Repossession

Theres likely a REASON for it. Call a local attorney for state specific advice.

YES, read your contract.

The proper and best way is to talk with the co-signor FIRST. A repo will affect their credit as much as yours. Talk to them about selling the car yourself. You should get much more for it than the CU will so it will cut your losses somewhat. This will have to be done in agreement with the credit union. Talking to the co-signor AND the CU will make things a lot easier for all involved.

If you have taken the steps above and still find that you have to surrender the vehicle, contact the credit union and make arrangements to surrender the vehicle at a credit union branch. By doing this, you would be able to get written receipt for the vehicle returned to the credit union. This could prevent you charged for "repossession fees".

Its a GAMBLE to see how long you can wait to pay. If the lender sends the repo order out on Thursday, you pay after businnes hours on Friday, you will likely lose the car and the money before Monday morning. Then you have repo charges to pay to get the car back. Dont Gamble.

Call a local attorney for state specific advice.

The one in POSSESSION is responsible.

The co-signor would be responsible for paying the loan. Do you hate the co-signor that much?

IF you have a legal interest in it, you call THE LENDER. They can tell you what you need to know.

but they wont until you pay.... you might go take YOUR car back..beat the repoman

In California, yes. In some states, no (i.e., Texas). There is no legal difference for deficiency balance between voluntary and involuntary repossession (it should cost less to just pick your car up than it does to have an involuntary repo, which would save you some money if you are going to pay off the deficiency balance). However, you might be able to come to an agreement with the lender to make reduced payments and keep your account current and your credit good.

This is all assuming the lender is not able to sell your car for as much as you owe them. If they sell it for more (including costs of repossession and sale) then by law they must refund the difference to you.

If you think about what that would cause IF it was true, you would knnow the answer. Did you read your contract??? If you were a LENDER, would you loan money in a state that didnt allow you to collect the balance owed if the debtor did a Voluntary repo???? That would only serve to drive up the costs to those debtors would DIDNT do a voluntary repo. ??YES.

The person repoing your vehicle should let your sheriff office know about the repo within 24hrs. When they come out to repo your car they should have the contract and a copy of the title. It's the law.

You CAN tell them to leave and they should leave. They do NOT have to notify you that they are repoing your vehicle.

WAS it stolen from YOUR possession? IS your name on the TITLE as co-owner? If you are NOT on the title, it cant be stolen from you or the lender. Best thing you can do is help the repo company find where it is hidden. Most states have laws prohibiting "Hindering a Secured Creditor". Check the g/f house, the gramma house,the coke dealers house and the "best" friends house. Cars dont just fall off the face of the earth.

Can you report it stolen if your name is on the title but the other co-signer on title has possession of it and will not give a physical address of where the vehicle is and has left the state and is trying to hide the car from repossession. You have no addresses or phone numbers to reach the party in possession of the vehicle and friends and family of that party will not give you any information. What can you do in that case?

question-

i have the same problem as the statement above me^^^^ the credit people will not give me any information about the owner of the car i co signed for, and do not know what to even call it -that kind of case- to get a lawyer. the girl is still in the state, but i have no information at all.. and she's 3 payments behind for 2 years, i want to surrender the car, and do not know if i can sue her for the collateral bill afterwards just to be compensated for the destruction of my credit. you may need to reread this a few times, its one big problem, and then an option for a solution in question. please thank you

Only if they want to be charged with kidnapping. NO.

Contact your attorney ASAP for state specific advice. I hope you have a paddle for that creek your about to go up. When you borrowed money, you secured that loan with your vehicle. You ARE required to carry insurance to protect the lender's interest. If the vehicle was destroyed with no insurance, you are responsible for the balance. Read your contract, it will state that.

Repossessing is NOT trespassing until the agent has been told to NOT come on the property again. Then you treat them as you would any other trespasser, call the cops. So next time he tresspasses I can take a crow bar to his $50K truck, right?!?

7 years just like a regular repo. Looks the same too.

how can a leinholder repo a car "with only 2 installments due?" READ your contract. Does it say you will pay as due OR when you decide to? You were in DEFAULT and when in default the lender can repo the collateral.

Read your CONTRACT. YOU likely authorised it when you signed the papers.

It depends if the loans are 'cross-collateralized". READ your contracts.

The lender CAN repo when you are 1 (one) day late.

1(ONE) DAY, not months.Read your contract.

I dont know what you consider "reasonable", but, IF they can write in IL, this is a good bet. http://www.ocalainsurance.com/

Until the LENDER cancels the repo order with the repo company, you are fair game.

Not sure what the time limit(if any) is. CALL a local attorney ASAP. I have read of dealers getting caught NOT paying off loans yet selling cars again. It could be an honest mistake/oversight, no need to get stuck. Make the call just in case.

Read your lease. it should addrewss what will happen if you turn it in before the lease is up. Likely you WILL have to pay.

check Title 4 Article 9 http://198.187.128.12/colorado/lpext.dll?f=templates&fn=fs-main.htm&2.0