Repossession

It hurts you credit tremondously. It will stay on your credit report for 7 years, and there is nothing you can do about it. Do not allow your car to be repossed. Voluntary repossession on not any better. Contact the lender and work something out.

As I learned last week, yes they can. If you do a search through this website or Google, you'll find better verification. From my own searching, there doesn't seem to be any regulation on how much they charge. I was raped for $25/day car storage fee and $10/day per bag (2 bags) personal item fee. They took my car on a Thursday night, the bank couldn't give me any info. on Friday and the repo lot was closed over the weekend. Picking it up on Tuesday cost me $225 just for the storage and personal items. if all your stuff was there and your car wasn't damaged you did just fine my friend some places charge alot more and usually all your good stuff is gone... consider yourself lucky ....very,very lucky!!!!!!! They are not entitled to possess your personal property therefore they have no right to charge you for it...now that does not mean they won't try it is up to you whether you pay it or enforce your rights. Well, it looks to me that they are required by law in CA. to inventory your precious personal property AND to CHARGE you to do so. Might I be wrong??? http://www.leginfo.ca.gov/cgi-bin/displaycode?section=bpc&group=07001-08000&file=7507-7507.13 (f) A disclosure of the charges payable by the debtor to the repossession agency for the storage of the collateral and personal effects from the date of repossession until release of the property from storage. The notice may be given by regular mail addressed to the last known address of the debtor or by personal service at the option of the repossession agency. Yes storage not to retrieve !!!!!!!!!!!!!!!!!!!!!!!!!! Read the question!!!!!!!!!!!!!!!!!!!!!!!!! That law you cite means you have to remove log and store personal property you know actually get up and do something.But it also means if you don't log and store the p.p. i don't have to pay you for it because you didn't do it right?Besides that is only in CA.there are 49 other states in case you didn't know! Most lenders don't want to be responsible for items left in a repo'd auto so it is up to the repoman to retrieve belongings out of the car, which now means that the repo co. is responsible WELL, with responsiblity comes an inventory fee. $75.00 inventory fee plus $25.00 per day storage. The repossession company CAN charge you for their time and their efforts to inventory and store your personals. Charging you for your personals themselves constitutes conversion. Some states have specific law regarding this, so the best way to know for sure is to google it in your state. Unfortunately, calling a lawyer or legal agency won't get you the best answer. Lawyers will say what you want to hear and then tell you to hire them to sue when there may not be a legal leg to stand on, meanwhile, you pay thousands to find out what you could have found out for free on the net. Most legal agencies just plain don't know. As I said, each state is different from another.

Where ever the car is principally garaged.

Repossessions are regulated by Colorado Revised Statute 5-5-111. You can refer to the statute by going to the State of Colorado's Web site, selecting the link "Legislature", and then "Colorado Revised Statutes". Vehicle Repossessions If a person is in default of a vehicle loan the lender may repossess the vehicle. The lender must notify a law enforcement agency verbally or in writing that repossession will take place. The lender must provide the law enforcement agency the name of the owner, the name of the repossessor, and the name of the loan holder. Vehicle Sales by Dealers The Motor Vehicle Dealer's Administration handles most complaints against vehicle sales from a dealer. The Dealer's Board will handle complaints alleging there was misrepresentation, improper paperwork, title delays, etc. Please note: you do not have a three-day right to cancel on vehicle purchases, unless the DEALER sells the vehicle at a place other than the regular selling location (example, at a stock or trade show). If you signed the contract you have purchased vehicle unless the dealer agrees to find you financing and is unable to complete the contract. Complaints against a new or used vehicle dealer should be brought to the attention of: Colorado Department of Revenue Motor Vehicle Division 1881 Pierce Street Suite 142 Lakewood, CO 80214 303-205-5744 Sue the lender in court they clearly failed to give notice of any kind.

NO. IF the co-signor is also listed on the TITLE as co-owner, they can take possession. If not listed on the title they would need to bring a civil suit and bring enough evidence to convince the court to render a judgment transferring the title to the co-signer. Crucial evidence would be proof the co-singer paid the loan.

I would not think so, but, your lender does require that you carry collision insurance on the car, which is the lender's collateral. It depends on what the note you signed says about this. Read it.

If you signed the wage garnishment yes

They will then sell the car and you will be responsible for the difference in what the car sells for and the balance on the note. Don't let it happen. Contact the lender and work something out.

The insurance company will pay the lender to the policy limits. This payment will only be made if you have theft coverage and not just minimum coverage. I believe you still have to make the payments, although I am not sure.

Some lenders might consider someone who is at least 18, most prefer 21 or older. Some contributing factors are the credit history of the co-signer, if the person has acceptable income to debt ratio, gainful employment history, etc.

It will cause the credit score to decline and will remain on the credit report for seven years, perhaps creating problems for the person to obtain future credit/loans.

A co-signer does not have rights to the property without having used due process of law to be granted said rights. The distribution of property when it pertains to the dissolution of a marriage is generally at the descretion of the presiding judge when those involved cannot reach an equitable agreement.

10 states have "right to cure" laws whereby the lender has to notify you that unless you get current, they will repo. As far as "we will be there tonite to get the car" NO. That's the fun part of the game. The lender doesnt know when you are going to pay and you don't know when the will take it away.

There are two ways. The old R-12 A/C's have a "screw thread" style service fitting for adding refrigerant. These resemble a tire valve. R-134A systems use a "quick connect" type fitting with no external threads. These fittings are on stock R-134A and R-12 systems that have been retrofitted to R-134A. The purpose is to prevent someone from charging R-12 into an R-134A system and vice-versa. Also, retrofitted A/C's should have a label saying "Retrofitted to R-134A," or something to that effect. The label should also say the freon charge weight and type of oil in the system, usually a polyol ester oil (POE or ester) in retrofitted systems and a polyalkylene glycol (PAG) in stock R-134A systems. Look for both the "quick-connect" style fittings and retrofit labels on the vehicle in question.

NOPE. No state requires lenders to tewll you that you are in "repo status". The lender desire for you to make the payments will sometimes give you a clue.

Call the bank, make up the missed payment and any fees associated with the repossession. You defaulted on the loan when you missed that one payment. That is your fault not the banks. Talk to them immediately!!!! When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car. Talking with Your Creditor

It is easier to try to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you'll be late with a payment. Many creditors will work with you if they believe you'll be able to pay soon, even if slightly late. Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may refuse to accept late payments or make other changes in your contract and may demand that you return the car. By voluntarily agreeing to a repossession, you may reduce your creditor's expenses, which you would be responsible for paying. Remember that even if you return the car voluntarily, you're responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report. Seizing the Car

In many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a "default." In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are allowed on your property to seize your car without letting you know in advance. But creditors aren't usually allowed to "breach the peace" in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace. Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property. A creditor usually can't keep or sell any personal property found inside. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can't account for articles left in your car, talk to an attorney about whether your state offers a right to compensation. Selling the Car

Once your creditor has repossessed your car, they may decide to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold. In either of these circumstances, you may be entitled to buy back the vehicle by paying the full amount you owe, plus any expenses connected with its repossession (such as storage and preparation for sale). In some states, the law allows you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession. The creditor must sell a repossessed car in a "commercially reasonable manner" - according to standard custom in a particular business or an established market. The sale price might not be the highest possible price - or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable. Paying the Deficiency

A deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $2,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing. In most states, a creditor who has followed the proper procedures for repossession and sale is allowed to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract. Depending on your state's law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only opportunity to present any legal defense. If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment. Remember this repossession will stay on your credit for 7 years.

In almost all cases, YES. At the very least you will pay the difference in what the car sells for and the balance on the note.

The only option for stopping a lawsuit and/or obtaining relief of judgments is filing bankruptcy.

Otherwise, once a creditor has filed a lawsuit against you and you receive notice of the hearing, or recovered a judgment against you, you cannot stop the process.

As long as it is collateral for a loan in default.

Legally, ONE.Actual practice?? 3-60

probably not much. did you negotiate with the lender about NOT putting the repo on your CR before you PAID IN FULL???? it is entirely up to the lender what is put on your CR. One thing you might try is to dispute it with the credit reporting agency if you can't get anywhere with the lender.You may be able to get your side of it on your credit report.

Same as any other repossession, CALL the LENDER. Work something out.