Repossession

Collection agencies cannot garnish wages or seize property. They can refer the deliquent account to a collection attorney who can file a lawsuit. The attorney must be licensed in the debtor's state and the lawsuit must be filed there. If the lawsuit is won, a writ of judgment can be issued. The writ can be executed in the form of wage garnishment, bank account levy and seizure of nonexempt property. There are collection firms such as Mann Bracken who are also collection attorneys, they handle accounts from large banks such as Bank One/Chase. MB has been authorized to act as an arbitration collector, which differs somewhat from traditional lawsuit action. ("Macky" macky83@juno.com)

Only if they actually took the charge off.

You are absolutely kerrect. They cant get blood out of a tur-nip or a cat-nip... * Wage garnishment is not the only option that a creditor has to enforce a judgment. In the majority of states judgments can be executed against bank accounts, all non exempt property belonging to the debtor (in most cases,even that which is jointly held) and liens against real property. Property that is not protected by the state's exemption laws can be seized and sold by the judgment creditor to repay the debt owed. Social Security and pension benefits are not subject to creditor attachment, but the majority of states do allow unemployment benefits to be garnished.

They reported what happened (a repo). Yes!!!! You should have never let it get this far. Take care of your business. Unlike the repo guys who are perfect and never make a mistake we mere humans are mortal and do err from time to time so please bear with us ...painful as it is for you(of course most repo morons couldn't make it as auto wreckers so what does that tell you). Yes lenders will put a repo on your credit regardless of what they may tell you and it stays on.You can write a letter to the credit reporting agency and dispute it.

http://www.repocanada.com/usrepo.htm check this link

Yes or the middle of the day or while you are in the store. CONTACT your lender and try to make some type of arrangements to pay. Some lenders will defer a payment to the end of the contract if you can convince them that you will be paying shortly. If they have repoed it its too late to roll payments.Let me see if I get your thinking.... he hasn't made any payments in 45 days so they repo his car.Now the guy not only has to pay the back payments but also he pays your fees for towing,storing the vehicle and lets not forget about my personal favorite the storing of personal property which oddly enough is still in the car except for the stuff that the driver helps himself too.So we are looking at another what about another$600-$700 depending on how long the car sits.The lender ain't likely to roll payments at this point besides you boys want certified checks.

Renegotiate the loan with the lender. Sell the car to someone else or have them take over the payments. The very last thing you want to do is default on the loan.

Answers: There is no guarantee for removal but since chexsystems is a CRA, everyone has the right to dispute their report with both the banks and chexsystems. The idea is to catch them in an error.

Unless the info was reported in error, you can't. You can write them and ask, but if they verify the information with the bank, you will remain on their list for five years, making opening a new bank account difficult. If you pay off the bank that reported you, this info will be reported, and there will be a "paid" status on your record, but you'll still be on there for the full five years

YES

No, wages can not be garnished in Tx except for the IRS, Student Loans, & Child Support.....They can however garnish a bank account if they get a judgment against you in court.

YES, it will be called a "voluntary" repo, but its still a repo. Is there any way you can SELL it?? Why would you return it to the dealership? They have nothing to do with this. The bank holds the note and as such partially own the car until it is payed off. Talk to the bank and work this out. Your credit will be damaged if you return the car and default on the loan. Just too add the bank actually holds the title so any private sale would have to be approved by them.I would not let the lender know you cannot afford the car just yet.Try to sell it on your own.If you turn the car in you are not really helping yourself.The bank will still charge you to store the car and the auction and prep fees.The bank auction is private and your car will go below wholesale sometimes way below and the banks don't care because you pay the difference.Do you have insurance?

IF they get a JUDGEMENT, they can. The amount of the repo is small compared with the remainder of the car loan but they generally sue for everything.You can fight it and counter sue to reduce the amount you owe.

NOT unless it was stolen. Stolen cars are reported stolen. Cars securing a loan in DEFAULT are reported as DELINQUENT to the credit bureau. If you choose to report the car stolen, go ahead. I would not reccommend it though. Filing a false police report is illegal in most jurisdictions.

You may or may not be sued. A collector has a specific time set by the laws of the state where the debtor resides; to refer the account to a collections attorney who can file a lawsuit. When a creditor wins a suit they can obtain a writ of judgment which can be executed in several ways. Garnishment of wages, levy of bank accounts, seizure and liquidaton of any nonexempt property.

IF your credit is good enough to qualify for the loan, you and the other person will meet with the LENDER and do the paperwork. Not much different from getting your own loan. Main advantage is you may "know" the condition of the car better and possibly get a better price duw to someones unfortunate situtation.

Any lender has to get a judgment before they can garnishee anyones wages.Then the debtor has to have wages before any lender can garnishee them. It is up to the lender whether or not they go that route in the collection process.

Well, First of all, it would have been a lot easier to include it in the bankruptcy. You'll now have to do a "voluntary reposession". You call the lien-holder and tell them that you can no longer afford the vehicle. They may force you to keep the car until it's 60 or 90 days late, in which they perform a regular repossession. You need to realize that the loan company now has the right to go after you to make up the difference between what they sell the car for, and the principal left on the loan. Had you included it in your bankruptcy, this would not be a problem... I'd recommend you try to sell the car privately or at a car lot under consignment and pay off the bank. Why was the car not included in the Bankruptcy??????That is illegal it should have been included you cannot favor one debtor over another.See if you can amend your filing and fast!!!!Good luck....just for the record there is no such thing as a voluntary repo... as wonk says a repo is a repo .......

It appears they are trying to help you with the 5 days part. READ the lease agreement for more info on when the lease is in DEFAULT.

A repo is a repo is a repo.

NO, they can attach a lien to be paid FIRST if/when the home is sold.

There is no statutory amount needed to file bankruptcy. With the new bankruptcy reform it may be difficult to file a Chapter 7 if the person has even a small amount of expendable/nonexempt assets. One of the objectives of the new BK regs. is to require more debtors to file a Chapter 13 rather than a 7.

You contact the LENDER and ask why. Did you have the required ins. coverage? How many payments did you make total? If the car was titled in the father's name it becomes part of his estate. Regardless of who made the loan or insurance payments. The vehicle will be entered into the estate assets/debts acccording to state laws. Any person having claims to assets or a debt owed by the deceased will have to file a claim in the probate court. (Macky..macky83@juno.com)

It goes on your Credit History as an incomplete pay history and in the comments sections in the Credit History for that bank they will give the reason for the negative history.

The lender will eventually repossess the car.

No. A creditor of this type cannot take action against any property until due process of the law has been followed. Which involves filing a lawsuit, winning a judgment, executing the judgment against any nonexempt property the debtor might have. The plaintiff might also have the option of wage garnishment or bank account levy, depending on the laws of the state where the debtor resides.