Repossession

Yes

A repo is a repo is a repo, credit wise.

NO,thats Grand Theft.

Call a local towing company to come get it as a towaway.

Right. And face charges for illegally hiding the asset. If the lender will not pick the collateral up, ask where you can deliver it, and do so. If the lender refuses to give you a place to deliver the asset, send the lender a certified letter return receipt requested asking for a place and time to deliver the asset. Send a regular mail copy as well.

Allow a month or two for a response. If there is no response, and they received the regular mail letter even if you get the registered letter back unclaimed, they will have a problem going after you. Be sure to keep copies or originals of all documents.

If you signed your contract, more than likely the finance company is not going to change the APR rate. But, on the other hand if the finance company is a direct lender.. then you can try to refinance with the current lender or another lender to get a lower APR rate - depending on your credit rating at the time.

Yes you can. However, if the car is really for you, the lender probably won't do it. This is what is known as a "straw deal". One person with good credit buys a car for someone who doesn't have good credit.

But if you just want to help him by letting him trade in your car, no problem.

Find out what car dealers don't want you to know at www.dealertricks.com

This just means they have not found it yet. They can pick it up and, they can take you to court and you will have to pay the amount owed plus court fees and fines for hiding the vehicle. If that's the case.

A co-signer is responsible for all provisions of the loan agreement. "Co" means equal. You and the primary borrower are equally responsible for the contract. Find out more at www.dealertricks.com

None really. Even if you are on the title to the car as well as being a cosigner, you can't do anything without the other person. All you can do to protect yourself if make the payments. Find out what car dealers don't want you to know at www.dealertricks.com

YOU ASKED:

"Can the Lease Holder Take the Auto from my possession or is that against the law if the payments are made regardless?"

ANSWER:

Yes, the leaseholder can (and should) re-take possession of the vehicle. The person who leased the car is dead. The lease agreement, too, is dead, save for the clause that requires his estate (which exisits despite your saying it doesn't) to return it.

Just take the car back to the leasing company and ask for the highest-level person in the office. Ask him/her if you can sit down with him/her and explain the situation. Ask him/her if you can take over the lease. Strengthen your case by getting a letter from the administrator or executor of your boss's estate recommending that the leasing company allow you to take over the lease. Expect the leasing company to completely re-write the paper... including a credit check on you, etc.

However, it's possible (highly unlikely, but technically possible) that the lease manager will just cross your boss's name off the paper and write your name in its place because of your history with both your boss and as the person who has been driving the car. Of course, even if he did that, he'd need your signature on the lease in place of your boss's. Sadly, this seemingly simple solution has so many potential liability pitfalls that it's far more likely that the lease manager will need to re-write the entire deal.

absolutely but, beware..dealerships will try to get you to buy no matter what. even after the papers are finalized and you have even gevin them a down payment you can still either change cars or get out of the deal entirely. remember this, once that car is driven off the lot...then it is yours. they will say things to get you to buy it today and drive it home because they know that once you leave the lot its yours and if you try to trade it in it depeciates in value as soon as it leaves the lot. glad i could help.

WHEN your car was stolen or how many other cars you have bought doesnt really matter to the bank. You will pay the balance due on the contract one way or the other. good Luck

Having the car stolen doesn't matter. Loans are issued by banks--not insurance companies.

You are responsible for all loans to the penny. In your case, your only recourse is if you had comprehensive insurance...

It depends on the state you are in and the laws of that state. I had the exact same issue in Georgia. I am a co-signer. In most states it depends on how the two are listed on the title. Are the two borrowers list as Joe Doe AND Jane Doe? Are they listed as Joe Does OR Jane Doe? Which name is first? In Georgia, this state does not recognize "AND" or "OR" on the title. Each person has 50/50 ownership. I could take posession of the car if I had the opportunity to obtain it. I could not force the authorities to hand it over to me. If I did end up getting posession of the car, the other party could do the same and legally take the car back without legal problems.

Check with your local DMV on the title questions and/or an attorney for your state.

A charge off already sounds like an error on their side. I would just keep on to it until they contact you. It is their burden to retrieve the car or make arrangments for you to drop it off. Whatever you do, I would not try to sell the car or get rid of it because they will have rights to go after you for the cost of the car if they realize their mistake. Also keep in mind how long it's been. While it may seem odd loan companies often move very slowly with this sort of think. It can be year or more before they get around to repossessing it. Either way I'd keep the car and use it until the do.

Yes. If you have not taken delivery of the vehicle, you can still back out of the deal.

Find out what car dealers don't want you to know at www.dealertricks.com

If both names are on the title of the vehicle, both parties must agree on any transfer of the vehicle. In other words, you can't sell or trade the vehicle without both owners signing off on it. Find out what car dealers don't want you to know at www.dealertricks.com.

1. Find a car with a large factory rebate(some are over $6000.00). Some lenders will allow you to use the rebate as cash down. Put down some additional cash to help with the payoff of your car, and negotiate the price of the new car down to invoice or less, and you may be able to get out of your current car.

2. If its a lease you are in, there is a service called "swap a lease" which may be able to help. They can be found online by doing a search.

3. Contact the lien holder and find out if they would be willing to refinance the car for a longer term yielding lower monthly installments.

4. Try to find someone to take over the payments.

5. Do voluntary reposesion.

Your odds are not good, but, not impossible either. How much work are you willing to do to sell the car? Lets say you owe 10K, cars worth 7K,you find a buyer for 8K. You will have to come up with 2K to pay it off and sell it. The lender will help you with the details. If the lender sells it at auction, they mite get 4-5K for it, so it is your best interest to find a buyer with more money to spend. maybe you can borrow enough on the other car to make the payoff on the upside down car????

A call to your state Dept. Of Motor Vehicles should answer this question.

I was in this exact same position last year with my 1999 Daewoo Nubira CDX S/W. The company went bankrupt and my car was worth 1/10th of what I owed on it when I went to trade it in on a newer vehicle. Unfortunately, as I discovered after asking everyone I knew who might have an answer, there are very few options for people who are "upside down" in their property, be it a vehicle, house, boat, etc. No matter how a salesman may explain it to you, the numbers don't lie. You will still walk away owing more than what you have. So, unless you can find someone really naive to buy your vehicle for what you owe and not what it's worth, or you get the deal of the century on a newer vehicle that will offset your losses, you're not likely to come out ahead or even break even.

In my case, we found a Chrysler van that suited our purposes much better and we got a reasonably good deal on it. However, even though they gave us a pretty good offer on our Trade-In Value, we were still short by about $5500 which had to be paid for by someone...you guessed it...your's truly. They were kind enough to roll that amount in to my new loan which just means that I'm still upside down in this vehicle as well. Oh well.

Moral of the story: Buy low, sell high and never be in a hurry to buy anything.

The short answer is "you can not". You must talk to the Finance Company or Bank that loaned the money for the purchase. All outstanding finance MUST be settled before you are able to transfer ownership legally.

READ the contract you signed. Most possibilities are covered in the contract. the only way I know of to "cancel" a contract is if it was started at you home(usually door to door sales) or default by one party and usually involves legal action.

If you carry Comprehensive Coverage on your car, you are covered for vandalism. Comprehensive covers you for all "Physical Damage" to your vehicle including thef and vandalism. One note: if you are keeping your car at a location other than your home, you need to list the alternate location on your policy.