0
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
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.
What happens if you can't pay any remaining balances after your car was repossessed?
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.
If your car is up for repo but is stolen before you return your car what happens?
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
Can a lender garnish your wages and income taxes after repossession?
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.
Whomever is named on the TITLE has equal rights to the possession of the car.
They can go anywhere that's not locked.
READ your contract. Sub leasing might put YOU in DEFAULT. Is the lease in writing???Is YOUR name on the title? IF so, go get your car.
If your car is repossessed are you responsible for the balance after they sell your car in Illinois?
get it back?? prolly, depends on your payment record,ect. They really dont want the car, they want the MONEY. How long?? a day or two
The parties who signed the loan are responsible for paying the loan. You can do the B/K deal just like the co-signor did and it will all go away.
who can you go to to get help to pay it off?? ANYONE who will loan you money. If you dont want to let them garnishee your wages and get it $40.00 a week. LOL Good Luck
No, you don't have to tell them. Try to make up the payments though.
If the lender gets a court order, a "writ of replevin," then you have to tell the sheriff's officer where the car is when he comes to the door.
Can you be arrested for not making a car payment for over a year?
No payments?? NO Hiding the car AND not paying?? Possible but NOT likely.
NO, it is a CIVIL matter, not a CRIMINAL offense.
READ your contract. What does it say about paying any fees necessary to "collect" the account"? that is prolly cheaper than assigning the account to a CA.
What other ways can the lender collect the money if you are retired and have no income?
After the lender gets a JUDGEMENT for xxx number of dollars, they can attach other property you own, Depending on your state laws.
Can you pay the late payment and get your car back within 14 days of it being repossessed?
In some states under some conditions, YES. It depends on how many times you have been late, repoed, in default, the terms of the contract you signed,ect.
Yes, its SO wrong. Same thing happened to me and the day I was to wire them the funds, they repoed my car. So, I got an attorney, filed bankruptcy and they gave me my car back. Now, they will get 1/2 of what we agreed on. Idiots.
