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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
Can a company legally deduct an amount due to breakage?
YES
This is in the REPO section so:
An item, or vehical that is Repoed will be repaired and sold or just sold.
In most cases the person who the item is repoed from is responsible for the remaining loan amount, fees and costs incured in the repo and sale proccess. This includes damage repairs or fees related to damage.
Can you sue a car dealer for lying to you?
Technically, it depends on what he/she said that was untrue, but... It's america (assuming you're in America) you can sue McDonalds for their coffee being too hot. Ask a lawyer for details, though.
If the repossessor is allowed in, yes. They cannot force their way into the community.
They can cause excess wear to steering and suspension components, such as drag links, tie rods, ball joints, and the Pitman arm.
What if you have a vehicle repo and you do not hand over the vehicle?
Repo companies don't just throw up their hands, say, "well, I guess that's that" and quit. They'll keep after you. If that fails, then the finance company will simply take you to court, and you will lose that one - the car doesn't belong to you - it belongs to the lien holder.
How do you electrify a vehicle to keep thievery?
You don't. What you're talking about is potentially lethal, and the laws of lethal force do not allow it to be used to protect property. Someone gets zapped, you'll be the one charged with a crime.
Do you still have to pay for a car if you do a voluntary repossession in the state of Virginia?
Yes.. anywhere. When a vehicle gets repossessed (voluntarily or involuntarily) and it isn't reclaimed, the vehicle gets auctioned... the person who took the loan on the vehicle is still responsible for the difference between what was received for the vehicle at auction and what is owed on the balance of the vehicle (plus repossession, storage, and auction fees).
How do they find out where to locate your car if they want to reposses it?
Investigation. They have your home address, they'll get your work address from the finance company. If you have hardware such a Lojack or Onstar, they'll locate it that way - the companies will comply with the request from the creditor, as the creditor is the rightful owner of the vehicle.
Can you trade in a vehicle in repo status?
You can try, but the moment the dealership finds out (which only takes an instant), they'll reject the trade.
It is allways best to pay off the loan.
So in order from good to bad:
1st: So if you can do it sell the car and pay the loan. Looks good on the credit score.
2nd Volintary Repo with the bank or lender giving a written quit claim meaning they wont chase you for more money. Looks bad on the credit score but you are done with the trouble from this loan.
3rd Volintary repo. bad on credit score and the lender can chase you for remainder of the loan and fees.
4th Make the finance company come get it involintary repo. Same as # 3 except the lender will have much higher fees and will be vindictive chasing you for the moey.
Can you cancel an agreement being a guarantor?
No, you can not stop being a guarantor to an agreement while the terms of that agreement are in force. Thus if you are a guarantor for rent and the person your are guaranteeing fails to pay the rent - YOU must pay the rent.
If you a guarantor to a loan and the person with the loan defaults, YOU must pay off the loan.
This is what it means to be a guarantor - you can not get out of the agreement when things begin to go wrong.
Think VERY carefully before being a guarantor to ANYTHING.
Can the title of a car have one name but the registration is another name?
Yes. When you finance a car, that's exactly what happens... the financier is the title holder until that vehicle is paid off.
The repossession laws will vary with each city/state. A title loan company can't repo a car if the payment is not yet due unless the car is behind on payments.
What if the car lot that sold you a lemon and they want you to pay for the towing?
That depends on lemon laws in your state. Some states offer more protection than others.
Whenever the agency issuing them states they expire. It varies by jurisdiction.
How do you find out if a car in your shop is in repossession status?
If a repossessor comes in with paperwork showing an order to repossess, you should be able to call the listed creditor and verify it.
How man days does it take to go 5687 miles?
if you could drive 5687 miles continuously in a straight line it would take 92 hours and 32 minutes
