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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
Talk to the lender! Don't let an "agent" get in the middle and confuse you. Let the lender tell the agent what to do.
UPDATE: The lender is who detailed the payments necessary, including the amount for the agent. Turns out, the agent is the person who collected my car and was holding it.
"LETTER"? What letter do you need to get your car back? If you don't remember how much you owe, just ask them.
YES, read your contract again to see what you agreed to. Tx is still part of the United States so the laws are still (mostly)uniform across the land.
What happens to your credit if your car is repossessed and what are your monetary responsibility?
Likely, you will be sued for the amount owed after the car is sold. IF they get a judgement, they will have the option to garnishee your wages and/or attach other property that you own. YOU will have the option to try again to work out a payment schedule that you CAN afford on a car you DONT have. Or do the B/K route. Your credit will NOT be good either way. It is NOT fatal. Hard work will pull you back up.
Can a co-signer for a car repossess the car for non-payment and or failure to maintain insurance?
NO, a co-signor cant repo anything. IF your name is on the TITLE as co-owner, you can take possession. NO name on the title, all you can do is work with the lender and take care of it that way.
IF you can pay it off AFTER it is sold, it will still show as a repo on your credit. BUT if you can payoff then, pay it off NOW and you get to keep the CAR.
To take possession, you MUST be named on the TITLE as co-owner. the LINHOLDER will wanting to be sure the car has the required ins. coverage. IF you are on the LOAN as co-buyer, you will have to make the loan CURRENT if in default. It would work out better if you contacted the LEINHOLDER for state specific advise on the matter. If you are NOT on the loan, it could be repoed for 3rd party possession in your possession.
same as provided the buyer...you're equal partners in the deal. When you co-sign for a laon, you assume certain responsibilities to keep an eye on your loan. A prudent person would, dont you think???
What happens after a car is repossessed?
After repo, the car is sold at auction(usually) and you are expected to pay what is left owing on the loan. At this point, you can make the lender an OFFER to payoff(CASH), you can attempt to make payments on the balance or you can wait until the lender takes you to court. IF you don't go to court, they will get a default judgment and then the fun begins.They can garnishee your wages(if you work), attach your home,ect.(if you own one) ect. Do your best. OR you can declare B/K. That is LAST option. B/K lasts 7 yrs. and is a real pain.
If you buy a Cobra Slide-In Unit for your truck will you need anything else to repo cars?
Its not as easy as it seems. Is your truck gonna handle the work SAFELY? REPO insurance is sky high.
well, if you want the loan AND the car, go get it. Tell the bank that you will keep the car.The bank really doesnt want the car, they want money.Otherwise, the bank will let him give it up if he cant pay. THE co-signor is the one with GOOD credit. If the signor didnt need help getting the loan, there would be no "co" signor.
READ both loan contracts. IF they have a term "CROSS_COLLATERALIZATION" in them, debtor has no recourse. This can only happen if the contract has that clause in it and does happen when you have multiple loans at with one lender.
If you stop making payments on your car and move will the repo man or finance company find you?
finding people who dont want to be found is the repomans job. MOST of them are VERY good at it too. good Luck on hiding the car. Remember, cars dont just fall off the face of the earth. Someone knows where they are.And usually will tell if the price is right.
try stoptherepoman.com, I found it and it's a great website that has answers to all of your questions. and saved my car from repossession....
As a "collector" I find it is sometimes easier to locate people out of state. Most people leave a BIG MESS behind, and someone is always willing to help ($$$ will turn people, everyone has a price!) If they are still around the "feel bad for the idea of it, but distance an an anonymous "helper" get's the job done.
Repoman?? NO,NO, and NO. the sheriff?? IF he has a replevin OR warrant, YES. In ANY state. And for the repoman to say he can is ILLEGAL. Call an attorney.
How can you get a 1997 repossession off of your credit report?
http://www.bankrate.com/goocalf/search/story-advice.asp Getting it off? NOT likely. Improve it? Maybe, if you settle the debt with the lender. Get it marked "paid as agreed" IF you negotiate some type of deal with the lender. It is just a report of what happened. try the above link for more info. Good Luck
Chances are good the bank sold the account to a collection agancy. Contact a local attorney for state specific info.
NO, there are no more debtors prisons.
If your car is repossessed by a 'buy here pay here' dealer does it affect your credit?
Only if the dealer reports it to the credit bureaus.
If your car was repossessed and they are taking you to court what can you do to get out of it?
declare Bankruptsy comes to mind first
Well, it will be hard to dispute that you were in default and they repoed the car. Also, hard to dispute that you still owe money after the car was sold. Soo, you might consider Bankruptcy if you really dont want to pay what you owe. B/K attorneys love to give FREE consultations.
The lenders have deadlines, you have dealines, somewhere they have to meet. Its always "bad" to hide a car. It is only putting off the inevitable. Sorri, I dont do 'white Lie" discussions. LOL
Can a co-signer have a car legally repossessed because of non-payments?
NO, that is the job of the leinholder. YOU dont want the responsibility of repoing it either. IF you are listed on the TITLE as co-owner, you can go get your car. Otherwise, sit back and enjoy the fruits of co-signing.
If you cover the VIN number on your car can the repo man still repo the car?
There are several places where you can find the VIN other than on the dash. We try to verify the VIN that way first and if we are unable to do so that way, here in Ohio I can call my local police department and they will verify the VIN by cross checking it with the license plates on the vehicle. If the car has the correct plates for that make and model of vehicle and the VIN doesn't match the one that I'm looking for, then I leave. If the plates don't match the type of vehicle, then the police will impound the car for having fraudulent or incorrect plates and we can verify VIN from the police impound lot and repo it from there.
More Information:
Most REPO people will just try the key and if it works GO. This is of course illegal but they don't care. That's why it is important to change the locks and frequency of the auto locks.
Cars with incorrect plates can only be towed on PUBLIC property. If it is parked in a driveway or parking lot (say at your office) this is PRIVATE and cannot be towed. Unless the owner of the property says so.
A smart repo agaent will VERIFY the VIN before taking the car. Most people don't cover all the VINs.
Colorado
TITLE STATE: Yes. SECURITY INTERESTS: Shown on title held by lien holder. LICENSE REGISTRATION: Colorado Motor Vehicle Division, 1881 Pierce St., Lakewood, CO 80215. Tel: (303)205-5608. RECOVERY REQUIREMENT: Repossession allowed without committing a breach of the peace after 20 Day Right to Cure Letter from lien holder to debtor (except skips, leases, lack of insurance or third party possession). Must notify LEA with jursidiction within I (ONE) hour of repo.
PLATES: Remain with the debtor.
colorado
lets say the total of the payments are $20000.00. And you have paid $10,000.00 on the loan. The car sells for $5000.00. That leaves $5000.00 for you to pay. These are round numbers for examples only. there will be other fees added in that will change it some.
Can a car be repossessed from repair shop?
not sure which Hill & Associates you mean. Can a car be repossessed from repair shop?": YES
Hold that thought because here in Ohio if a car is up for repossesion and it is sitting at a repair facility and a bill is owed on the car for repairs it cannot be repossesed unless the repair bills are paid to the shop. the shop owner has the right to hold the car and notify the bank or finance company. they will either pay the bill to the shop and retrieve it or write it off. At that point if the shop owner cannot get the person to pick up the car they can file for a title for the vehicle.
