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
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'???
Yes
How badly does a voluntary reposession hurt a co-signer's credit?
A repo is a repo is a repo, credit wise.
What if the lender will not pick up the car?
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.
Do you still have to make payments after returning a car?
#2
No you do not have to make payments after returning a car as long as you are ok with having a repossesion on your credit history and as long as your ok with the finance company filing a judgment against you for the amount left owed after the sale of the returned vehicle.
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.
What do you do with a charged off car loan?
There is dialouge that indicates how you should contact the creditor that has charged off the account, and indicate that you wish to settle the debt, though charged off, in exchange for a written promise to correct your credit report. There is even a form letter you can modify for your own use.
AnswerYou can contact a debt consolidation agency that would deal with your creditors on your behalf.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
What happens if you have not paid your car payment in over a year and no one has repossessed it?
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.
What are all the responsibilities of a co-signer?
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.
