Repossession

YES! They will get the proper permission they need, because what they are doing is perfectly legal. Contact the lender and work something out. They will get the car sooner or later and you will pay dearly.

yes they are yours.You may have to pay a reasonable fee if and this is a big IF ....the repo co. has cataloged and stored your personal property.

• Generally speaking no. However permission can be implied in many cases. If this person who was driving the car without permission has driven the car in the past with permission you could have a problem. Also anyone living in the household may be deemed as having implied permission to use the car. If the car was truly stolen then the police would need to have been notified.
• In the UK and across the EU - European Union tries to protect the injured party as best is possible and this may mean tracing a claim back to a policy of motor insurance. Thus, even though the owner of the car is not strictly speaking liable - the owner's insurer might have to pay out if the driver does not have the means to pay the claim. See the related link entitled "accident car insurance" to see more about the motor policies which will pay third party compensation in the UK.

No but that does not mean they won't do either. A repo man cannot legally move another vehicle out of the way, but if he can get the car just by driving across the grass, then legally he can and probably will do so.

No one can answer this question. It depends on many factors. Here is a thought. Call the lender and ask them.

Yes, the term is used to indicate a debt being written off as uncollectible by the original creditor. The debt however remains valid and subject to collection by a collection agency working for the original creditor or a third party that buys the account.

Yes but it is costly and time consuming.Why don't you just give it back?

It is not clear whether the bank can or will request the parts that were stripped from a car. However, the condition of the car will affect the resale value. If the bank elects to recover the amount that you owe on the car, it must resell the car at fair-market value, which is often based upon the Kelley Blue Book. If the bank sells your car for more than your loan balance and the costs for the resale, then you would get the difference. If the bank sells your car for less than your loan balance, you would owe the difference plus costs. For instance, if you owe $15,000 and the stripped car only sells for $7,000, then you would owe $8,000 plus costs. This is called a deficiency judgment and is likely in most situations.1

Normally both these vehicles would be on the same inscuance policy. If this is the case, usually the Insurance Company will only have one deductible. With any accident there is a chance that there can be an increase. This would be considered At Fault.

It is also possible that your policy has a clause which EXCLUDES a collision between two vehicles on the same policy.

The person who was driving will be considered at fault for the damage to both vehicles. The collision deductible on the car that was moving would apply to the damage on that vehicle and there would not be a deductible for the damage to the parked vehicle. Rate increases will depend on many variables and will be determined by your individual insurance company's policy.

yes it has a 10 year limit

You are very close to repo time call the lender and explain the situation as to why you are late they usually will work with you.You usually don't get notification of a repo but it depends on your state.

NO. As the cosigner, you are only guaranteeing the loan.

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.