Repossession

You need to read your loan agreement very carefully you may have given them that right.

There is no limit. If the lender is not in a hurry for the vehicle, then they may not move on it right away. On the other hand, if your behind and they belive they are able to capture back funds they may move on it right away. Don't take any chances, most will work with you to get you caught up. CALL them. You might be surprised. - Repo man in Central Ohio

If the repossessed property did not sell for enough to satisfy the debt the lender may decide to seek the rest of the payment through the courts. The courts may decide to require that you sell assets to satisfy the remainder of the debt. If you do not have assets to satisfy the debt the lender may be allowed to require, by court order, that your wages be attached to make payment. While all of these are possibilities courts do not always grant all of these options.

Yes, but only if you are the cosigner. When you cosign it is usually for these reasons: The person the loan is for is a minor The person has a poor credit rating The person doesn't have collateral When you cosign you are 100% responsible for that debt. All the banking institution is interested in is getting their money, so if the car was repossessed the cosigner has two options ... take over the payments or sell the car and hope it pays off the total loan. It's a smart thing to do so it doesn't ruin one's credit rating. If you aren't the cosigner, but the person the loan went too, shame on you! If you can afford to continue to make payments now, then you could have made those payments on the loan cosigned by someone who was nice enough to do it.

It depends on what country you are in. In America, you can do so in every state except Maine.

If you

Most times the answer is no. Go to parking lot and there should be signs posted that they are NOT responsible for any vandalisim to your car while it is parked there. If there ARE NO signs, your in luck, and might be able to recover deductible.

^^previous poster^^ my car has been reposessed in the state of Washington, and the finance company has told me that in the state of Washington the payoff balance must be paid in full my (me) or another financial institution.

i have tried through my personal bank, a couple credit unions, and many online auto refinance companies.. all have denied my applications for auto refinance. i have bad credit. self employed. also working part time at night. i really don't care what my apr is at this point, but i hope someone could help me find a company that may refinance me.. i feel like i am completely out of options.

yes

Only the LENDER can repossess the vehicle. Is this stepson a minor? If so, you have parental authority to tell him he cannot drive the car. Even if he is over 18, if you are the primary on the loan, I'll bet your name is also on the title and if it is you can just take YOUR car.

It depends on which state you are in. In Arizona you can be repo'd at the end of the business day that your payment was due. However most major banks and finances companies normally wait for up to 90 days.

If you signed a loan agreement then giving the car back won't help you.You are bound by the terms of the loan.Read the agreement what happens next will be determined by what that loan says.

I don't think you need to be in this business since you need to be smart, and if you had done your home work then you would know that Ohio doesnt require a collection license like mich. does so if I was you I wouldn't quit my day job.

Read your loan agreement.Yes you will have to pay for balance of the loan after your vehicle is sold or auctioned.Your current or past job status makes no difference to the bank.

The Bank that took ownership.

because of the cost involved i doubt it......unless of course its a place a repo guy wants to visit.

You won't be arrested and the police won't come after you it is a civil matter not criminal.

You may be right, you won't be arrested and the police won't come after you but if it's a Felony in California and Florida to hide a vehicle from repossession, how is that a civil matter? Sounds criminal to me but nobody will enforce it.

Call the lender they will tell you.

A voluntary reposession reports on your credit report as a loss. The car company with take the car back and credit a portion of the balance which the owner/leaser still needs to pay on. The creditor will place the "voluntary Reposession" on credit bureau. All in all it will be reported as a charge off debt. If the original owner/leaser doesnt pay the remainder he/she can/will be collected from and could face legal action. A repo is a repo voluntary or not. Ruins your credit for 7 years. What generally happens is that it will be reported on your credit as a repossession. When you go for financing on something else, the repo will pop up and the potential lender will call the lender who reported the repo. When they find out it was a voluntary, it may actually lessen some of the blow of having a repo. But, yes, a repo is a repo.

Yes.

I dont think so but heres a suggestion pay the bill and they should leave you alone. NO!!!Look up the Fair Debt Collection act it is online. Harassment has many different definitions to many different people.

If you are asking can a lender call you at work and ask you for payment if you are late regardless of the amount of time you are late, then yes, they can.

If you are asking can they call you repeatedly and call you derogatory names, and notify your coworkers you are delinquently in debt, then, no, they cannot. the former is NOT harassment, the later is.

A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.

I did a "credit simulator" to try find an estimated answer to this question before I "voluntarily repossessed" my car. The credit simulator told me that if I allowed my car to be repossessed, it would decrease my credit score by six points. I live in Ohio. It may be different in your state. Go to www.mycreditinform.com. (This was only for my Equifax credit report, so it may be different for Experian and Transunion). I think they also may have similar type simulators. Good luck. (PS - For the amount I owed and the reality of paying at this time, I went ahead and took the hit. Once I'm in better health, I'll begin trying to help my credit in another positive way. Sometimes, you just have to do hard decisions, you know?).

If your father left a Will, and he had an Estate (house, condo, property, etc.) then the Will goes to Probate and Probate makes sure all taxes on property, also personal outstanding taxes are paid off. It also pays off all creditors. For example: If your father left a Will and he owned a home, or had money in a couple of accounts the Probate would take that money and pay off all creditors (including the bank for the car) and any other debts. Only after this, do you get what is left in the Estate. I do believe the bank had no right to repossess the car after your father's death, but complied with Probate. I would seek legal help on this one.