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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
NOT likely, you have made "arrangements" already.
What happens if a car is repossessed?
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.
Can you tell a repo man to stop coming to your home?
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??
If you buy a new car on a weekend is your new car insured if you have insurance on the old one?
MOST auto policies provide coverage for a 'new' (additional) or 'replacement' auto, when you already have the same coverage for the prior car. For example: Let's say I own a 2003 Honda. I purchase a 2006 Toyota on a Saturday afternoon, or for that matter, on a Wednesday morning. If I trade it in, the 'new' car will automatically have the same coverage as the vehicle I traded in, for up to 30 days.
In Virginia when can a finance company repossess your car?
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.
If you car is repossessed in Tennessee can they still collect any deficiency?
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.
How do you know a car is a good car?
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.
What happens when you voluntarily give back a car?
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.
Can you buy another car before your car gets repossessed?
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.
Can a co-signer take the car away from the primary driver?
The automobile's title/registration determines the legal owner of the vehicle. Loan documents only concern the signer's legal responsibilities with the bank.
If both names are on the title and you as primary are not paying on the loan then it is the responsibility of the co-signer to pay the loan. Since the the co-signer is still co-owner, and they are paying then the co-signer can take the car away. Remember this is affecting the co-signer's credit as well as your credit.
Well now, you state that it WAS repoed, so yes you can be charged a repo fee for a repo performed.
They told you that you could buy it back before it was sold. Did you attempt to buy it back? If not, what is you complaint? You think they are going to wait on you? They do not have to tell you anything more than they did. 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.
It depends. What was the result of that error being made? Was your vehicle repossessed because the payment went to the wrong account? As far as "legally filing a lawsuit" you can do that to anyone for anything. Most banks will rectify the mistake by correcting the routing of that deposit and clearing the late fee if they see that the payment was received on or before the due date. However, they can tell if it was an honest error or if you are trying to slip one by on them.
Why haven't they repossessed your car yet they know where it is it has been 2 years now?
Number one reason is they DONT want it. Why?? It is not worth the extra money the lender would spend to repo, prep, and sell it. That amount would not reduce that amount owed enough to justify repoing the car. This is common with older cars that are broke down,wrecked or the loan was upside down to start with. One other reason is they REALLY DONT know where it is. Maybe the alledged repo agent/s have been giving mis-information for whatever reason. I have found many cars for lenders that were misinformed as to the condition/location.
Can a vehicle be repossessed from a private driveway?
YES it can and usually is. ONLY if you defaulted on your contract. So, do yourself a favor and park it in a public parking lot and leave the keys in the ashtray. Good reading here on this issue: http://www.cardreport.com/credit-problems/repossession.html
If you have already been the cosigner on the loan, you will remain so until the loan is refinanced or paid in full. It doesn't matter if the cosigner has lost their job or not. As long as the person is making their payments, the cosigner isn't affected at all.
Good luck job hunting cosigner! :)
If you lived up to the agreement you made with the lender, you would not have to worry about this. Make your monthly payments. If you are in financial trouble, contact the lender and work something out. I can assure you that they do not want to repo the car. Remember your credit will be ruined for 7 years, and you will still pay the difference in what the car sells for and what you owed, plus repo fees. They are harassing you because you have reneged on your agreement with them. Keep you word and make the payments. For your information, I have taken care of my financial obligations since that time and it was by no fault of my own that my pay had been screwed up. Furthermore, had I not been sent over to the middle east with the military on a moments notice to defend your freedom and provide safety for the likes of jerks like the repo scum and you also, before the situation could be rectified, it would not have gone to the scum bags in the first place. Sit behind the safety of your computer and anonymity and know it is because of people like me that risk their lives and whose families make great sacrifices along with us, that afford you the freedom to put a few more dimples on your saddlebags and afford you the freedom to speak your peace. To answer the original poster, NO, they cannot harass you at your place of employment, or call third parties (friends, bosses, family members) other than to ascertain where you may be contacted. They are not allowed to divulge that you owe money, and they are limited in how many times they can contact a third party. The context of the law is within the Fair Debt Collection Practices Act and can be found at http://www.ftc.gov/os/statutes/fdcpa/fdcpact.htm#804 Specifically: � 804. Acquisition of location information [15 USC 1692b] Any debt collector communicating with any person other than the consumer for the purpose of acquiring location information about the consumer shall -- (1) identify himself, state that he is confirming or correcting location information concerning the consumer, and, only if expressly requested, identify his employer; (2) not state that such consumer owes any debt; (3) not communicate with any such person more than once unless requested to do so by such person or unless the debt collector reasonably believes that the earlier response of such person is erroneous or incomplete and that such person now has correct or complete location information; (4) not communicate by post card; (5) not use any language or symbol on any envelope or in the contents of any communication effected by the mails or telegram that indicates that the debt collector is in the debt collection business or that the communication relates to the collection of a debt; and (6) after the debt collector knows the consumer is represented by an attorney with regard to the subject debt and has knowledge of, or can readily ascertain, such attorney's name and address, not communicate with any person other than that attorney, unless the attorney fails to respond within a reasonable period of time to the communication from the debt collector. � 805. Communication in connection with debt collection [15 USC 1692c] (a) COMMUNICATION WITH THE CONSUMER GENERALLY. Without the prior consent of the consumer given directly to the debt collector or the express permission of a court of competent jurisdiction, a debt collector may not communicate with a consumer in connection with the collection of any debt -- (1) at any unusual time or place or a time or place known or which should be known to be inconvenient to the consumer. In the absence of knowledge of circumstances to the contrary, a debt collector shall assume that the convenient time for communicating with a consumer is after 8 o'clock antimeridian and before 9 o'clock postmeridian, local time at the consumer's location; (2) if the debt collector knows the consumer is represented by an attorney with respect to such debt and has knowledge of, or can readily ascertain, such attorney's name and address, unless the attorney fails to respond within a reasonable period of time to a communication from the debt collector or unless the attorney consents to direct communication with the consumer; or (3) at the consumer's place of employment if the debt collector knows or has reason to know that the consumer's employer prohibits the consumer from receiving such communication. (b) COMMUNICATION WITH THIRD PARTIES. Except as provided in section 804, without the prior consent of the consumer given directly to the debt collector, or the express permission of a court of competent jurisdiction, or as reasonably necessary to effectuate a post judgment judicial remedy, a debt collector may not communicate, in connection with the collection of any debt, with any person other than a consumer, his attorney, a consumer reporting agency if otherwise permitted by law, the creditor, the attorney of the creditor, or the attorney of the debt collector. (c) CEASING COMMUNICATION. If a consumer notifies a debt collector in writing that the consumer refuses to pay a debt or that the consumer wishes the debt collector to cease further communication with the consumer, the debt collector shall not communicate further with the consumer with respect to such debt, except -- (1) to advise the consumer that the debt collector's further efforts are being terminated; (2) to notify the consumer that the debt collector or creditor may invoke specified remedies which are ordinarily invoked by such debt collector or creditor; or (3) where applicable, to notify the consumer that the debt collector or creditor intends to invoke a specified remedy. If such notice from the consumer is made by mail, notification shall be complete upon receipt. (d) For the purpose of this section, the term "consumer" includes the consumer's spouse, parent (if the consumer is a minor), guardian, executor, or administrator. It IS illegal to do this, and I would contact an attorney in your area to see if you have any recourse. Regardless of whether you paid your debt, or stopped paying it outright and they repo'ed the vehicle, it's still bad debt collection practices, and ILLEGAL to harass you in such a manner. To the obviously bitter bill collector type person, please refrain from making judgment calls on someone who, in this crap economy, may or may not be able to fulfill the terms of a contract, or, worse yet, are a victim of bad debt collection practices. FYI, there are a ton of "creditors" out there who use these harassing methods even when a debt isn't valid. Also, please note: You stated, "They are harassing you because you have reneged on your agreement with them." At NO TIME is the word "harassing" and the word "legal" likely to legitimately be in the same paragraph. Harassment is harassment is harassment and it's illegal. Many times, it's this HARASSMENT which causes an otherwise perfect debtor from being able to make arrangements, or properly communicate with their creditors, even when there are no problems. I personally hate calling any of my creditors, even for a balance check on a credit card. There is such an adversarial attitude from the get-go that most of us look at them as the enemy, even when there are no financial difficulties. Answer I agree with the first post that the debtor would not have to worry about it had the deal not been reneged on. So for military man: One of the biggest excuses is "My pay was messed up" for both military and non-military alike. Since leaving 'at a moment's notice' should not come to you as a surprise since that is generally what happens, then you should have a power of attorney for these matters so that someone can be legally contacted other than you to work out something. Since you could not be contacted and "legally" (there's that word again), we can't discuss your affairs with 3rd parties. We have no other option. If bill collectors waited for people to get their pay in order, then we might as well just stay at home most days. As for "harassing" at work, if you have a no contact restriction at work, then that's dandy; however, that doesn't mean that we can't repo your vehicle from work because, and you may have guessed it, that doesn't require us directly contacting you. Also, it's not illegal for contractors to offers finder's fee to your co-workers to give up the location of the vehicle, or better yet, if it's your business we will just make it simple and do a replevin. Again, the first post is dead-on. The last thing we want to do is repo a vehicle because it's a loss on our part. We usually don't repo unless a vehicle is at least 60 days past due (that's 3 payments, man.. you mean to tell me you couldn't manage to get in one payment, while your pay was 'messed up' to remedy that? How did you pay your other bills during this time?) Anyway, not all customers get the privilege of waiting 60 days till the repo man comes. And that comes from 3 factors: a probability to pay score, your credit score, and what your current pay history looks like. So I will take a wild guess that your credit is not up to par and this was not your first time being severely late on a payment. Sorry, but in this 'bad economy' that people like to use as another popular excuse, we can't sit around and wait for payments to roll in..sometimes ya just gotta repo. Now before anyone wants to add on to this answer adding me to the bitter pile, consider this: debt collecting is a lucrative job these days so don't knock it. I know some debt collectors, who are "harassed" by debt collectors so we are not immune. Most debts are valid to collect so if you are victim of a debt you do not owe, please do not hang up or ignore us; that only furthers your problem. We can only help rectify whose debt it is, if you talk to us. If you hang up, yes we will continue to call, because we will assume you are the right party. And lastly, calling people all day, most of which answer in a foul mood, is not my cup of tea for a career. It takes a special, patient person to choose this path. I am doing this as part of my studies. In a few months, I will move on to something else. It is quite funny when a debtor tries to provoke an argument by calling me uneducated, bitter, or just tell me I sound like an idiot (I do have the stereotypical, Southern accent by the way so I guess that's where the assumption of being uneducated stems.) Well, even if I was a high school drop-out doing this job, trust me, you have to know the ins and outs of the automotive financial industry to be an effective collector. We parrot the same educate/motivate speech all day so we can do this in our sleep. If it's one thing I have learned, one doesn't need a finance degree to do this job, just a little common sense. Now let me go put on running shoes; I feel a few of those dimples creeping up.
The guy that posted with the FDCPA info is the smartest of the bunch and answered your question.
Not paying your bills (worst case) is not smart, and it's not the way to live, but you also shouldn't be harassed for it. There's a reason why there are fair credit & collection acts!
Glad you're home!! God Bless!! :)
PS ... Bitter guy? Yeah, I've seen people in anger management more patient than you! :) Oops!! Forgot to mention that you might be eligible for help through the SCRA (Service member's Civil Relief Act) .. check out this link for more info! http://www.uscg.mil/legal/la/topics/sscra/about_the_sscra.htm
Can you get your possessions from a car after a repossession?
you have sixty days from the date of the reposession to redeem personal property you need the primary driver /who the car's name is in to go to the repo lot with picture I.D. and they will have to sign a hold-harmless and personal property report which lists all the items in your car.If you had a firearm in your car then it would be unloaded and you will not receive your ammo back but can receive your firearm.If you come after the sixty days then your personal property most likrly has been disposed of as the saying goes finders keepers or we throw it in the dumpster or give away to GoodWill.
When refinancing after 2 years do you have to pay another closing cost or down payment?
Yes, there are fees to be paid, such as credit reports, appraisals, processing, taxes and insurance.
No! You are stuck with owing the 18k and you don't even have the car. Letting the car be repoed was your fault. You should have contacted the lender and worked something out, or made the payments you agreed to. You didn't, so now you will pay, and your credit is ruined for 7 years, and you no longer have that perfect credit. Yes you can get out of owing the 18k its called bankruptcy.....but then your credit score will be less than perfect. Depends on your state, but that is what is referred to as "deficiency" and most states allow creditors to collect it.
As a cosigner does the auto loaner have to let you know they repoed the car?
No, the lender is not even required to notify anyone in all states. If you happen to be the person in possession of the vehicle, it is possible, quite likely actually, that the repossession agent will be kind enough to allow you to secure your personal property. Take advantage of this, as the agency is well within their rights to charge youstorage for any property left in the vehicle.
yes they can they will go to a court in the state you live in to ask for wage garnisment if this happens and they are awarded a judgment then they will contact your present employer and send in the nessesary papers to extract a percentage of your wages.if you are sent mail about a court date go and ry to have a lawyer present also read over your contrct from the dealer to see what you are truly liable for.
