Repossession

read the contract you signed. It likely states that YOU will pay ALL fees associated with collecting on the loan if you are in default. YES

One can either take the bike ones self or hire a recovery agent to do it. Does one know where the bike is? Do one have a key to the bike? Do one have somethiong to haul the bike on?

PS. is one's name on the TITLE? id not, one is in a bad place. If one is ONLY on the loan and not the TITLE, one has been had.

"""the co-signer do if the lender can't"""????????? New one on me... IF the debtor/signor cant/wont make the payments, the co-signor is obligated to make the payments to the lender. The co-signor can demand/beg/plead/con/coerce the signor to let co-signor have possession of the collateral just like the lender will if the payments dont get made. Does that help?

No. A C&D letter is simply a request to cease contact. The vehicle can legally, and probably will be repossessed.

"vehicle cannot be found anywhere? " NO candy for you...If you were the bank, would you believe that line?? Rem ,Cars DONT fall off the face of the earth. Spmeone's bbaby's mothers aunties boyfrined is driving your car. IF it was stolen, YOU would have reported it to the cops.Good Luck http://www.capitol.state.tx.us/statutes/cvtoc.html CHAPTER 31. JUDGMENTS SECTION 31.001. PASSAGE OF TITLE SECTION 31.002. COLLECTION OF JUDGMENT THROUGH COURT PROCEEDING SECTION 31.0025. AUTHORITY OF COURT TO ORDER TURNOVER OF WAGES SECTION 31.003. JUDGMENT AGAINST PARTNERSHIP SECTION 31.004. EFFECT OF ADJUDICATION IN LOWER TRIAL COURT SECTION 31.005. EFFECT OF ADJUDICATION IN SMALL CLAIMS OR JUSTICE OF THE PEACE COURT SECTION 31.006. REVIVAL OF JUDGMENT SECTION 31.007. PARTIES RESPONSIBLE FOR ACCOUNTING OF OWN COSTS SECTION 31.008. PAYMENT OF UNCLAIMED JUDGMENT SECTION 31.010. TURNOVER BY FINANCIAL INSTITUTION

What happens now is up to the LENDER. They may or may not want the wreck, but they certainly will want THE MONEY owed on the loan,

ANY time you are in default, they can repo the car.CALL the bank about the problem, dont create another problem to be dealt with.

the BALANCE DUE at time of repo PLUS repo fees and fees to come later.

IF you were NOT in DEFAULT, then it was a wrongful repo and you shouldn't have to pay. Call a local attorney NOW.

The lender will tell you ASAP after the repo if you call and ask. Or they will send you letters stating the BALANCE due after the car is sold. Communications is the way to go.

If it hasn't been repoed yet, try to sell it yourself. You should get MORE than the lender will if they sell it. You will HAVE to do this with the lenders agreement. By all means, stay in contact with the lender and BE HONEST with YOURSELF and the lender. You are in a credit mess that will be hard to get out of.

Is this a short term problem or a long term problem. Are you behind on 1 payment or 2 because you lost your job (long term) or you had unexpected expenses(short term).In the case that this is a long term problem you should try to sell the vehicle or trade down. Remember you may still have a balance to pay after you sell the vehicle. Should this be short term problem ie: laid off with return date,unexpected expenses (medical bills repair bills etc)you should contact you lender and see about an extention or deferment depending on the lender. An extention is where you would move the November payment to the end of your loan and your term will be extended by one payment. A deferment will move your November payment to the end of the loan and add it to your last payment. You will end up making a double payment at the end of the loan. these are 2 examples from 2 different lenders. Ford Motor Credit does extensions and Arcadia TranSouth Citigroup does deferments. Check with your lender they maybe able to help you.

YES> IF the lender determines that your credit score meets their requirements for the loan. Is your credit GOOD enough to got the loan without a co-signor? Yes..In most cases prime lenders will remove if you refi or re-qualify with your credit. No...In the case that you're are dealing with a sub prime lender they will remove the co-signer from the title but not the contract. Some lenders prime and sub prime have different rules but the one listed above are usually the general rule of thumb.

1-6 months depending on the lender.

Once the vehicle is picked up and sent to auction which will happen in 30-60 days.Once the paperwork is processed when the vehicle is picked up the cbr should be updated within 30 days.

YES, they are called FINANCE COMPANIES and charge HIGH interest rates. If the car is already repoed, your chances are NOT good.

Read the contract you signed. Does it include a GRACE period? If so, were you past that also? Does your state require Lenders to send a "right to Cure" letter before they repo? In states that do NOT require the "right to cure" notice, 6 days means they couldn't find the car for 3 days.

Read the contract you co-signed. It should relate the info you want. USUALLY, lenders dont notify the co-signor until the car is sold at auction and its time to PAY UP.

Most likely the check will be made out to you AND the LENDER.

The insurance check will most likely have the lender name on the check. therefore, the lender will either use the check for the original intent, to have the repairs made, or keep the check and salvage the vehicle holding you responsible for any shortage in the original loan value. by the same token you should be refunded any money if the check exceed the balance of the outstanding loan.

Start by reading your contract. Then CALL the lender who sold it to get the balance due.

Read your contract. One day. As long as you are in default of the contract, the lender can repo the collateral. That could include no ins. coverage.

Read your contract. Basically, you have the right to pay the default amount, the repo fees, storage,ect and get your car back. UNLESS there are other defaults you forgot to mention.

Fl law says plates remain with the debtor so, inventory them with PP and wait on the debtor to come get them.

rport it stolen?? Who will take the report?? Barney Fife??? NO, cause its NOT stolen. The 'stolen" line is a sure sign of a LAZY repoman. Or an uneducated repoman who believes everything they hear. How can you "steal" your own car?

The lender CANNOT report the vehicle stolen. You, as the registered owner, are the only one who can make that report to the police.

Simplest way to deal with it is to call a local wrecker company to come get it.

""Car was reposssess."" You answered your own question.

I take it you mean, if your car IS repossessed. In that case, IF you dont plan to redeem it, NO. NO car, NO insurance. Once the lender repos the car, they are responsible for the insurance coverage.