Repossession

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.

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)