Repossession

2nd yr of 6-yr loan, b/k 2yrs ago,???? You just cant quit can ya?? Buy something you can PAY CASH for and leave the credit alone.

The limit is in the contract you signed. It likely says that when you are in default the lender can repossess. That means anytime you are behind at all... even one day, although most places wouldn't do that. They would rather get the payment rather than go to the trouble to repossess.

There are none. As long as you remain delinquent on payments, or until other arrangments can be made with the seller, the vehicle is still theirs. And they can come and get it anytime they want.

For all practical purposes, YES.

The Lender may or may not want to repo a wreck. Bankruptcy, same deal. Call the lender, tell them what the car looks like, and let them decide.

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File bankruptcy if you are buried in unsecured debt, not to save the car. Especially a wrecked car.

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"Repossession" looks slightly better (not MUCH better) on a credit report than a Chapter 7. Let it get repossessed.

If the sibling has the car with permission, you CANT report it stolen. If you are listed on the TITLE as owner or co-owner, go get the car. If you are listed as leinholder, have some type of proof that sibling is in DEFAULT of a loan using the car as collateral, go get it or hire a repo agency to get it.

IF the TITLE is in YOUR name as owner or co-owner, go get it. If you LOANED it to them, you might send a registered letter demanding they return the car and give "X" days to do so. Then you can report it stolen. They cant steal it as long as they have your permission to use it. Check with a local attorney or your DA for state specific advice.

As a rule, YES. It is up to the lender to post a repo on your CR and most do it automatically.

I recommend discussing it with the LENDER. Ask for "help" in "locating" the car. If that doesnt work, contact a FL repo company for advice. NOTE. Is the TITLE in your name(owner OR co-owner)? If you are simply on the LOAN contract, you are in a mess.

""co-owner of a vehicle"" means you are listed on the TITLE and just that. ""collateral for a loan by one of the parties and also had a co-signer"" IF you are not on the loan, then you are not responsible for paying it. The signor and co-signor will have to pay the loan. However, IF you want/need the car, you may wind up paying the loan just to get the car. Otherwise, you lost your car if it gets repoed.

Lets try this; Co.A sells your loan to Co.B for "cash". Now Co.A wants to repo your car? IS that the question? If so, how Co.A got paid is immaterial to you. They could have been paid in widgets as long as Co. A and Co. B were happy. Id Co. A sold with RECOURSE to Co.B and you DEFAULT on the loan, then Co. B will tell Co. A"its back to you now, GO REPO IT". If i understand your question right, the answer is YES.

You answered your own question. CROSS COLLATERALIZATION.

YES it hurts for about 7 years.

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.