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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
It looks borderline MEAN, but if you were late, you were in DEFAULT and the lender has the right to repo when you're in default. Some lenders (BHPH lots) are MORE aggressive in their repo policies that others.
How can you re-negotiate a car loan for what it is worth rather than what you owe?
You can't. The lender wants what is owed on the car not what it is worth. This is being upside down on the loan.
What will happen if you return a car after 30 days?
You cannot return a vehicle you purchased after 30 days. It will be considered used and a possible trade in for this vehicle will be considered.
In Ohio can you take a car back if you have signed the papers?
The buyer's remorse law does not apply to the purchase of an automobile. If you have no actually paid for the car you may get out of the deal and you may not. Ask very nicely to be let out of this deal.
What does dismantle title mean?
dismantle certificate of title to scrap, dismantle or destroy the vehicle
How do I find the owner of a car left on my property with no license plate in Calif?
Write down the VIN # located on the driver's side, on dash, next to windshield. Call the DMV with the VIN.
gary, you will have to consult with a local attorney on WI law. I do hope you are listed as the LEINHOLDER on the title. Wisconsin
TITLE STATE: Yes SECURITY INTERESTS: Shown on title held by debtor. LICENSE REGISTRATION: Wisconsin Division of Motor Vehicles, 4802 Sheboygan Avenue, Madison, Wisconsin 53705. Tel.:(608)266-1466. RECOVERY REQUIREMENT: A replevin judgment must be obtained granting the right to recovery, unless the debtor signs a voluntary surrender of collateral. DOCUMENTS REQUIRED FOR LIQUIDATION: Title, Repossession Affidavit, and Copy of Contract. PLATES: Remain with debtor. Good Luck
How do you get an automotive retail license in California?
you need to take a dmv class, you need a 50,000 surety bong, you need to have a lot, and several other little requirements but these are the biggest ones.
How do you know if r12 freon is in vehicle?
If if it a 1995 or older then it came with R12 installed. 1996 can be R12 or R134. 1997 up, it has R134/R134a. If you suspect it had R12 look for a label somewhere on the A/C unit signifying it has been converted. If you find it has R12 and is leaking and needs repairing, after the leak is repaired, convert it to R134a. R12 is far too expensive to use.
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.
