Repossession

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.

Until the end of the grace period as spelled out in the contract you signed. After that, they can reposes the car. Talk to your lender if you are having problems.

Yes it stays that is what happened, by bringing your payments current you don't change the past. It stays. That's what a credit report is about, "your payment history" Yes but the poster has a point the car was not repoed in the traditional sense ....it is more what i like to call repo-lite.Back before anyone with a pulse could get a car loan repos were far less common hence a seven hit on your credit.There really should be a another way to report it rather than an outright repo because it really isn't.

1 day after the grace period as spelled out in the contract. Talk to the lender if you are having problems making the payments. Its generally about 35 days but call them or answer your calls from them.

If you stop making payments, the loan is in default. Loans in default get repoed. Loans in default that are out of state get repoed. Cars dont fall off the face of the earth. You will not get arrested by the police or stopped by the police.THis is a civil matter not a criminal one.

According to a friend of mine who is in repossesion: (Short form of discussion) They will file a civil suite for the remainder of the amount for which they are not recompenced thru sale at auction. They will then garnish your wages to collect granted sum.

It was never yours to give to the landlord. IF the landlord settled with the LENDER to get title, then YOU are out of the picture completely. EXCEPT for the garnishment of course.

NO. If the lender is trying to repo the vehicle and they can't find it,they cannot report it as stolen. Only the owner can do this. "STOLEN" is defined as "unlawful taking". You did not "take" the vehicle unlawfully. If you refuse to surrender the vehicle the lender may get a judgment (Writ of Replevin) and have the Sheriff's office come knocking on your door and only then will you have to surrender the vehicle or tell them where it can be located. Why stress over a vehicle? The value keeps going down and there are plenty of cars out there to buy. If for some reason, such as illness, loss of job, etc., where you cannot make the payments and no hope of making up the late payments, call the lender and have them pick up the vehicle. You'll get another vehicle one day. Just remember to remove your belongings and the plates. If you added anything on the vehicle you can remove that to. The lender doesn't know if you put in a new stereo system, and the car and everything in it is yours until it is returned.

Neither are good. Call the lender and work something out. a repo is a repo by any standard ,they will sell the unit and go after you for the deficiency no matter what.it will be on your credit as a repo. You will not have to pay the towing and fees associated with the repo. That is the only difference.

That depends on a lot of variables. How much the car is worth, how good/bad/lazy/indifferent the repoman is,how many repomen the lender will use to look for the car, ect. There "could" be more than one agent looking for the car. Whatever the sitation, YOU wont end up with a "free" car. The court order will likely be called "hindering a secured creditor" and you will have much more incentive to "remember" where the car is.

The best way to "get out of it" is to DRIVE IT OUT. Trading is an option but you will still be owing more than the collateral is worth. Suck it up, pay off the loan and dont do that again.

they dont have to take the car back,although they can sue you for the value or the balance of the loan If the lender is local, leave it in their parking lot, then call them and tell them where to find the car.

NO! that is wrong In the state of MAryland the must send a certified letter to the co-signer also. Check your state laws

NO, co-signor is only notified when its time to pay the loan.