Repossession

Unless the process of sub-leasing is a part of the original contract, the person who leased the vehicle might end up in a lot of trouble. It is irrelevant if the person who has the car has been making timely payments. The person whose name is on the lease is totally responsible for anything that happens to the vehicle. Which can translate into the person who actually is driving the car having an accident, the insurance being invalid due to breach of contract, fraud, negligence, etc. on the part of the original lease holder. It's quite possible they could end up in court on the 'wrong end' of a nasty lawsuit. I saw one CarLeaseDepot.com that certain car leasing companies do not allow full transfer of contract responsibility. About 10-20% do not allow full sub lessor lease transfers. Therefore you would need to contact your leasing company for their lease transfer policies. Also if you did a contract between you and someone simply for the payments you could definitely repo the car. Usually it is the person on the title but since you are a lessor the title belongs to the leasing company. Therefore speak to them to initiate the legal repo.

PAY the judgement.

YES

It is best to have the person buy the vehicle off you straight out. Then in turn, with the money you receive from him/her you pay the remainder of the loan. It gets too complicated for someone to take over car payments and you sure don't know this person. They could well leave the country and leave you holding the bag.

Good luckMarcy

No. As long as it's paid in time. It's OK.

You may have paid a total of $17K but not all that money was applied to the principle so you have not paid off the loan yet. Lender will most likely sell car at auction to recover some of their losses and then you will be responsible for balance that is left. If you don't pay they will either write it off and ding your credit rating or sue you for the balance. QED.

Your car will be repossessed, your car will be sold, you will be responsible for the difference in the price the car sells for and the balance on the loan plus repossession fees, and your credit will be ruined for 7 years. Contact the lender and work something out. Don't let this happen to you.

If the primary borrower has defaulted on the vehicle loan, the co-signer will need to make regularly scheduled payments and any that have been missed. If the co-signer is unable to do this, the vehicle may be repossessed by the lender. In which case both the primary borrower and co-signer will be responsible for any deficiency and fees incurred when the vehicle is sold. The repossession will also appear on both person's credit report. It would be advisable to contact the lender to discover what options might be available pertaining to the specific circumstances.

As soon as you have defaulted on the loan, a creditor can repossess your car. So 24 hours after you have failed to pay, they can repossess your vehicle without notifying you.

Yes! Try Baxter Auto. Most of the time, though, auto parts are found by model, make and year.

Not if you are on the title to the vehicle and own it. Whoever holds the loan on the vehicle can repossess the car however if you are late with payments. Contact the lender and work something out. You do not want your car repossess. Credit will be ruined for 7 years, and you will still have to pay the repo fees plus the difference in the balance on the note and what the car brings when they sell it.

Ok - There are a few things that may very well effect the outcome and answer to your question. I am an Insurance Adjuster in CA, NV, and CO. I am by no means an expert on the entire nation. Just a Few disclaimers 1. Every state is different - some have similar Laws, but you should also check the laws in your specific state before taking any of this as Gospel. OK! That asside, If your vehicle is deemed a total Loss and you owe a Finance company MORE than the actual cash value of the veh, FIRST! Question the Insurance agency on How they determined the Actual value. They will use one of a few services - ADP or CCC. These companys will do a Market survey and by way of personal sales and dealer quotes in your area - they will find these listings in local publications - they will determine the ACV of your vehicle. Now. YOU Should ALSO be Looking online, In local Papers - At local dealerships, Etc to find out what it will cost to replace your vehicle. If your estimate for a Vehicle with similar Mileage and Similar condition is More than the Insurance Company's - SAY SOMETHING!! it is all negotiation! Find as many Quotes as you can to support your Amount. ONCE you are satisfied that you are getting a fair cash value for your vehicle - You need to find out if you carry GAP insurance. This is coverage that you might have purchased at the time you bought your vehicle. The finance company is usually the one that sells it and it adds about 500 to the total cost of your Loan - depending on the kind of vehcile you purchase. Start by contacting your finance company - if they say that you don't have Gap insurance - Check with any other insurance policy that you may have. Now If you have exhausted all of these posibilities and you still Owe more than your vehicle is worth, Call the finance company right away. with some creative and polite and professional discussion, Most of the time - they will re-write the amount owed into a signature loan - Sometimes they will reduce the amount over all or reduce the interest rate. Other than that - there is not much you can do. Lesson to be learned - ALWAYS ALWAYS PURCHASE GAP INSURANCE!!!!!!!!!!!!! IT IS WORTH IT EVERYTIME!!!!

You need to contact your Attorney General about this one. You will get the correct answer based on NY law. Read your contract it should state if there is any "linkage" between the loans.

Yes, but the court may not allow the bankruptcy to be used to release the co-signer from the financial obligation.

No, what will happen is this: the finance company will pay off the mechanics lien (usually) and tack that on your loan balance, it would be considered a repo fee.

yes, u can surrender a car back to the bank at any time, at this time it is up to the bank on weather it is worth picking up or not. then they will decide if it will go to auction or not.i hope i helped some. just call the bank and see what they want u to do. but it will take alot of pushing for them to pick it up, they usually would rather you pay for it....good luck Why bother???Keep making the payments if you can.The "voluntary repo/surrender" does not help you at all in this situation.

How do you write a car repossession letter?

Some lenders will allow more than one deferred payment as long as it has been at least twelve months since you last deferred. There is a little more flexibility if your car is financed through your bank and not a "shotgun" company from the dealership. It would be best to call them and explain your situation and ask for suggestions. They might consider refinancing your car or letting you pay a little extra on your next few payments to make up for the one missed.

Ususally that just means that the dealer has the resources to arrange the financing on the spot; you don't have to go somewhere else for a loan. They won't always be the best loan terms, but the're convenient. And if your credit is poor, they may be your only option.

Not sure of your question. Do you mean do you still owe after the car is repossessed? Or do you mean do you have to pay off a loan to buy a repossessed vehicle? It depends on the state you are in, contact the lender.

NO, they can "attach" the house so that IF you ever sell it, they will be paid FIRST out of the sale proceeds. READ your contract to see what you agreed to when you borrowed the money.

Your credit is severely damaged. Stays on your credit report for 7 years. Don't let this happen. Contact the lender and work something out.

It depends on the laws in your state. What state are you in?? The previous answer was right on the money. It all depends on the state. For instance, in AZ, there is a 10 day cure period. If you don't get right with the lender in those 10 days, they can sell the vehicle. It also may depend on your contract that you signed. The state may have no cure period but your contract may say that there is a 15 day period. Check your state laws and your finance agreement.

A person's wages can only be garnished after due process of law. A lawsuit won by the creditor will result in a judgment award which may possibly be used as a wage garnishment. Four states do not allow the garnishment of wages for creditor debt, they are Texas, PA., S.C. and N.C.

Call a local attorney for state/case specific advice.

Contact the credit reporting agency

Yes if they are trying to collect what the Upside down difference was from Repo-ing it and auction off price. It should only read that it's a Debt being collected from previous car....