Repossession

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.

NOT likely, you have made "arrangements" already.

Unless you contact the bank and work out a solution, they will sell the car. You will then be liable for the difference in what the car sells for and the balance on the note.

YES! Just wondering how you know that? What would the crime be? What if the person had a cosigner?

The other co-owner or cosigner will be responsible for the debt.

Yes you can but that does not mean he will ...he has a job to do and he only gets paid if he gets the car.Are you hiding the car?? At some point you will have to either pay the amount owed or give up the car or he will take the car. Talk to your lender see if you can work something out.Why waste more time??

After one month of being in arrears, they will contact you and issue a warning, after 60 days of being unpaid, they can legally take it back. They own it until the total amount has been paid by you.

The first answer was pretty staright and to the point, but I feel you need to have a little more info. You need to call the Tennesee Department of Banking and ask them. You do have to pay a deficiency but they can tell you what the lienholder has a legal right to collect. There is a better answer lurking in your collection of paperwork for the loan. THE CONTRACT. You already agreed to certain fees, ect. being added to any balance due should repossession occur. You see, this is NOT the lenders first rodeo. Nor are you the first to be repoed. This process has been tempered and refined for about 60 years. Most states are the same as to what can and cant happen in the process. If one state became toooo PC or in favor of the debtor, the lenders would naturally tend to avoid lending in that state. Point blank, you could owe any or all of the following that remains after the resale of the vehicle:

* The unpaid, outstanding balance of the principle. * Late fees accrued on the account. * Repossession fees. * Storage fees for the recovered vehicle. * Collection fees accrued in an attempt to recovered unpaid balances. * Legal fees accrued in an attempt to recover the unpaid balance. * Court fees as a result of judgment. * And, in the event you are reclaiming any personal property left in the vehicle when it was taken, a property recovery fee.

If he vehicle is maintained properly, have a Mechanic check it over for you( knows what are cheap/expensive repairs). Test drive it( u and the mechanic). It is cheaper to completely rebuild a slightly older car than by a new car. Example: my 1993 dodge Dakota pickup: can have the engine/trans. rebuilt replaced(if I didn't do it myself), new interior (even upgrade to leather aftermarket seats), repainted(frame off,even) and have a brand new truck(0 miles) for $10,000 less than you would have after 5yrs paying $30,000 for a new one. In the end you would have what I have now, which I paid $3500 for 12 yrs ago.

Bad things, among which is ruined credit for 7 years, payment of the balance left on the note after the bank sells your car. Not good things. Don't do it. Call the lender and work something out.

The spouse cannot be held liable, however it is quite possible that the debt is no longer valid for collection. The person who cosigned the loan should find out what the SOL is in the state in which the contract was signed.

O' yea, that is a brilliant idea. If you can afford to buy another car, then you can afford to pay for the one you agreed to pay for. Make the payments on the car you now own, and your problems will disappear. Stop being stupid and trying to work the system. They loaned you money in good faith. You signed a contract to make payments each and every month. Be a man of honor and do what you said you would. 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.