Repossession

Yes, If your auto finance contract requires you to have insurance on the vehicle and you fail to meet that obligation they can certainly repo the car for violation of your contract terms.

as many days as it is there if the car is there they can charge

The one who BORROWED the money and/or the on who COSIGNED the loan.

7 Years. 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.

If you haven't been making your payments for a few months, you can pretty much bet your car is one the list.

Negative information on credit reports cannot arbitrarily be removed. They must remain on the report until the specified time limit expires. The expiration time for respossession is generally seven years. The consumer has the right to appeal/dispute an entry if they believe it to be invalid. The claim must be made in writing, with supporting evidence to prove the entry is inaccurate.

YES! Pay your repair bill and the problem goes away.

Yes. Additionally, you will be responsible for any late fees, repossession fees, storage fees, transportation fees, and legal fees and court cost incurred during the repossession process.

You get into really good physical shape from all the walking..... no. Seriously, what generally happens is your vehicle will go to the repossession company's storage facility (unless the bank has told them otherwise) and you have a certain amount of time to pay the bank up to get it back (I am not going to say how long you have because I don't know what state you are in. Most states give you 10 days but I don't know about where you are). If you fail to pay the bank up in that time, the vehicle gets remarketed. Be it by auction or private sale, again depends on your state. If the vehicle nets less than what you owed, it is called a deficiency and you are still liable for it. If it nets more than you owed, it is called a surplus and the bank owes you the difference. Again, it depends on your state. I would recommend you contact your state's attorney general's office to get the specific laws for your state.

Please contact the nearest military facility and ask for assistance from the legal officer. I can't guarantee this, but I think you should have some protection under the Soldiers and Sailors Civil Relief Act.

The lender will come after you for the remaining balance after the car is auctioned.You can either declare banckruptcy or work out a payment plan...or thelender can seek a judgment to garnish your wages.

You don't own a leased car, so you can't sell it. That'd be the same as renting a house and trying to sell it. If you can't afford it anymore, contact the leasing agent, and make arrangements with them. Without a doubt, there will be some stiff penalties, though. This isn't actually true at all. We are currently leasing a Toyota Corolla Sport and have contacted the company handling our lease and they have specifically told us that it is entirely possible to sell the leased car at payoff amount, whatever that may be at the time you decide to sell. It isn't the same as renting a house due to the fact that when renting a house you aren't tied to it for 36 months and then you have the option to own, trade it in or walk away. Leasing a vehicle is practically the same thing as getting a loan on the vehicle which you can pay off, but the catch is... If you don't sell it before the lease end, then you drop it off (hoping there isn't any extra money due to extra miles and wear and tear), buy it for the current value of the car or trade it in for another car. Leases allow people to get lower payments and this is what drives most people to take a lease on. Otherwise, the best option is to buy the vehicle which is almost the same as leasing accept after 36 months you own it and can do whatever you want with it... or you can sell it before hand (same as a lease) and move on. So... if this doesn't make sense or answer the question... We just sold our leased vehicle... So it is possible.

It wouldn't be a repossession, but if he has had to make the payments, he could sue the primary borrower and might get possession from the court.

A vehicle that is not paid for and has a clear title cannot be sold, traded or salvaged without the written permission of the lender. It is highly unlikely that any such permission would be granted until the loan contract has been paid in full as agreed, allowing the lien to be lifted and a clear title possible.

NO you cannot!!!!There are many dishonest repo people who try this scam to squeeze money out of already cash strapped people.They can charge you if they have removed ,inventoried and bagged your personal property........you know actually done something to warrant being paid.If they refuse to let you retrieve your personal property then contact the lender and ask for your PP back.If that fails contact the police and file a stolen property report and don't forget to include your lisc. plates. (if it applies in your state)

Unfortunately I think phishing scam artist have expanded from just the internet. I often receive letters from collection agencys. I've noticed that most contain some information that I can confirm it by reading the letter. However, recently I have noticed quite a few come through with little to no information about the debt with a phone number to call. Well since I am not in the financial position at this time to correct my past mistakes at this time I haven't bothered calling on these recent letters. I can't tell you how they would be handled, but I have a feeling I would have a similar experience. But I do know you have the right to ask that they prove the debt, and you can read more here http://credit.about.com/od/debtcollection/a/validation.htm Under the circumstances I would encourage everyone to validate every collection letter that one receives before sending any money, and circumstances happen to the best of us and even the worst of us, but if someone is trying to make it right, they don't deserved to be scammed. Then the next step would be to make sure that your credit reports are accurate, if these people can't tell you anything about the debt it shouldn't be on your credit report. If it is write to the credit reporting agency and ask how you can correct it. That's the best steps I can think of right now.

They can try and garnish your wages(if your working)or they will work out a payment plan with you for the remainder or a portion of the outstanding balance.One option you have is to declare bankruptcy to clear your debts.You cannot be thrown in jail if you cannot pay.

They can turn them in to the DMV, but do you want to take a chance on them doing that? Remember, the plates are yours and registered to you. If someone gets the plates and throws them on another vehcle and gets in an accident, say a hit and run and someone writes down the tag #, expect the police to come knocking on your door. To avoid a hassle, remove the plates from the vehicle. You have the right to since they belong to you, not the lender. If the car was taken before you could remove the plates, you have to get them back from the tow company. If your there when they are taking the car, the tow guy has to let you remove the plates. The plates do not stay with the vehicle and the tow co nor the lender has a right to keep them.

Depends on your finance agreement. Most say that after you miss a payment it can be repo'd. There really is no state mandated time limit before repossession can occur. Best thing to do is make your payments and that way you don't have to worry about it.

Ok here we go again,what kind of acromym is bhph regardless there asking you to return the collateral because they dont believe you and only you know if your being honest or not ok so if you are really going to bring your payments up to date and soon hide the collateral and do a good job because I may have the order and I never sleep,because if you take it in the can charge you all kinds of fees such as storage,etc. and they can demand that you pay the loan in full so unless youll have enough money to cover all these potential fees just hide it and make your payment post hast.Keep in mind that doesnt mean several weeks Im talking days be honest to yourself. bhph probably means Buy Here Pay Here. The lot isn't required to accept your payment depending on your state and finance agreement. It sounds as if they have made a demand for the vehicle. Call them and ask them if they want the payments to be caught up in cash or certified check and see what they say. If they pick one, then take that to them. If they say "We don't want it, bring the vehicle" well, then you have evidently pissed them off too bad at some point or another and you need to take them the vehicle.

just exactly what do you mean by terms is this present or past tense are we talking about conditions leading to repo. or are we discussing what it takes to get in this position ok here are a few ideas if we are talking obout what leads to a repo. that could be varied usually outlined in each individual contract.now if we are talking about how one goes about doing a repo that also varies depending on area and lending institution,and type of collection agency.It would help greatly if the question was more specific.I have never heard of anyone refer to terms I would have to believe that there suggestig to the process due to get in such a position and that is outlined in each individual contract and should be but most usually isn't made known to the debtor at the time of the commencement of the loan,its in the fine print the road/section least traveled/discussed by the salesman at the time the property is purchased.However it is a general rule that usually goes with out saying that if you miss one or more payments you breached the contract and defaulted on loan there for starting the due process that leads up to the repossession of said property I hope this is what the question was referring too.

A creditor can repossess a vehicle at any time after a default(late payment, lack of insurance, etc.) occurs on the contract.

Yes, they will repossess if you have only one payment left.

Grow up. Yes, give them the keys back. If they need them they will ask.....just make sure you get ALL of your personal possesions back before you give them the keys. Well, no. You don't have to give them back. If you choose not to, be prepared to have to pay up to $250.00 for the bank to have a new one made. Cheaper to give them back. Most repo companies won't give personals back until they have the keys. A repo "company" cannot hold your personal property hostage.