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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
If a car is bought from private party titled to new owner but not paid for can it be taken back?
The only way it can be taken back is if you are listed as the lienholder. If not, it can not be taken back without taking them to court. Call a magistrate and find out what you need to do before taking them to court. You may need to notify them by certified mail and give them some kind of time limit to pay before you can collect. But remember that it will be up to you to prove to the court that they owe you money, otherwise, you may not be able to collect anything.
As is frequent with legal matters, the answer is... "it depends".
Was there any agreement about (or mention of) payment of any kind when the equipment was stored, or before then?
Is there any written or recorded evidence of such an agreement?
Are there any witnesses to any such verbal agreement?
If not, it may legally be regarded as an attempt to hold your equipment ransom; an illegal attempt to extort money from you.
Many judges seem inclined to make an example of someone who does that, to the extent of cooperating with law enforcement and other agencies to apply the full force and extent of the law on any related legal infractions. Your lawyer (see below) would have the job of making this easier for the judge by being able to present the case in its entirety, clearly and coherently.
On the other hand, the person storing the equipment may have alleged proof of claimed costs incurred for the safe storage of the equipment. Unless he/she is legally knowledgeable, he won't think of doing that properly. Improperly prepared claims of such costs will only get him into more legal problems, such as claiming fraudulent expenses or costs, business fraud, perjury, extortion, and so on.
Get a lawyer or legal advisor. Even a free one, through legal aid. Your case doesn't even need to go to court for a lawyer to get the matter settled in your favor. Even a half-competent lawyer interested in your case would ensure that justice goes your way if the other person isn't legally well-prepared.
My hypothetical lawyer would (hypothetically) see to it that the person storing your equipment is aware of the following, and keep a record of their responses:
- Does the person realize that income from storage fees must be declared as earned income on their income tax declarations, and that failure to do so would be a federal offense?
- Is he/she able to give you a proper receipt (as legally required) for any "storage fee", including their name, address and phone number, the storage time period, the rate, applicable taxes, and so on? (Taxes are problematic!)
- Does the person have the storage business licensed and registered as required by local, state, and federal laws?
- Do the physical storage facilities of the storage business also comply with fire regulations?
- Applicable health, electrical, and safety regulations?
- Regulations concerning protecting stored items and materials from damage due to water, temperature variations, dust, humidity, and all other foreseeable causes of damage or accelerated deterioration?
- How about zoning regulations, such as having a business in a residential zone?
- Are the storage facilities insured for the replacement value of any and all stored items or materials owned by 3rd parties? (His regular insurance won't cover loss or damage to items owned by third parties who are being charged for storage. Additionally, his regular insurance may be canceled if the premises are also used for paid storage of items or materials by third parties -- unknown materials representing danger of fire, explosion, etc.)
- Does the person realize that all of the above applicable legal requisites would have to be demonstrated as having been in effect during the complete time period that he was storing your equipment -- but only if he actually charges you a fee, a charge, or any other kind of remuneration not proven to have been mutually agreed upon beforehand?
Plus at least 6 more reasons indicating that charging you for storage (in the absence of proof of a private agreement for payment) could very easily subject him to a number of serious charges or fines from various agencies.
The right approach by your lawyer or legal advisor will get the other person to ask you to please remove your equipment from his premises (to avoid serious legal problems himself) as soon as possible, with no storage fees or other charges.
By that time, he'd realize that he would also be legally responsible for any loss or damage to your equipment up to the point at which you take it back.
Be prepared to prove the equipment legally belongs to you. Gather your receipts, hopefully with serial numbers or other uniquely identifying information (or witnesses). Make a complete itemized list of your equipment being stored, with the condition of each item. Photos would be even better.
I'm probably not a lawyer in your jurisdiction.
I'm definitely not your lawyer.
Personally, I'd likely verify the "storage fee" requirement, then ask the person to mail me an invoice, then take it from there. But I have enough legal knowledge and experience to justify my requests, allay their suspicions, and lead them into legal traps at the same time. You don't, and I can't legally give you legal advice online.
So -- Get a lawyer or legal advisor, discuss this matter thoroughly, and proceed from there.
What is the chance a husband will leave his wife for his girlfriend?
It's about 50 - 50 unfortunately. Even if the husband does leave his wife for a girlfriend 48% of those men never stay with their new girlfriend for long and a fairly high percentage go back to their wives (if the wives will take them back.) Both men and women that leave their spouses for another soon realize the grass is not always green on the other side of the fence. What many people don't realize is that every relationship has problems so after the magic wears off they soon come to realize they have just traded off one set of problems for another.
NOTE: THIS IS NOT LEGAL ADVICE IN ANY WAY SHAPE OR FORM THIS IS JUST AN OPINION FROM SOMEONE WITH LIMITED LEGAL TRAINING WHO IS NOT AND IS NOT REPRESENTING HIMSELF AS A LAWYER OR AS A KNOWLEDGEBLE SOURCE.
Double check your contract for this clause if it is in there they may keep it because the contract is still valid even if financing is wrong.
"If a court should find that one or more provisions contained in these Terms is invalid, you agree that the remainder of the Terms shall be enforceable."
What is the largest sheriff department?
The largest sheriff's department in the United States is in Los Angeles County. They have approximately 8,000 deputies.
Yes they can. I was renting and had my car in the garage. When I saw them come to take the car I freaked out! It was like I was watching someone rob me blind when in reality I was robbing them by not having made the 4 payments. No sweat, I was able to get another car the very next day - even after I admitted my car was just repossed.
the lender can seek a deficiency judgment against the homeowner in court
No.. Not unless the LLC is the debtor. Whatever issues the llc has, are at that moment; of no concern to the guaranteed Creditors. They have no personal guarantee from the LLC. There is no Direct responsibility for the Guarantee from the llc.
However, the Creditor can seek the assets of the Personal guarantor, including the assets held in the LLC to the extent that they are owned or controlled by the personal guarantor [borrower] 50% ownership would = 50% crossover from the personal guarantor's % of ownership.
It might delay enforcement until it can be made clear to the court and relief from stay is awarded. But It will not normally delay the judgment in the prior matter.
Get a consultation with a Specialist in this area of law. The comments here are based upon my lay interpretations and is not to be construed as legal advice.
Trenton Sims
California Broker
310.422.0435, 310.807.9230 FX Tsims@GreenPlanetFunding.com
Where can you find California laws on repossession and wage garnishment?
Call DCA's Consumer Information Center toll-free at 1-800-952-5210.In the Sacramento area call (916) 445-1254.
I bought a new Dodge Stratus and lost my job and can no longer make the payments because I have lost my job and have IRS debts that are more of a priority.
Thus, I want to do a voluntary repossession.
The loan is much higher than what the car is worth ($22k loan and probably $10k value) This was because I loaded additional funds on to pay off the loan on my old car as part of a divorce settlement.
My question is: what is the downside beside the major hit against my credit for 7 years? Can Ford Motor Credit hit me with a deficiency judgment and sue me or garnish wages when if I get a new job?
My question is: what is the downside beside the major hit against my credit for 7 years? Can Ford Motor Credit hit me with a deficiency judgment YES and likely WILLand sue me or garnish wages when if I get a new job?YES, unless you pursue the B/K route
How do remove a bank lien from vehicle when bank is out of business?
When a bank has failed and you need a lien release, then the FDIC will be the ones to handle it for you.
See the link below. It provides you with all the information you need. At the bottom of the page, choose the listing that applies to your situation.
At what point can the sheriffs office assist in repossession?
The sheriff's office can't act without a court order. This is not especially difficult to obtain if the lienholder can show that the lessee (the person who obtained the loan for the property) has defaulted on the loan contract by not making their required payments. Once the judgment has been issued by the court, the lienholder can request the sheriff's office to assist in repossession. The sheriff's office may charge a fee for this service.
Another View: Define "assist." If the SO receives a court order to "assist" in the repossession, that is what they will do. . . ASSIST. They will not physically remove the items by force of arms, or tow a vehicle, nor will they assist in hauling out the lienholders belongings, or the items referred to in the order.
They will be present only to ensure that no breach of the peace takes place. PERIOD
Is a contract breached if one party gets arrested?
If the contract states that getting arrested is a breach, yes. Or if getting arrested prevents the arrested party from performing its contractual obligations the inability to perform may be a breach. Or if you consider an employment contract, the arrest of an employee for a position of trust may be an implied breach, but it may be unfair to terminate (as opposed to suspend) unless the arrest actually led to a conviction.
Is it a law that you have to change your title to real estate if one owner has died?
You haven't provided enough detail so the following is general information:
When one person dies owning real property in their name. There can be no legal owner until the estate is probated. Probating the estate transfers title to the heirs legally.
If the property was owned by two people by a survivorshipdeed. The interest of the decedent passed automatically to the survivor and the estate doesn't need to be probated. All the survivor needs to do is to record a death certificate in the land records to show the other owner has died.
How do you get a business license?
Business licenses are issued by various authorities depending on whether the state has allowed the responsibility to rest at the county seat (or parish seat, or census area seat) or at city/town level. Start with the nearest chamber of commerce for instruction on licensing and permits. If you are in a rural area (and no chambers are nearby), go to the seat of your county (parish/census area) for direction.
Read more: Who_issues_business_licenses
KY require you to have a repo license?
There are only 5 states that require an agent to be be licensed. Look at the link on the right.
Well, the repo company takes the repossessed vehicle to a storage lot or auction house, where it's stored for a period of time. Under state law, the repossessed vehicle must be sold in a "commercially reasonable" manner. You must be given reasonable notice of the date, time and place of the sale, which has been interpreted to mean no fewer than 10 days after the date you were given notice of the sale, at the last known address the lienholder had for you. Now, they only have to mail the letter, not see that you get it. So, for this purpose you would always want to pick up your mail, it's usually sent certified mail, so that you know what's going on. The notice is good if mailed, whether or not you pick it up from the post office. The lienholder is also supposed to give notice to anyone else who signed on the contract, such as a co-signer.
Now, this notice of the sale is intended to give you an opportunity to "redeem" the vehicle, that is raise the money to get it back. Almost without exception, a bank or finance company, whoever has repo'd your vehicle,will insist upon you paying the full amount of the debt, plus all expenses of repossessing and storing the car, to get it back. Depending upon your circumstances, you may want to try to borrow the money from a friend or relative to redeem it, have the friend or relative co-sign a new loan for the vehicle for you to get the car back, or find another way to come up with the money. The repossession can be reported on your credit report for 7 years. If you redeem the vehicle, that fact also shows on your credit, and I would think make it look somewhat better.
If you can't (or won't) redeem the vehicle, and you do nothing else, such as file bankruptcy, then the vehicle will be sold, typically at auction, and the proceeds applied to the balance due on the loan, and you still owe the difference between what you owed on the loan, and what the vehicle was auctioned for, and this often is not anywhere near what you could sell it for. Also, the lender tacks on all the costs of repossession, storage and sale fees, etc., etc.
Can a repossessor come on private property in MS?
YES! Remove your license plates and place something on the dash to cover the VIN #. They can't take your car without verifying the vehicles VIN. However this is only going to buy you a little time. They WILL get the car. Your best bet is to make sure your insurance is paid up, torch the car and report it stolen, otherwise you'll get stuck paying for a car you don't even have. That's right, the bank is relentless and they WILL come after their money, even to the point of garnishing your wages. Legally they may only come on the loanee's property but they may not enter any structures on the property.Anyone elses private property is off limits but that doesn't mean they won't try. If MS subscribes to the UCC, then yes.
yes it was when they brought the bell the hammer cracked the bell.
Can a lender repo your car if you have a clear title with no lienholder?
Can a lender repo your car if you have a clear title with "0" lienholder? YES, its called a "Perfected Security Interest".Can a lender put themselves on a title as lienholder without your knowledge?":Not likely, I've never heard of a lender trying it. How would they know your VIN on your car unless you borrowed MONEY against it? Do you think they just pick a random number and decide to put a lien on it?? NOT. No candy for you today. Merry Christmas
Roosta, I like reading your replies. Shows you have a good sense of humor. this, if you have clear title, no lienholders, how can they repo the vehicle and sell it without the title.Now I was told the title is legal possession and no one can put themselves on as leinholder without any paperwork from the owner.Now the lender stated this was an unsecured loan and it needs to be secured by going to DMV, paying $40.00 and list them as lienholder. This was not done. My contract with the dealer states I paid cash for the vehicle. I have not been late for 2 years and could well afford the car when I bought it. I have a chronic illness, and lost my job. I have no income and was living off my savings. Still waiting for SS which takes forever. I asked the lender for an extention on the loan for just a few months and they refused. They want the car. The repo man has been around but the car is in a locked storage building. I plan to file bankruptcy when the money comes in. I have always paid my bills and was responsible with my credit. I bought my own house which I am also 5 months behind, but are willing to work with me as I have owned the house for 11 years and not once was I late on any payments. Two lawyers cannot even answer the question. How can they repo the vehicle and sell it without the title or them listed as a lienholder?
The car is not being driven as I had to drop the ins. on it as I could not pay that either. I wouldn't take a chance like that, but I have to protect the vehicle since there is no ins.I am between a rock and a hard place. I am not a deadbeat, just trying to hang onto what I've work so hard for. The money will be coming in, just not as soon as I would like it. I live in the NE and also doing without heat. I've always worked for what I had and don't expect handouts.I hate to see people calling others deadbeats when certain situations are unforseen. We never know what the future holds.So you repo guys out there, have a heart and just be nice when you have to pick up a car. You shouldn't get a thrill out of someone else's heartache.
How is an individual or corp licensed as a title insurer in NY?
The State of NY does not regulate the licensing of title insurance producers. Therefore you can set up as a title insurance agent by creating your company structure (Corp, LLC, etc.) and speaking with a Title Insurance Underwriter to sign an agency agreement with them. Once that is arranged, you would move forward as in any business: * Identify your business location
Hire Key Staff for title examination and policy work
Set up your searchers
Purchase or Lease Title Production Software
Purchase your Errors and Ommissions Insurance
Market your services, etc.
In order to become a Notary in the State of NY, which will be required if you will be closing loans directly, needing acknowledgments and notarizations, you do need to take the NY Notary course and pass it to obtain your NY Notary Commission.
