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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
It would depend on why they are sueing you and also what the disposition of the bankruptcy is.
How many payments must be missed before they repossess?
Actually one, I have repossessed cars for BMW where there customer was three days late. it all depends on the states laws I have a website that may help you avoid having your car repossessed. www.stoptheREPOman DONT LET TTHE BANK TAKE YOUR CAR BACK!
well if your husband is in bankruptcy they are not allowed to repossess the car as long as he is the one in possession of the vehicle, if they do repossess the vehicle you will have a pretty good lawsuit to hand them, if the car is repossessed or actually when , it will show up on both of your credit. so I have a website to help you www.stoptheREPOMAN.com we have repossession consultants that can help with your situation I STRONGLY RECCOMED YOU TRY IT.
Can someone who has repossessed your car in Colorado also keep any money you have paid?
YES
I guess I phrased the question badly..
The car dealer repossesed the car (illegaly, because he gave no notification), and threatened to keep the car and all the money that had been paid. He wouldn't work out any new terms before that. And he would not accept full payment of the car on the date the final payment had to be made.
He will very soon be put out of business.
I presume that you purchased the vehicle and sometime after that you filed the Chapter 7 Bankruptcy. If that is the case and you included the Finance company on your list of included creditors, then the discharge does just that. It discharges the debt forever and you do not have to pay any difference. Yes, as this is usually one of the terms of the contract.
Does gap insurance cover the vehicle if repo is made?
http://www.autoinsuranceindepth.com/gap-insurance.html
Google can find lots of things
What forms did the lender require?
What happens to items in a car after repossession?
It all depends on the repo, co. Most are privately owned and when the car is repossessed the owner of the car contacts the local police to report the car missing and the police will have a report of the car being repossessed and will let the owner know who to contact(repo co.), The repo company will usually give a certain amount of time for the owner to contact them for their belongings, after that time all items are forfeited. It would be best to contact your finance company and make arrangements for the return of the car, since they sent the repo contract order out for the vehicle. All the "items" are inventoried and stored until the debtor comes to redeem them OR the legal time limit(usually 60 days) to hold them is gone. Then they are usually thrown away or donated to charity. There is not a big market for used clothes, McD cups, beer cans, prepaid phone cards, casino cards,chikin bones,ect.
A Writ of Replevin is a court order for the debtor to turn over the property. If the debtor doesnt do so, the debtor is in contempt of the court. What happens to people who are in contempt of a court order? They retire to more peaceful surroundings to consider their need to obey the court order.
Can the repo company make keys to your truck when they already have the keys?
You kiddin me... they will make several keys if they feel like (they being me) I repo cars all the time.. i will make several sets if the account is a pain in the butt. I will give them to neighbors even! ya.. neighbors! i have paid, friends, family and neighbors, to name a few to take peoples car.. $$$$$$ money talks. Ya, most will take them with a hold harmless affadavit i give them. Depends on your neighborhood wether they are all that willing to help. When it comes to repo "by any means necessary"
What happenes if you keep a car for over a year and it's a charge off?
The loan gets sold and the next company repoes it.
UNLESS she declares B/K, it will remain for a longer time.
No not true. EVERYTHING except bankrupties and tax leins may ONLY remain on your credit for 7 years. If it is still there after 7 years contact the credit bureau and demand they remove it. This MUST be done in writing.
How do you find out the date of a repossession?
If you are the debtor, you could ask the lender or the PD in the city/town where the repo occured.
The lender can take no actions until they have a judgment against you.
PA is the only state I have seen with that law. There may be others.
Contact a local attorney for state/case specific advise. Most judgments ARE renewable.
If you were not sued by the lender then there could not have been judgment action. If you have a lien against real property as a result or if the judgment was awarded and has yet to be executed you may have a problem. However, it is possible the state SOL for the debt has expired which means the creditor would not be able to file a lawsuit and any payment would be voluntary on your part. However, paying any amount could reactivate the debt making it again collectible by using litigation, such possible actions are regulated by the laws of the state where your reside, in some cases when it concerns the purchase of a vehicle, in the state where the contract was actually made. ANY activity concerning the debt more than likely will reflect on your CR. Obtaining legal advice would be a good option, most attorneys offer a free or minimal fee consultation.
roosta Once the loan is in default, the lender can seek payment from ANY signors to the loan. After the car is sold, there is NO collateral for the loan except the ones who promised to pay . It is now time for them to pay.
"threaten" and inform you you of their other legal options is not the same thing. Making arrangements with the co-signor and attempting to collect from you is part of the process of actually getting MONEY paid on the account. YOU as primary debtor are just as responsible as the co-buyer to make the payments. IF you feel you have actually been threatened, call a local attorney for state/case specific advice today.
What does the repo agency do to the car when they repo it?
Once the vehicle is secured:
- Reports it to the local police department
- Takes it to the storage facility
- Fills out a condition report of any damage and mileage
- Removes and inventories personal property left in it, if any
- Stores the car until it is redeemed by the debtor (usually for a fee) or transported to auction
- Stores the personal property until it is redeemed (usually for a fee) or until the deadline for pickup is reached (varies by state, usually 30 days).
Its your choice. What amount would they get IF they garnished your wages? More or less? Do they have a judgment for the balance due? IF so, they gave you a choice.
How long does the bank have to sell your car after repossession?
The lender has to sell it in a "commercially reasonable manner". they may be waiting for a better season to sell it, prices vary by season. this might be in your best interest and it might not. Call a local attorney for state/case specific advise,
How will voluntary repossession of a vehicle affect a persons credit score?
Same as a regular repo.
The creditor may still put the repossession on your credit report and it would stay there for up to seven years. Notice the word "may", because it is at the creditor's discretion...
Sure is, they can get a judgment for the balance due on the loan minus what the car sold for PLUS any fees incurred(repo,attorney,auction,ect.) It should be in the contract you signed.
They would only notify the 1st party and not the co-signer.
§ 1309.607. (UCC 9-607) Collection and enforcement by secured party. (A) If so agreed, and in any event after default, a secured party: (1) May notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party;
Notice the word 'MAY'???
