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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
What if you don't ever pay a collections agency?
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.
AFTER the lender gets a JUDGEMENT, there are other legal options available to the lender. A lien on other property is one of them. This is MAJOR the drawback to CO-SIGNING.
AnswerUnlikely even though they threaten to especially if the deficiency is less than $10,000. Most lenders will run the maker down and garnish or levy but if all else fails they may try to tap you for some of it. Def's are hard to collect consuming resources of the lender including POOP money ( paid out of pocket ) labor, time, Attorney fees etc.. Most would rather have a payment plan with prompt payments. Then you can beatup the maker every month for the payment or at least some of it. ;) HOWEVER, as co-maker, your credit, income, ability and willingness to pay and assets may be evaluated and the def pursued. Best bet is to protect your credit and pay the car off, sell it for whatever to recoup some of the $ and take your hit. You can post a note on your credit report explaining the late payments.How do you take over payments?
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.
Will SAFCO garnish your wages for a 12000 repossession?
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.
If you have a voluntary repossession can they take your home?
NO, they can attach a lien to be paid FIRST if/when the home is sold.
How much do you have to owe to file chapter 7?
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)
How does a car repo affect credit?
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.
YES, you were in DEFAULT by NOT having your own coverage. READ the contract. YOU agreed to maintain your OWN comp. coverage tonprotect the collateral. You didnt. This is a common misconception that lender placed ins. is the same as comprehensive coverage by the debtor. Yes but that was a lousy way to do it. Did you honestly expect the lender to let you ride around in the collateral with NO ins.?? If you are sooo broke that you cant afford the ins., you surely cant afford the ticket for NOT HAVING IT. Or can you? Read the question he was already paying for the increase!!!
What is a co-signors right to a car if he is making the payments?
IF the co-signor is listed on the title as co-owner, s/he has the right of possession. If NOT, just keep paying the payments. Talk to the lender about REMOVING the signor from the loan and giving you the car. Normal procedure.
How do you find out who repossessed your car?
The bank/lending company are the ones who repo your car the repo chimps are just their agents.Your bank should tell you.
What do you have to know about Repossession officer to be one?
You should know the laws of your state that concern repossessions,(UCC Article 9), FDCPA,FCRA,ect. It wouldn't hurt to know some basic contract law. You should know how to operate and be licsensed to operate most types of vehicles. You should be able to operate the equipment you will be repossessing with(wrecker,self loader,rollback). You should be in decent physical shape. Will that keep you busy for a week?? Good Luck
AnswerFirst thing is you need to realize that you wouldn't be a repossession "officer". You cannot say that you are any type of officer when doing a repo. You can refer to yourself as a recovery agent, a repossession agent, repoman but never an officer. Referring to yourself as any type of officer gives color of law and that makes the repo illegal.In a word yes.Just because you voluntary returned the car doesn't mean anything to the lender they still want the balance of their loan.You need to find a few things out to help yourself.First find out what the dealer did with the car did he auction it or resell it?Most importantly how much did they get for your former car?The difference between your original loan amount(including all the interest)less your total payments and less what the dealer got for your former car should equal the remaining balance BUT CHECK The NUMBERS !!!!!!!!!!!!!!!!!!! IT is a good idea to conduct all correspondence with the lender/collector in writing only and read what they you send very carefully!!!!!!!!!!!!!!! GOOD LUCK
1)get the Vin # the vehicle identification number 2)call the police and ask them to run the Vin they should be able to tell you if it is stolen or not and what to do next
Because they lie just like the repo people they employ.You need to get everything in writing...... just because they say it, don't make it so.
What happens to your car if are in the middle of a lease and can not make the payments?
you should contact the lien holder and advise them of your situation. you might be able to get an extension for a few months and maybe during this time you have remedied your situation. if you simplycant affordthe car, we recommend you call and let them know. its always best to be in contant with them and voluntarily give up the car than to wait and them take it.
What happens when a creditor sues you for a vehicle repossession and takes you to court?
Basically both the plaintiff and the defendant will have the opportunity to make statements pertaining to the case and present supporting evidence. The judge will then rule on which one proved their case. If the plaintiff wins they will receive a writ of judgment and can execute it against nonexempt property belonging to the defendant. The usual choice is wage garnishment or bank account levy.In some states the winning party can also collect legal fees and/or court costs that were incurred.
IF your loan was discharged, you are NO longer the owner of the car. You can call a local wrecker company to come get it as a towaway. You cant get title to it.
You have one day before your car is repossessed is there any payment options?
Call the lender, and make some kind of arrangements. Do not let your car get repossessed. You will be responsible for the balance on the loan. no
