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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
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)
Can a car be repossessed before the end of the business day?
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".
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)
What payments may you have to make if your car is repossessed and can they garnish wages?
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.
What are the best ways to rebuild your credit after your car was repossessed?
Paying off what still owed on the loan is a GREAT start.
Does a car repossession go on your DMV report or only on your credit report?
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.
Can an attorney challenge your repossession mark on your credit report and get it cleared?
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!
How would you find out what is needed to start a repo business in Missouri?
Recording: Uniform Commercial Code adopted July, 1965. Ownership documents, lien perfection, security agreement filed by lienholder with Department of Revenue, Bureau of Motor Vehicles.
Recovery: One time cure law in effect in Missouri; all others per contractual agreement.
Redemption: Ten (10) days.
Deficiency: Permitted.
Special Motor Vehicle Provisions: Liens are noted on Certificate of Title.
Documents Required to Transfer Ownership of Motor Vehicle: Assigned Certificate of Title; certified copy of security agreement, affidavit of repossession and notarized Bill of Sale. PLATES: Remain with the owner. http://www.sos.mo.gov/adrules/csr/csr.asp
Rachelle, try to make a deal with the lender to return the car without the repo. At least ASK them to do it. It is their choice.
Can your credit recover from a repossession?
YES< YES <YES. IF you work hard enough at resoring it. It will NOT do it by inself, it takes effort on your part. It is definitely not impossible. Many have overcome repos, charge offs ect. and gotten back their GOOD credit. good Luck
NO, as long as he co-signed the loan, he is standing good for the payment. They can get a judgment against him and garnishee his wages . Dont let that happen to your Dad.Take Care of Your Business.
First, READ your CONTRACT. See any violations? then read the top of the page where you posted and put your state in your message. Then you can get state specific info. sorri, I can't read minds.PS, how do you KNOW they didnt contact the co-signor? Maybe the co-signor told them where you were??
Can you still finance a car with two repossessions after chapter 7?
With enogh down payment, you can get a car with 10 repos. The more repos, the more DP needed. probably get a higher interest rate too.
If you are avoiding repossession by hiding your car is it still considered repossession?
that's like saying, "I was speeding, the cop couldn't see me cause I had MY eyes closed". If you are in default of the contract, you are liable to be repoed. Simple and to the point. In most states, concealing(HIDING) leined collateral is a FELONY.
lets get the FACTS straight. Heres what I'm seeing. A(person) buys car from (dealer) D.D "co-signs" the loan. A defaults on loan and D repos the car. B(bank)reports repo on A CR. Simple. A had loan in default, got repoed. Repo goes on CR because it happened. WHO did the repo is immaterial. Repo doesnt go on D because D "PIF".
The repo will effect your credit. The judgment the lender will get will effect your obligation to pay the deficiency balance. the letter wont effect anything UNLESS the car WAS stolen.
YES, your loan was in default. NOW. the lender will likely get a judgment against you if the car doesnt sell for enough to pay the balance on the loan. Dont forget the interest for the last 5 yrs.
Hey, you did good. A free ride for five years before you got caught! Say a grand for those last three payments, about $450 for 5 years interest, a couple hundred for repo costs, and three late charges (don't let them charge a late fee for every month you were late - they can only charge one for each payment missed). So you rode for less than $35 a month.
The lilelihood is very good, almost certain, you will have a balance due after the sale. The only way they could get the full amount due is IF you had made a HUGE downpayment. You will have a repo and a judgment on your CR IF you don't pay any deficiency balance.
