Repossession

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??

KEY WORD="CO-buyer". They are EQUALLY responsible for the debt. IF one is slick enough to file CH7 and get out of that responsibility, the entire debt falls on the OTHER buyer.

Usually the lender will obtain a judgment againt the debtor for the amount due. One of the options to collect it is to garnishee the debtors wages. Good Luck

In New Jersey we are not allowed to move other vehicles out of the way to perform a repo, and we are not allowed to enter dwellings, either physically or with equipment.

The lender will get a JUDGEMENT for the balance due and put THAT on your CR. And then use their OTHER legal options.

Call one of those attrneys that advertise on TV. IF they take your case, you got cause.

You have the right to contact a LOCAL attorney for state specific advice. First consultations are usually free.

When your car is 'stolen", you file a stolen car report with the cops. Then your INSURANCE will pay off the loan. The lender will deal with the insurance co. and alls well. You dont have a car, but no payments either. BTW, the insurance co. HAS to be sure its stolen or they wont pay the loan off.

NO, you owed it, you sent it in and its gone now. sorri

IF they have a JUDGEMENT for the balance due, they can garnishee your wages. Income taxes?? NO

Unfortunately, what YOU want doesnt mean much to the lender. THEY want their money and they have LEGAL options to obtain that money if you have it. Remember when you wanted that car??? You agreed to certain things in the contract you signed. Maybe you didnt read them, but you agreed to them. You need to get ready to make CHANGES to how you handle this account. Good Luck.

Contact your lender and arrange payments. Was your vehicle taken?

Thanks for everyone's responses. To roosta: thanks for your message but next time if your going to leave a message maybe you should leave a useful answer to the question. Please don't waste your time with a nasty response.

I did contact the lender (53rd bank) many times. They won't talk to me and refer me to an outside collection agency. Here, let me explain the situation in the past: the 53rd bank collections department (not this collection agency) always worked with me to arrange payments. They sometimes sent the account to the collection agency who would typically call for 2 weeks "and then" the account would go back to the 53rd bank collections department. The collection agency always demanded for full payment of what was "only owed at the time" to get all caught up. This time the Collector has the account for 2 and a half months and he is offering a price break if I pay in full. Has anyone gone through this? Anything I could do to get the account back to the bank? Thanks.

You can call one of those attorneys who advertise on TV,"ONE CALL THATS ALL". IF they take the case, you have a case.

Do they? NOT usually. CAN they?? yes, if you convince them to. reporting a repo is reporting a fact. The repo DID happen. They report the payoff. That is a fact also.