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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

How do you continue a canceled download?

You don't. Canceled means you never downloaded whatever you were downloading.

Should you do a voluntary repo if you are not in arrears?

Hal, you BEST option is to sell one of the cars. But you're upside down, right? Get the best price you can for it and borrow enough to pay the loan off. Do it NOW before you get in a real bind. yes, you will be paying for a car you DONT have but you will also be KEEPING your good credit.And doing it with a smaller note without creditors calling you, ect. The lender is going to want the balance due on the loan after you VOLUNTARY repo and they sell it. Not pretty is it? It is BEAUTIFUL compared to what you will get after a repo. Face this head on and win. Put your head in the sand and lose. Good Luck

How should i Buy used motorcycle from individual who still owes the bank?

Depends on how much they owe on the bike and if the price of the bike includes pay off to their bank and you get the title. If there is a lean holder on the bike and after you buy it you don't get a title then no I would not buy the bike.

How do you find out if your car is going to be repossessed in Arizona?

If you are more than 1 payment behind rest assure it will be repossessed. The way to prevent this is to catch up on your payments ASAP. Default on the loan agreement you signed, and they will repossess the vehicle. They will then sell the vehicle and you will pay the difference in what the vehicle sells for and the balance left on the loan. They will sue you for the balance, and you will pay. Your credit will then be ruined for 7 years. Avoid this if there is any way possible. Talk to the lender and see if something can be worked out. You do not want the car repossessed.

How was doubtful sound named?

Doubtful Sound got it's name from Captain Cook. Doubtful Sound got it's name from Captain Cook.

If you are terminated from your current job will you lose the money you had them hold in your hsa flex spending?

There is no such thing as a Health Savings Account Flex Plan. You either had a Health Savings Account (HSA) or a Flexible Savings Account (FSA).

If you had a HSA the money is yours to keep, whereas any money in the FSA is kept by the employer.

How do you become a repo man in upstate NY?

You must complete a course certified by the Department of Education for the State of New York. You must have a ground plan of the following: Insurance for your repo-company You should also look into how your going to obtain the property in which you want to collect: Q; do you have a tow truck for Cars, etc.? Plan ahead before your grand opening, make sure that everything is final and that your actually ready to proceed with your business in the Repo-Field.

If your vehicle was towed from a no parking spot and your vehicle is damaged in the process who is responsible?

The towing company (contractor) is responsible for any damage it causes while removing a car from a public street, and the municipality may have liability if it has its own employees tow vehicles, rather than a contractor.

You may also find a sign on private property that says, "Unauthorized vehicles towed at owner's risk and expense." Oddly enough, this means what it says, and you have "assumed the risk" of damage and agreed to pay the reasonable expenses of towing (and storage) when you trespassed on such a parking spot.

What are the Illinois repossession laws?

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.

How do you file a mechanics lien please show sequence from start to finish repairs were made on heavy duty truck in Texas?

to file a lien on a truck all you have to do is take all of you reciepts and your labor bill on the repairs that you have done to the court house . to the clerks office tell them you want to put a lien on this vehicle for the cost of repairs and labor it will cost you some filing fees but that's it . just make sure you have make and model of truck VIN number and who ownes there information like address , phone , names first and last, . and then they file it and the owner gets served the lien papers . that it

How long do you have after signing loan contract to return a car in Ohio?

You cannot return the car. The Buyer's Remorse law does not apply to vehicles. It only applies to unsolicited sales.

Can the repo man come on your property if you have a lock on the gate and a no tress passing sign you have filed chapter 13 but lawyer advised you to hide car until you get a court order case number?

different states have different laws... and they vary greatly. did he cut the lock off? in my state repo men can't come onto private property to repo a vehicle. in most states if someone cuts the lock off your gate and takes your car... i guess that's break in and entry/trespassing/grand theft auto. i would be suprised if a state would allow a repo man to destroy your property(lock/gate) in order to repo it. if you have a lawyer... why aren't you asking him? the easiest way is to call the police and ask them... but they may not tell you everything... or they might not even know... good luck.

Is it hard to become a repo driver?

I don't know this for sure but "way back when" all one had to do was know how to drive any vehicle-- now I would say if you know how to drive and use a tow-truck -- you already are on the plus side when looking for employment as a collector/repossessor. If you are looking to do this on your own, I would say get a collection job first and learn what is needed as each state laws are different.

How long does it take for the repossesion order take before the vehicle is actually taken?

as few as 15 minutes. As soon as he can get it off the printer and into his truck. Many have fax machines in the truck so it can be very quick

What happens if you fall behind on your morgtage payments after you have filed chapter 13?

The lender has the right to initiate forclosure proceedings. A chapt. 13 does not restrict the rights of a secured ldender.