0
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
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.
If your car is repossessed and you pay to get it back does it stay on your credit as a repo?
It is up to the LENDER to report a repo. Usually they DO report it and it stays on your CR for 7 years.
IF you signed a loan with the CU and used the car as collateral, YES IT IS LEGAL. And it is WISE for you to pay.
It belongs to the lender and YOU get to store until they come pick it up. yes...but dont forget to let them know you will be charging them a $60 a day storage fee, just like you would get charged.
i would be ready to NEGOTIATE the CR part before I called. For such a small amount due, it would be reasonable for Chry to make some kind of adjustment on whats reported to the CRAs.maybe an attorney could negotiate better than you?? good Luck
Who can you call to repossess a car for you?
http://www.interstatesocal.com/Interstate.htm PIRATE AUTO RECOVERY, INC RA 1297 603 B East University Dr, PMB 287 Los Angeles Phone : 310.532.3772 Fax : 310.532.3734 call CALR for refernces to more companies John Heinkel Talon Auto Adjusters San Diego (619) 588-5036 Any person who engages in repossession activity (other than a licensed repossessor), Is guilty of a misdemeanor which is punishable by a fine of $5000 or by imprisonment in the County jail for not more than one year, or both. [B & P 7502.1(a)] Any person in possession of collateral who conceals property with the intent to defraud a creditor may be guilty of a felony. [PC 154, 504a or 538]
If you are 49 days late on a loan can they repo at any time in Colorado?
After sending you a "20 day right to cure" notice they can.
Heck NO. LOL they might want you to THINK that...
Can your car be repossessed if the payments are up to date however the insurance has expired?
it depends on the stipulations in your contract. in most cases any breach of cantract can be grounds for repo
YES, you are in effect, buying the lenders interest in the loan and assuming their rights,including the right to repo.
How long does it take for the bank to write off a vehicle if they are unable to repossess it?
I think it varies on how long and who the finance company is but the last time I made a payment on my truck was November of 2007 and its January of 2009 and im sill driving it
Can you ever get another car loan once your car is repossessed?
Sure, you can. The entire sub-prime lending market is waiting for you. Max legal interest rate, higher DP, its all about you. The OCC bulletin 2001-6 says:
"The term "subprime" refers to the credit characteristics of individual borrowers. Subprime borrowers typically have weakened credit histories that include payment delinquencies, and possibly more severe problems such as charge-offs, judgments, and bankruptcies. They may also display reduced repayment capacity as measured by credit scores, debt-to-income ratios, or other criteria that may encompass borrowers with incomplete credit histories. Subprime loans are loans to borrowers displaying one or more of these characteristics at the time of origination or purchase. Such loans have a higher risk of default than loans to prime borrowers.
If you volunteer a repossession do you have to pay off your car loan?
YES, you have to pay off the loan. You have agreed to pay the lender X number of dollars for X number of months in return for letting you use X number of dollars to buy a car. Once the car is sold, the sale price is deducted from the balance due and you still owe that amount.
