Not smart but big hearted anyway. Why didnt you take the time to CYA with a repo clause?? Couldnt find a real contract to copy?? Anyway, you have 2 choices;BE big hearted AND smart and GIVE the EX the car. Best choice. Next time, get a real contract.NO. 2. Take the car, ex is broke(behind), cant fight you in court, kickem while they are down. yeah, you can repo the car. good Luck.

READ your comtract on the loan and the card. Word to look for: cross-collateralization

NO they cannot. Credit cards are unsecured loans. (not secured by any property/collateral) You can have them discharged through bankruptcy.

YES THEY CAN. Read your contract. I'll bet it says they can accelerate (call in) EVERY loan you have with them if you are in default on ANY loan with them. And some even say "or with any other lender".

YES, its called a writ of replevin.

as a repo

The LENDER is responsible for every detail of a repossession. They may pass the costs of repair on to the repo company.

If you have enough down payment, you can get financed at any tote the note car lot, any sub-primelenders(CAC,JDByRyder,ect)

Payments are the entire balance due after the lender sells the car and YES, in most states they can garnishee your wages.

You can make an offer in any state. Its up to the lender to accept or reject it. Has the lender tried to work with you on payments already and it didnt work out?At this state of the game, the lender wants more than promises. They want MONEY NOW. The more the better. They can get 25% of your disposable income by garnishment so why would they settle for less in an offer? Its time to get serious about paying this debt. Good Luck

Amanda, if you are behind on the payment, youare "in trouble' with the lender. you are in default and could be repoed by the lender at any time. they just havent pushed the issue YET. Co-signor can only 'repo" IF they are listed as co-owner on the TITLE.

Paying off what still owed on the loan is a GREAT start.

Only on your CREDIT REPORT. DMV doesnt care how you got it or got rid off it, as long as ya dont steal it or sell before ya pay for it.

An attorney can do almost anything YOU PAY THEM TO DO.

But remember, roosta, the other side has attorneys, too, and they may be better paid!