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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
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.
You can sell it. Just call the finance company and see what the cash pay-off amount (the minimum cash amount that they will accept in order to give you the title free and clear) is. Sell the car for an amount equal to or more than the cash pay-off amount. Take the cash to the loan company and pay off the car. Get a clear title from the loan company and give it to the buyer.
If you have not been able to sell the vehicle, or don't want to bother, consider other options.
- Another option to selling is a transfer. If you have a leased vehicle, contact your leasing company and find out if they would process a transfer of interest or lease assumption. There may be a fee and you will have to find some one to take over the vehicle; but you may be able to walk away free and clear.
- If you have an auto loan, contact your lender and see if the loan is transferrable or assumable. The fees are determined by the state, so you may want to contact the DMV for more information. If the loan can be transferred, you may still be liable so make sure you ask.
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.
What happens if the car is charged off but you still have the car and no one picks it up?
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
What rights does a secondary or co-buyer have should you decide to sell your truck?
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.
How can you sell a car that you have a lien on and owe more than it is worth?
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????
If you buy a car but do not have a driver's license can the car still be titled in your name?
A call to your state Dept. Of Motor Vehicles should answer this question.
How do you get rid of a car you cannot afford if you owe a lot more on it than it is worth?
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.
What happens to the down payment if you cancel your contract?
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.
Are cars covered for vandalism away from your property?
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.
I recommend you contact your insurance company, and inform them of the recovered goods
What are lienholder rights regarding the repair of an uninsured car?
Call a car lender. It depends if there is a registered owner, they shoud repair the car, but if they don't then you can hold them peronally responible for the repair. However if the payment are made on time then your vested intrested in being paid for. You can sue for depriceiation. But call a lender or the DMV to be sure.
Can a creditor refuse a voluntary repossession and still demand payments?
yes, as this would make it easier to obtain a judgment and/or wage garnishment for whatever is owed.
Yhe lender cant do everything at once,they will get around to you and your car.
Can you insure a car in a different state if it is registered in the car owner's state?
Yes What we're trying to do is have my boyfriend drive my NJ car to California and I will fly out later on (about 2 months). In the meantime, the car is in my name, I pay the payments on it, and it is insured with a NJ-based insurance company. I did not contact my insurance agent to let him know I was doing this yet, just thought that insurance covers a car, not a person. But recently I found out maybe I'm wrong. So now, we're trying to get the car insured but my boyfriend's insurer, State Farm doesn't cover NJ-registered cars. What can we do now?
When a car is repossessed what happens to its owner?
Your credit is damaged. You are then responsible for the difference in what the lender sells the car for and the balance on the note. It cost you in more ways than one. Don;t let it happen to you. The lender does not want to repo the car. Work out something with them.
It sounds like a lemon...let it go. You have a chance to regroup--save money, buy a better car in the future, with cash.
This happened with my sister in law who put my wife down as a reference There is no legal action that can be taken since she listed us without our permission. We asked them to not call again and they complied.
If they are calling your household and are not listed on the application but live in the same dwelling I am not sure of the ruling on that one
Yes, you are still behind in your payments. Don't let this happen. Contact the lender and work something out.
Most likely you will get your wages garnished. They cannot send you to jail.They will only take 25% of your net disposable income. You can fight it if you chose.
Can you go to jail if you hide your car from repossession?
No they cannot send you to jail.But most likely they will find the car.The most theyc an do is sell the car after tehy find it and sue you for the deficiency.Then you get your wages garnished, but they cannot send you to jail even then. YES, THE COMPANY CAN FILE A REPLVIN, YOU WILL BE SERVED WITH A BY A MARSHALL AND ORDERED TO APPEAR IN COURT. YOU WILL EITHER PAY FOR OR GIVE UP THE CAR OR THE JUDGE WILL ISSUE A WARRANTY SHOULD YOU FAIL TO APPEAR
Yes The lender has to provide you with this info.You should demand it from them. The lender is required to provide this only if requested in writing by the debtor.
