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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 can you reposess your car?
Take the keys from your self and jump in it and drive away from yourself really fast
Why should you return your microscope to the storage case?
To protect your investment. The storage case was designed in such a way to offer the greatest amount of protection from it being damaged if it were left outside of the case when it is not being used.
The advertised lease price is usually only for well qualified buyers. Check the fine print out. Well qualified usually means those with great-excellent credit ratings. The best person to answer this question would be the dealer that is advertising the car. They can give you more information about how much you would get for your trade in and how it would affect your payments.
If a car is already charged off on your credit how long do they keep looking for it in California?
Until they find it. If it is charged off on your credit report then the creditor sold the note to a collection agency who will hire a repo-man to track down the car so they can recover it and sell it to make the money back that they paid to creditor for it.
What software to review in the repossession business to expand to the skip tracing side?
There are a lot of significant tools for asset recovery and skip tracing, however the trick to the trade is having the right person do it. Ive been a skip tracer for 14 years. To recommend a piece or software or a product that's going to locate your asset/subject all on its own is impossible.
Do the same rules apply to the voluntary repo of a mobile home?
Basically. YES. You decide you cant pay, you tell the lender you are moving, you move out, lender sells home(not as quik as a car), lender wants balance due on the loan.
How do you resolve notice to cure?
Unfortunately for us, we're in the same hot water as you. For us, the allegations are not true and have always been cured (noise levels and carpetting), but management will avoid confrontation with us whether or not we request mediation and inspection.
How we're handling this is we've hired an attorney to write us a Cease & Desist letter (costs around $200-300) to management. If you feel you've 'cured' and have no further requirements, but still are being placed under duress by management/landlord, heed my advice.
What is the Difference between lessor and lessee?
a lessor is the owner, the one who borrows someone something and the lessee is the user, the borrower.
I do understand that you may be trying to assist ?students, in your responses - but no-one...can 'borrow' someone, something!!
Students trying to find answers, should not really use these forums sometimes, unless they already know what they know, but just want confirmation,
Is An artisan's lien a defense to a charge of trespass to personal property?
No. A lien doesn't give you the right to trespass.
No. A lien doesn't give you the right to trespass.
No. A lien doesn't give you the right to trespass.
No. A lien doesn't give you the right to trespass.
Which company sold the most cars in the world?
In 2006 it was General Motors, 2007 looks to be Toyota Motors of japan.
How does the brake system work?
The brake system on a tractor-trailer is an "S-Cam Air Brake." It's a drum brake system. Drum brakes have a big advantage over drum brakes on a big truck--there's more friction surface on a drum brake than there is on a disc brake. All drum brakes work the same way. The tire and wheel assembly is bolted to a cast-iron drum, which looks like a bowl (and, of course, which is used as one once it wears out--every repair shop owner in the world has one of these on his desk, which he throws pens, paper clips or whatever in). and two brake shoes fit inside the drum. When you step on the brakes, or pull the parking brake handle, the shoes are forced against the inside of the drum. As they rub the drum, the kinetic energy of the rotating wheel is converted into heat energy through friction, and the vehicle stops. There are three ways to move the brake shoes. The first is with a cable. Every car has cable-actuated parking brakes. (They're officially called "emergency brakes," but the only car I know of where the "emergency brakes" will actually stop the car in an emergency is a Saab, because the brake cables on a Saab are hooked to the FRONT brakes. Everyone else hooks the brake cables to the rear brakes, and those will kinda slow you down.) The service brakes on a car are hydraulic brakes. The system is full of mineral oil, and the brake pedal is connected to a piston. When you step on the brakes, the piston pushes down on the fluid. Fluid is essentially incompressible--you CAN compress fluid, but it takes more force than most people can muster to do it--so it has to go somewhere...and we give it some little pistons to push up against. The brake shoes, or brake pads on a car with disc brakes, are attached to those pistons. In an air brake system there is no fluid. It's operated by compressed air. An air brake system has the brake drum and brake shoes. One end of the shoes is connected to an axle, so it can pivot. The other end of each shoe has a little roller on it, and the roller rides on a rotating cam. It's called an S-cam because it's shaped like an S. They stick the cam at the end of a big steel bar, which allows it to turn. Next comes the slack adjuster. It connects the S-cam rod to the brake chamber rod, and it's called an adjuster because...well, it gets longer to compensate for the brake shoes wearing down with use. (There are manual slack adjusters and automatic slack adjusters. If you have manual slack adjusters you have to go under the truck every so often and set the slack with a wrench. I don't think it's legal to sell manual slack adjusters any more--automatic ones are just safer because they're always in good adjustment.) And finally, there is the brake chamber, where the air goes in. The brake chamber has a rod sticking out of it, which connects to the slack adjuster, and either one or three devices to move it. The first device is the service brake chamber. It is connected to the service air circuits, of which you normally have two unless your truck is ancient. When you step on the brakes, air flows into the service circuits and presses against the diaphragm in the service chamber. This pulls on the rod, which pulls the slack adjuster, which turns the S-cam and makes you stop. The other two devices are parts of the spring brake system. There are never spring brakes on the front wheels--these can activate automatically, and if your front wheels lock up when you don't want them to you couldn't steer the truck. That would be very bad. The first device is a huge spring, which will pull on the rod. The other is the spring override chamber, which pushes against the spring to allow the brakes to release. If the air system pressure drops below 20psi on your tractor, or 40psi on your trailer, or you use the buttons on your tractor's dashboard to shut the air off by hand, there won't be enough air in the system to push the spring back and the spring brakes will come on. Now for some free advice from a Class A CDL holder to people getting ready to get one... You are going to take several written tests at the DMV to get your learner's permit. The one you are most likely to fail is Air Brakes, because of the way it's written. They talk about foundation brakes, service brakes, spring brakes, parking brakes and emergency brakes. "Foundation brake" means the brakes. Service brakes are the ones that come on when you step on the brake pedal. Spring brakes, parking brakes and emergency brakes are all the same brake. A spring brake stops, or holds, the truck when there's no air pressure. It becomes an emergency brake if something happens to make your truck lose air pressure. It is a parking brake if you use the control valve on the dashboard (the one for the tractor is yellow, the one for the trailer is red) to turn the air off. If you can remember you have two brake systems on your truck--the service brake, which works by stepping on the brake pedal, and the spring brake, which is called three things--spring, parking and emergency--you'll pass with flying colors. Quote 'The brake system on a tractor-trailer is an "S-Cam Air Brake." It's a drum brake system. Drum brakes have a big advantage over drum brakes on a big truck--there's more friction surface on a drum brake than there is on a disc brake'
Wrong. The disc brake is a far more effective brake under all circumstances. Simply because it offers better cooling under heavy use and its far more effective to have two brake pads grab a brake disc than to have brake shoes pushing against a brake drum. Brake drums have been known to shatter after a very short life span than a brake disc.
Most European trucks nowadays have disc brakes fitted as standard, as well as trailers.
What do you need to start a repo service in Illinois?
wanting to start a repo service in Illinois and need to know what all is needed?
Can the company sell the vehicle after a second repossession without you catching up on payment?
It depends on state laws, but in most places, the notice you got on the first repossession probably said "in the event that you become delinquent again, you will have no right to cure the default" or something to that effect. So, yes, the second time they can just come and take the car without any additional notice.
Your B/K attorney should be glad to reccommend a course of action. S/he might just get out of the B/K business long enough to make a ton of money on this one.Of course, you DIDNT say if FMC had a DEFAULT contract with the Explorer as collateral & your name on it OR if you had a B/K CASE NUMBER when the Explorer was repoed. Those to facts will make a difference in whether ANY attorney will take your case.
My first reply was NOT to say that FMC is perfect. They have been known to screw up and take short cuts. That's why my first statement was ASK your attorney. If they have screwed up, the attorney will likely jump on the case.
How long should it take to sell a car in Autotrader for its private party value?
I have placed 9 cars in autotrader magazines and 5 never sold and the other 4 took at least 6 months to sell.
I think you have to consider a few different variables when you ask this question. What am I selling and Am I being fair with my price? Am I being completely honest about the vehicle upfront? Do I display pictures that accurately showcase my vehicle?
Tips like this will help improve your chances of selling your car from websites like autotrader.
How do you sell a vehicle that is still being financed?
Yes, you can sell a vehicle that is still being financed. You will need to pay the loan company the balance of the loan with the sale proceeds in order to give the buyer a clear title. If you have to sell the car for less than you owe, you will be responsible for paying the balance out of your own pocket in order to transact a legal sale.
Yes they can take your car,if you broke the contract even for one day.
How do I return a car I don't want anymore?
You will probably have to sell it back and bear the fiancial loss. The resale value will not come anywhere close to the settlement figure of any loan you took out.
How does a lienholder release interest on a car title?
Pay off the debt (including all accrued interest) associated with the lien, at which point the lien holder will send the release papers. If they don't send these papers, contact them. This applies to any lien: car, house, land, etc.
What happens if you buy a car in GA and move to IA and then cant pay for the car?
It's much easier to prevent repossession than it is to reverse one. It seems that once the repossession is in process, it begins to take on a life of its own and it's almost impossible to stop. On the other hand, most lenders will be willing to work with you for a short amount of time if you are having problems making your payments. If you find yourself in this situation, call your lender and explain the circumstances that are preventing you from making your payments on time. They may allow you a short grace period, or may even create a new payment schedule that you can stick to. (If they do this, be sure to get it in writing!) However, always talk to the bank when they call. Do not hide behind caller ID or use voice mail. A bank that thinks you are working with them will bend their rules on repossession much more willingly if you are communicating with them on a regular basis. Generally, the bank will be looking to repo the car sometimes between when you are 30 to 60 days late on you payment. If the lender simply won't work for you, and you know that repossession is just around the corner, then you may consider turning in the car on your own. Why? Because if your car is repossessed, you will not only be responsible for the balance due after it's sold, (more on this in a moment), but also the costs involved in the repossession, such as towing and manpower. Don't think you can hide your car from the repo man forever. Repossession agencies handle hundreds to thousands of repossessions a year and are experts. They know all the tricks that borrowers use to keep their cars from being towed. Repossession If you default on your loan, the lender will have the right to come and take your car away. Depending on the state you live in, they may or may not be able to come on your property to do so, without advanced notice. They are not allowed to create a "breach of peace," while repossessing your car. In other words, they can't make a big scene and let everyone around you know that they're taking your car because you didn't make the payments! If you have personal belongings in the car, the lender will have to return them to you in good shape, or reimburse you for them should they disappear. (Again, the laws vary per state, so be sure to find out what they are in your state.) Sell Once the lender has your car, they will likely try to sell it in order to recoup at least some of the loan balance. By law, they will have to inform you when and where your car will be sold, and allow you the opportunity to buy it back. To do so, you will have to pay the entire balance due, plus any expenses associated with the repossession process. If you feel that the car wasn't sold responsibly, you have a right to dispute it. In other words, if you feel that the lender didn't try to get an honest price for the car, you should talk to an attorney about your options. Deficiency When the lender sells your car, you will be responsible for the difference between the loan balance and what the car was sold for. For example, if your loan balance (plus the fees and unpaid interest) was $10,000 and the car sold for $6,000, you would still owe $4,000 to the lender. The key here is to keep careful record of the entire repossession process. When you are in front of a judge being sued for the deficiency amount, it will be your only chance to dispute the lender's claim that you still owe them money. If you can prove that they acted wrongly in either the act of repossession, or while selling your car, the judge may dismiss that balance. You can also sometimes dismiss the balance with a bankruptcy filing.
Depends how your state law reads. Some states deem entry without the proper code to be trespassing because if you were authorized to be there, you would have a code. Some states say that as long as you did not damage the fence, code entry box or circuit then you are legal to enter. The best advice I could give you would be to contact your local police department.
What letters does a sheriff need to release a wage garnishment?
A sheriff is only the server of the court order. For a garnishment of wages to cease a court order is necessary quashing or rescinding the action and/or the garnishment must be completed as stated in the terms of the writ.
