Repossession

Long as you put it in your reaffirmation so that it will not be part of your bankruptcy you will be able to keep it. Same thing as with a house. Just as long as it was part of the agreement that it was not included in your bankruptcy then you are o.k.

Sorry my friend a repo is a repo now if it would of been 2 days before.Now what I would do is get ahold of the bank preferrably with some brownies in your hand and do some begging maybe just maybe they help you since it takes effort on there part to report it and besides you didnt yank them around after the fact like so many people do hopefully you catch someone in a good mood.P.S. hurry before they have the oppertunnity to report it.Good luck and I hope this helped you. If you show up two hours after the store closes, is it still closed? I don't buy that showing up to the store crap for a second. That's a quiters answer. I've showed up to a closed store before and knocked on the window and gotten them to let me in. I made a $1200 purchase and we were both happy. It's never over till they say it's over...and even then I am a pain in the ass to get rid of. Your bank controls what is reported and the first answer is not a bad one. Go down and talk to the lender. Sometimes people have long standing relationships with banks and do a lot of other business other than vehicle loans. I know someone who had three great mortgages thru his bank and a great standing reputation. He had a son who stopped paying and the car was repoed. The guy paid the fees and took care of it. They didn't dink his credit cause they know he is a good customer. It's case by case but it's not written in some holy bible of bank laws that they have to report. Actually no one is required to report by any laws other than corporate procedures. I am a collector at a Credit Union in Utah and we do not report a repossession to your credit if you redeem the vehicle or pay it off within ten days of the repossession. We only report the repossession to your credit if you do not redeem the vehicle within ten days or if you are threatening or inhibit the repossession process either physically or verbally. We reserve the right to report the repossession even if you redeem the vehicle. We choose not to in 99% of the cases that redeem in ten days to motivate them to redeem.

Rights? they have the obligation to pay if the primary signator defaults (which is what caused the repo). they may or may not be on title, which determines some of their property rights. You would need to check local (state) laws regarding this. You really take on a serious risk when co-signing and should do so carefully. If the person who bought the car defaults, then you have to pay for it or have it go on your credit report as a bad debt. If you credit history was good, this can really mess you up as most credit issuers are using other companies records to base their own interest rates. You can get royally done in from higher interest rates. So, if you can afford to, get that car redeemed (pay it current and get it back) and make sure that the payments are on time from here on out.

A cosigner is a person who signs with another person for a loan of some sort due to credit issues or financial reasons. A cosigner unfortunately does not have as many rights as the person who is first listed on a loan. For example, if you purchase a car and your boyfriend/girlfriend cosigns for you and you two break up, they cannot take the car away from you. However, if you are late on payments, the cosigner will then be responsible for the payments.

NO !!!this is a civil matter between the lender and the loanee the police will not get involved period.Do you think banks would bother hiring repo morons if they could get the police to do their work for them????

depends you should receive a notice in the mail from the lender as to the auction date and place.

They can come onto your property because you gave them permission when you signed the loan.If it someone elses property that is trespass but after they have the vehicle the point is moot as long as they didn't damage the property.

Laws on this will vary by state. Chances are this is a small claims matter and many courts provide free legal advisers on small claims matters. You should contact the local court to see if they offer such a program. You should sue the lender not the repo company.Do not waste time in small claims you can represent yourself in regular court.It is not that hard the clerks will help you get the forms some states have the forms online.Also take a look at the fair debt collection act it will help you with your case.Good luck!!

You will pay the difference in what they sell the car for and the balance that is owed on the note. You may also pay the repo fees. Your credit will be ruined for 7 years. Contact the lender ASAP and work this out. They do not want to repo your car and I am sure you do not want to loose it. Actually they have to sue you first to garnish your wages but why let the facts get in the way.

On Hook coverage is a special unique part of a commercial auto policy written for tow truck companies. The On Hook coverage provides physical damage coverage to the vehicle that you are towing while it is being towed. If you are in possession of the vehicle and are fixing it, garaging it until you can fix it, etc then you would need to have garage keepers legal liability.

Auto repair shops and tow companies have special insurance policies to cover their unique needs such as the aforementioned, but also need liability, auto liability while testing vehicles, workers compensation and property insurance.

Parentiinsurance.com can be visited to get quotes on any of these policies and we are also happy to help provide you a better understanding of what the coverages do to protect your company against loss.

Yes, this is because the loan agreement was voided when you were late with one payment.The lender has decided to auction or sell the car even though you can bring the loan current,they can do this.

Yes he/she is just as responsible for the loan as the signor of the loan.

== == Yes. A debt can be negotiated, and a discount agreed upon between the two parties. Better to get something than nothing, is the idea for those who are owed the debt.

This is simple contact your lending institution the one that gave you the loan and consiquantly repoed your ride and they will forward you to the collection company that picked it up and you can make arrangements between these to places to make payment and the return of your property you will have to go and get it after your squared away with the bank the repo. company will not bring it to you. This is the wrong place to ask that question. The place you need to ask it is the lender's ear. The lender stipulates what needs to be done to get it back. After you have met their stipulations, they will contact the repo company and release the vehicle. You then call the repo company and arrange to pick it up. Most repo companies I know will deliver it back to you for a fee, above the fees already paid and payable to them, not the lender. For that matter you may find an established reputable asset recovery agency such as ours that delivers the vehicle to a mutual destination that is local for both us and you for FREE. What can we say, we appreciate the business and know that one day we may be meeting up with you again.

When you go into business/personal bankruptcy that means you have to give up everything. However, before claiming bankruptcy many people hide things or sell off vehicles to a trusted family member or friend. This way you can actually buy the car back at a later date. People who own companies often put their home, properties, etc., in their wife or husband's name and thus, the courts can't touch these items. Believe it or not, in business (not personal bankruptcy) you can start all over again under other partners or under a different company name. Sad, but true. Personal bankruptcy is much less lenient.

When you cosign you are taking on all responsibilities of paying that debt. If this person you loaned the money to is bankrupt then it's like getting blood out of a turnip. Going bankrupt means you don't have any assets or money. To be honest, most people (if in business) do have spare cash stashed away and also assets, so if this is the case please seek legal counsel. Good luck Marcy

You will have to sue the lender/bank get several estimates to fix the damage file a police report, take pictures.You can sue in either small claims or regular court either way you can represent yourself.

I believe you can get your down-payment back if you do not have the car. But, if the dealer is doing that to sell the car after you have made a downpayment (depending on what the contract/receipt states) then you mave have legal options against the dealer. Some lawyers have free consults. I would contact a lawyer for free consultation before getting my down-payment back because the dealer may have breached a prior agreement/contract, whether verbally or written. State laws may differ.

Only if the married couple resided in a community property state. In community property states all assets and debts belong to both spouses equally regardless of whose name appears on the documents. Texas and Wisconsin treat debts that are usually chargeable to the surviving spouse differently than the other CP states.

YES The bank can file suit, receive a writ of judgment and execute the judgment pursuant to state garnishment laws to recover any deficiency or other monies owed relating to the repossession. However, if the debtor has an account at the same bank where the loan is held, the bank probably has the legal right to remove whatever amount is necessary from a savings or checking account w/o the regular lawsuit process. The majority of loans procured through a bank will have a "set off" clause in the contract which allows them to take this action.

Usually the insurance policy of the owner of the car is primary and then if the driver of the car has a policy of their own then it is secondary.

Work out some sort of agreement very quickly with the other party. If you can't do that then perhaps your only option is to file bankruptcy very quickly. Filing bankruptcy legally puts a stop of wage garnishments. Filing bankruptcy stops all of your creditors' collection activities which is why it is often used as a weapon to avoid judgments.

A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.

No, he MUST do what the company he works for tells him to do.