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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
Is it possible to take the co-signer's name off of your account?
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.
How long does it take for a car repossession to show up on your credit report?
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.
How can you find a company that would buy out a loan for a repossessed car in New York?
YES, they are called FINANCE COMPANIES and charge HIGH interest rates. If the car is already repoed, your chances are NOT good.
Can a car dealer repo your car if you are only 6 days late?
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.
Does the company repossessing a vehicle have to notify the co-signer?
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.
How long can you be late on car payments before they can repo?
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.
Do you leave Tampa Florida plates and registration papers on a car that will be repossessed?
Fl law says plates remain with the debtor so, inventory them with PP and wait on the debtor to come get them.
Can they report your car as stolen if they haven't succeeded in repossessing it?
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.
What do you do with the car if your credit report shows there is 0 balance and says charge off?
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.
If you repossess your car do you have to continue insurance coverage on that vehicle?
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.
Read your contract. In 99% of the repos , YES, you still owe the balance due.
Read your CONTRACT as they are likely stated there. They can include JUDGEMENT, garnishment of wages, attachment of other property, reporting their write off/unpaid balance due to IRS as INCOME for YOU (1099). That really bites you when you file and didnt know they sent the 1099. OUCH. Who wants to have $15,000.00 show up unexpectedly as INCOME??? BTW, death, dismemberment and debtors prison are all a thing of the past. LOL
You pay off the OTHER loan.......that was the banks idea when they connected the two together.....
Can you still buy a car if you have on your credit report that you had a car reposessed?
Yes, IF you pay more down payment and higher interest rates.
Read your CONTRACT. You have to be in DEFAULT of the contract for the lender to repo. If you are current on payments, what else can you be in default of?? INSURANCE coverage?
25% of your non-exempt income. They cant starve you but you wont be going to Disney World either.
What if the 25% is still way more than you can afford to have garnished (bills and disabled fiance are much higher)?
NO, They might , IF they wanted to go that route, charge you with "hindering a secured creditor" if you wont give up the car.
No this is a civil matter you will not be arrested for ANYTHING related to not paying your car loan.The above poster is wrong he is a repo guy who tells people these kinds of things to make his job easier.
ANYTIME you are in DEFAULT, you are gambling the lender wont repo before you get the money to them. Its just that simple.
I actually worked for 8 years for the company that repoed me. I never took it personnl and I think people appreciated it. Mostly when a veh was repoed it was a mutual understanding. In this case I wouldn't of repoed the car. Always wanted to keep the person in the car. Anyways, that's me and it wasn't my call. People do get a thrill out of it, However, I never really did. :(
Is it better to do a voluntary repossession?
It will save you some money BUT you will still have a repo on your CR.
READ your contract. It likely has "right to accelerate balance due" clause. Just as you have the right to pay the loan off early, the lender retains the right to call it due early. This depends on several factors, your payment history,if you are in default, ect. So, YES, they could refuse.
