Repossession

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.....

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?

YES.

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. :(

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.

PP is usually considered what would fall out if you could turn the car upside down. If the 'other" person had a legally perfected lien on the wheels, they would have "rights".MERRY CHRISTMAS

READ the contract. What does it say pertaining to DEFAULT?? Look for a clause that says "right to accelerate the balance due"? Someone did put down a lot of money and desnt owe much BUT, the contract and state law determines what happens. Merry Christmas

It makes it LOWER. 2 ways. Get it taken off or wait until it goes away.

You CANT legally. She could report it STOLEN if you did. Best thing to do is contact the LENDER and assure them that YOU will make the payments IF they will repo it. AND get the registration out of her name. They can do that AFTER repo. Good Luck and MERRY CHRISTMAS.

First you drop the car off at the dealership.Then CALL the lender and let them know where,when and how it got there. The Lender will have it taken to an auction and sold. next the lender will call you and tell you how much money you owe on the loan.They will want you to pay it ALL at once. If you are like most folks, you wont be able to pay it. At that point, the lender will likely get a JUDGRMENT for the amount you owe and pursue other legal options.

Because the lender repossessed the car from where ever it was after being totaled.IF you had gotten the car back after it was totaled, it couldn't have been a repossession.

IF the car was stolen, reported as stolen to the cops, the ins. should be paying the loan off. IF the ins. co. does not think the car is stolen, they wont pay and its as if the car was NOT stolen. So, you have to pay notes and insurance on the collateral. Bottom line??? HELP the ins. prove it was stolen and the problem will go away. MERRY CHRISTMAS.

best track be to volunteer turn in one car, quit paying credit cards, once repo gets judgment against, file Bankrupsy? BEST track be to keep both cars, GET TWO JOBS, pay off cars & credit cards,live happy ever after in FL or PA or where ever the JOBS are. You CAN do it. The contract you are wanting out of didnt say anything about "wont pay if divorce,lose job,ect.", it said "I WILL pay X dollars for X number of months. It didnt say "I will pay as long as the sun is hing and the roses smell good."Why do I answer like this? Because you seemed to ask for the BEST track AND I believe YOU CAN DO IT. MERRY CHRISTMAS

"Is it a crime not to allow the car to be repossed? YES, its called "Hindering a Secured Creditor". What happens if the bank cannot find the vehicle?": How can they NOT find it?? Cars DONT fall off the face of the earth. Some one somewhere HAS the car. If the debtor doesnt have it, the debtor should report it STOLEN(if they dont know where it is). If they know, they should tell the lender who has it. Simple as pie.

No, it is not a crime as long as there is not a court order in effect.

It is a civil matter, not a criminal matter.

If the vehicle is secured in a locked building, the tow driver can't get the vehicle. You do not have to answer any of his questions, or tell him where the car is. That's legal.

If the lender gets a "Writ of Replevin", a court order, it will be served by a Sheriff's Officer, and that you will have to abide by. If you refuse to surrender the car at that time, you can be aressted for violating that court order.

If there is no court order, you can hide the car all you want and DO NOT have to tell the tow driver anything.

It only becomes a criminal matter if a court order is in effect.

Remember, the repo tow drivers will tell you anything, however they CANNOT threaten you with arrest. That's illegal!

YES,, CALL the lender and find out HOW MUCH it will cost to do so.

In NYS how long do Banks/FCU's look for a car that needs to be repossessed? UNTIL they find it. Cars DONT fall off the face off the earth, now do they?

Is the Bank or credit union automtcly notified when the car is registered? In some states YES, common skip practice by lenders and repo companies is to check that.

What does a bank do when they cannot find the vehicle?": IF it is WORTH finding, they dont "not find a vehicle". The Lender gets a JUDGEMENT against the debtor for the balance due on the loan in any case. They can then garnish wages, attach other property,ect. MERRY CHRISTMAS

consequences?? you still have to pay the balance due after the lender sells it at auction. NOT good. options??? Better idea. SELL the car,get all you can and pay the difference then even if you have to borrow the money. It will be much cheaper than idea above and you will reduce the payments,still have good CR. takes a little time, work with the lender but a MUCH better idea. MERRY CHRISTMAS

It differs by states. Some aloow 10 days ,some until the lender makes a sale on the repo. Check with a local attorney.

Car auctions SELL repos for lenders and also pick them up from debtors. Is there any reason for a bank to "TRY" to repo a car??