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
NO...but you can CALL the lender and ask to pay it off.. Virginia TITLE STATE: Yes SECURITY INTERESTS: Shown on title held by lien holder. LICENSE REGISTRATION: Virginia Department of Motor Vehicles, P.O. Box 27412, Richmond, Virginia 23269-0001. Tel.:(804)367-0063. RECOVERY REQUIREMENT: As per UCC, repossession allowed without committing a breach of the peace. DOCUMENTS REQUIRED FOR LIQUIDATION: If Virginia title, must be in the name of the lien holder. Will accept repossession affidavit from other states. PLATES: Remain with debtor. http://www.virginia.us/cmsportal/ http://legis.state.va.us/Laws/CodeofVa.htm
YES, they can and DO. Read your contract about the re-instating part. Was this your 2nd repo?
IF you didnt get all your PP back, you can complain to the LENDER who had the car repoed. If that doesnt get it back, you can contact a local attorney. Plz keep in mind that some sort of proof the items were IN the car will go a long way. If you are missing CASH, plz have a reciept that you actually had possession of an amount equal to or greater than what you are claiming. It helps if the reciept is dated in the week of the repo. Just be prepared BEFORE you make claims. It helps people to believe you quicker. Good Luck
When your car is going to be repossessed can you be arrested if the loan company can't find the car?
Under some circumstances, YES. Do you really want to go to jail for a car???? WHY cant they find a car YOU are supposed to be driving and paying for?? NO, you cannot be arrested....UNLESS, there is a "Writ of Replevin" (court order) that you must at that time turn the car over or tell the lender where the car is. Without the court order it is a civil matter and you CANNOT BE ARRESTED.
Do you have to pay a remaining balance if a bank repossessed your vehicle?
YES. Read yo contract.
Not unless the bank auctions the car for less than if left on the loan (which is usually the case). Also, the only way to not owe after repo is file bankruptcy, in which you loose your liability on the car.
Contact a local attorney and have your paperwork ready. If theres a dollar to be made, they will tell you quickly. Dont be surprised if you find out the ORIGINAL lender had to take the loan back when you were in default. Its called 'recourse".
Read your contract. Reinstatement is decided by the lender not the state. Michigan
TITLE STATE: 1975 and subsequent years. SECURITY INTERESTS: Shown on title held by debtor. LICENSE REGISTRATION: Michigan Bureau of Driver and Vehicle Records, 7064 Crowner Drive, Lansing, Michigan 48918. Tel:(517)322-1460. RECOVERY REQUIREMENT: As per UCC, repossession allowed without committing a breach of the peace. Repossesses must hold valid collection agency license & Regulation, Collection Practice Board, P.O. Box 30018, Lansing Michigan 48909, (517)241-9239. DOCUMENTS REQUIRED FOR PLATES: Remain with debtor.
state website = "www.state.mi.us"
YES, they can LEGALLY. This is more often used by collectors as a scare tactic than actually done.
YES, ALL events relating to account activity should be on the CR. If the negative reports can be on it, the postitive can. Contact the CRB and get the info to add it.
How hard would it be for a person to get a car back after a repossession?
1st repo?? Pay the arrears and repo fees, have ins. coverage 2nd repo??? Most likely have to payoff the loan unless the lender is in a really good mood. Read your contract
IF you contact the lender that has the loan on it and IF the lender approves you to assume the loan.
Will gap insurance help if your car is repossessed in Arizona?
WHAT "GAP" does it cover?? The gap between your down payment and what the car is worth or the amount you lack to be current with the payments? Read your "GAP" ins. contract to be sure of the coverage. I've never heard of it covering a repo.
You have the SAME rights the buyer has,pay it current,ins, it, pay the notes on time OR pay off the loan. That gets it out of repo. IF no one does that, your rights are still the same. You can be sued for the balance due after the lender sells the car.Your wages garniaheed,ect. The reason for repo is default NOT criminal action.
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.
