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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 police cut your lock for a repossession?
They shouldn't-in general they keep the peace but will not interfere and repo men can't do that.
Can an auto loan be reinstated after repossession in the state of Maine?
Yes but it's almost unheard of. You would have to pay all back monies owed and pay for the repossession, but why would they chance you again and go through all the red tape if you ignored all their requests for money, phone calls, letters etc and let it get to repo stage.
Payments must be paid on time when they are due. One must remember that it is not "your car" until it is fully paid for. Until then the outfit that lent you the money owns the legal title to the car. You are just the registered owner, not the legal owner. The legal owner has all rights to repossess the car anytime the payment is not made on time.
What can you do to stop a repossession?
To stop a repossession, you can first communicate with your lender to discuss your financial situation and explore options such as loan modification or a repayment plan. You may also consider selling the asset voluntarily to pay off the debt. Additionally, seeking legal advice can help you understand your rights and possible defenses against repossession. Lastly, filing for bankruptcy may temporarily halt repossession proceedings, but it's essential to understand the long-term implications.
How long befor westlake financial repo?
They can for the most part legally repossess the car when you miss 1 payment. This is all spelled out in the contract you signed. In reality they will, more than likely, not start repossession proceedings if you miss 1 payment. Miss 2 payments and they for sure will. If you are having problems making the payments do not just ignore this. Contact the lender and work something out. The last thing you want to happen is get the car repossessed and ruin your credit for 7 years.
Can a repo man enter a work place that is private property?
Not unless he has a legal warrant signed by the court
Can repo man ring or knock on front door at midnight?
Laws on this (and interpretations of those laws) can vary in different jurisdictions. In some states, there is a law dictating "peaceful repossession", and knocking on a door at midnight might be considered in violation of that.
The notice sent to position showing the amount owed to the physician is called?
The notice that is sent to a patient that shows the amount owed to the physician is called a statement.
What does a repossessed car do to your credit?
It's going to knock down your score and you can forget about financing another for a while, Although it will be resold and you will owe them less, they can send you to collections on the difference between sale amt and loan even though they now have the asset. They also charge for the repo based on how many attempts and so forth. As far as how bad it will hurt your score it depends on amount and who it is. Some are better at reporting negatives and amount may or may not result in a judgement which would hurt your score more.
What happens when a car repossession agent can not find car?
They continue searching for it. Repo agents investigate. They don't just give up if the car isn't waiting for them when they show up. They'll figure out the habits of the debtor, they'll keep a close eye on them... basically, they'll make it pointless for the debtor to hold onto the car, because the risk of them hooking and booking the vehicle will always be there anytime the vehicle is taken into public.
That's on the recovery agency's end.
As for what the lienholder will do, that depends on a number of things. The lienholder is the lawful owner of the vehicle, and thus, has legal options available to them.
How is finance charge calculated?
Finance charges are applied to credit card balances that aren't paid before the grace period. Different credit cards calculate finance charges in different ways.
If they are a co owner on the reg, they have as much right to it as you-essentially, neither one of you can keep the other from using it paid for or not.
Does car repossession show on your credit report?
Almost all auto lenders will report a reposession to the credit bureaus. There is a possibility that they won't report to all three credit bureaus as credit reporting is a voluntary system. They may only report to one or two of the bureaus.
DO you get your payments back on a land contract?
No, you will not get your payments back. If you do not complete the purchase, you have essentially been renting the property.
No, a repo agent cannot legally enter a locked gate without permission from the property owner or without a court order. Trespassing laws generally prohibit unauthorized access to private property, and repo agents must adhere to these laws while attempting to recover collateral. They typically use legal methods to secure the return of the asset, which may include notifying the owner or seeking assistance from law enforcement if necessary.
Can a mechanic hold your car if you owe for repairs to previous vehicles?
Yes, in most places.
Where I Live (Alberta Canada) a mechanic can "Hold your property" for any debt under the "Mechanics Lein" rules.
He has to be given the property, not take or reposess and a mechanics lein must be filed with the Government. That means if you bring it in to be repaired you have "Entrusted your property" too "him" and that qualifies.
Most jurisdictions in North America have similar or in effect identical rules.
Can a vehicle be reprossed on private property in New Mexico?
While there are some limitations (e.g., "peaceful repossession", can't enter a locked building or cross a locked gate), yes, they can.
Can they repo your car if there is another car parked behind it if you are not at home?
Answer 1 (United Kingdom)
They can attempt to. If there is a repossession order against something, then they can legally take that item from your property. However, if a car is blocking that item, it may be difficult. They will ask you politely to move the car. If you are not in then they will wait for you. The richer repossession companies will probably hire an unmarked contractor to stake outside your home in a car and inform them when you arrive back. The richer repossession companies may also have a special crane which they can use to lift the car above the one blocking it and onto the back of their tow truck.
If the repossession company isn't that advanced, then they can get a court order which will order you to comply with the repossession notice. Ignoring a court order will be a criminal offence.
Repo people are not above the law can can be arrested for breaching the peace or other public order offences if they do not comply with local legislation during the repossession. For example, you can tell the repo people to get off your property, and they have to comply, unless they have a court order. If you are late on payments and do plan to pay the company you owe, locking the car in a garage or a friends garage will protect it for a little bit longer, but not forever, as eventually they'll get a court order giving them permission to open that too.
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Answer 2 (United States)
Having been a repossessor, I can tell you first hand that a repossession agent absolutely positively CANNOT so much as even touch a vehicle other than the one they're repossessing - if you ever see repossessors in action, you'll notice they won't so much as lay a hand on the car until they've checked the VIN and verified it's their vehicle. Even if they did have such authority as to be able to get a crane and lift another vehicle (which, again, they CANNOT do), there's only so much the bank is willing to pay in order to reclaim their vehicle, and they're not going to be particularly keen on renting out a crane for $200+ an hour.
But, long and short of it, the repo agents can claim the vehicle on behest of the leinholder because the lienholder is the rightful owner of the vehicle - it's their car. They cannot touch any other vehicles on behest of the lienholder, period. That's breaking and entering, and, if the vehicle has a high enough value, can amount to grand theft charges. Repo agents do not have such authority.
Which isn't to say that there aren't ways to get to your vehicle. If you have a vehicle parked behind it, but the side of it is open and greater than the width of the car, they'll get it.
In the end, you're going to be on the losing end, one way or another. If the repossession agents can't claim it, the finance company can pursue a civil suit. If the cost of the civil suit makes it not worthwhile for them to go to court for the value of the vehicle (which they'll never see, as repossessed cars are typically sold at auction for substantially less than what was owed on the lien), they've got a defaulted car loan on your credit report for seven years.
In the end, it's not worth it. You'll be constantly having to look over your shoulder anywhere you go, you'll have to worry about what that strange sound you heard outside your home in the middle of the night was... better to let it go, work out something with the finance company so you can repair your credit, and move on.
What happens if a Passenger leaves drugs in your car?
If you are alone in the car the legal assumption will be you knew about them at least making you the person in possession and prosecutable for that crime.
What happens if used car salesman sold you a stolen car?
Remember you still have to make the payments!
1st The nice Policeman comes and takes the car away.
2nd The nice Policeman makes you prove you paid for the car (or finaced it) so make sure you keep all that paper.
3rd You call your insurance company and find you are not covered, you still have to try, but you aren't.
4th Once the salesman gets out of his interview with the nice Policeman he wont call you back. So you have to schlep down to the dealership and speak to the sales manager or the "Dealer Principle" and they wont make any commitments. A Reputable Dealer will "Help out the Buyer" once the car is impounded, but they don't have to under the law.
5th The Dealerships insurance company will not payout unless they have written proof that this is a stolen car, that must be provided by the Nice Policeman, so right from point #1 don't make him mad.
6th Once the insurance company has their documentation they will pay out either you or the dealer, if they pay the dealer you will get paid by them.
Shortest possible time for you to get refunded from #1 is 14 days. There was a Fellow in Britsh Columbia, Canada that waited over two years because the Police would not write the letter to the Insurance company due to it being and "On-going" investigation.
What stage represents orders that have been received buy payment has not been made?
The stage that represents orders that have been received but for which payment has not been made is typically referred to as the "Pending" or "Open Order" stage. In this stage, the order is confirmed, but the transaction remains incomplete until payment is processed. This status is crucial for tracking order fulfillment and ensuring that payment is collected before proceeding with shipping or service delivery.
If i take a car without permission and the police tow it do the owners have to pay the fee?
If you take a car without permission and the police tow it the owners do have to pay the fee for the wrecker service and the impound fee.
