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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
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.
What can you do about a repo man who keeps trespassing for someone else's car?
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?!?
How long does a voluntary repo stay on your credit and does it look bad to other car dealers?
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.
Can a repo person come on company property that is fenced and says No Unauthorized Persons Allowed?
Read your CONTRACT. YOU likely authorised it when you signed the papers.
It depends if the loans are 'cross-collateralized". READ your contracts.
How many days late can you be before a company can repossess a car in NJ?
The lender CAN repo when you are 1 (one) day late.
In New York if you default on a car loan how many months is it before they can repossess your car?
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.
How long does a dealer have to payoff a traded in vehicle?
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
How do you get the car back after repo?
Very simple, CALL THE LENDER with money in hand ready to make the trade. Good Luck
D0 you mean for personal property in a vehicle at time of repossession?? If so, NO. CA & FL require it, but that's all that I know of. Most people know what is in their car/truck, who repoed it(the lender) and how to contact the lender for redemption,ect.
http://www.azleg.state.AZ.us/FormatDocument.asp?inDoc=/ars/47/09611.htm&Title=47&DocType=ARS
SECURITY INTERESTS: Shown on title, title mailed to debtor, lien-holder record mailed to lien-holder. LICENSE REGISTRATION: The Arizona Department of Transportation, Motor Vehicle Division, 1801 W. Jefferson, Phoenix, Arizona 85007. Tel: (602) 255-7011. RECOVERY REQUIREMENT: As per UCC, repossession allowed without committing a breach of the peace. DOCUMENTS REQUIRED FOR LIQUIDATION: Arizona Lien-holder record or out-of-state title, AZ MVD "Affidavit of Repossession/Bill of Sale" form and vehicle inspection if vehicle not previously registered in Arizona. PLATES: As of 01/01/02 - plates now belong to the registered owner of the vehicle. They remain with the debtor.PHOENIXOFFICE OF THE ATTORNEY GENERALConsumer Information and Complaints 1275 W. Washington Phoenix, Arizona 85007-2926 Telephone: (602) 542-5763outside of the Phoenix Metro Area (800) 352-8431
Take the money?? Likely. Remove the negative?? That will depend on your negotiating skills. Be sure to get it in writing before you pay. Good Luck.
Your question is NOT clear. What do you mean "can it be given"?? No one "GIVES" cars that I know of. AFTER it is repoed, the lender can dispose of it in a commercially reasonable manner. Lenders are required by law to send letters to "the last KNOWN address". All they need is the certified receipt that it was sent and returned to meet the requirements.
What do you need to do to get started in the repo business in Nebraska?
As in any business, you need a product[ability to repo a vehicle legally and safely], tools to make the the product available[if it is a service KNOWLEDGE, truck, equipment, storage], and someone willing to PAY for the product[clients, banks,finance cos,BHPH lots]. IF you wish to be an agent, you need a desire/ability to be trained, a person to train you, and the tolls to work with. Email me if you need more info. Good Luck and STAY SAFE
One will have to prove to the CB that one wasnt responsible. It will likely involve paying an attorney. Good Luck.
The lender will tell you the balance due to payoff the loan. YES, it wil most likely include interest. Read your contract.
How long can a creditor come after you for an unpaid balance and what can they do?
looks like 6 years. AFTER they get a judgement, they can garnishee your wages, ect. NO JAIL.
Hindsight is 20/20, rite. You should have gotten disability ins. on the loan. Anyway, the contract you signed agreeing to pay XXXX dollars for XXX months DIDNT say you wouldn't pay if you became disabled. Hope you get better soon.
If guess you mean "refinance" when you say "reprocess", the answer is repossession. Loans in DEFAULT are subject to repossession of the collateral and payment of the balance owed by voluntary or legal means.
Do you need a federal tax ID number to do repossessions?
Check with your accountant. SSN is the same. TaxID is mainly for corporations, not individuals.
Laws says IF it brings more than you owe, you get the surplus. IF it brings less than you owe, you PAY the defiency.
