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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
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.
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.
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.
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.
Who is responsible for a ticket for expired registration if you are driving an employers vehicle?
The employer would be responsible especially if you were driving for work purposes.
A dealership will charge more (I work at one), but it will likely be done RIGHT. Especially if you take it to a Chevrolet dealer! We've been taking our truck to Bill Heard and they have no record, as of today, on repairs done last month and in the past. The same problems have been repaired there more than once. Something else always happens after we've taken it in to the Bill Heard Repair Center. The truck is Diesel and it's one year old. I don't think we should be having so many problems. Our present problem is the speedometer not working. Don't know where to take it for repairs. If the dealer can't take care of the problems, then who should you trust? Take it to a GMC DEALER that DOES NOT also sell PONTIACS. They usually are more aware of the problems with TRUCKS and only work on them. Before I take mine to the local Chevy parts changer, I give the local Pontiac guys a shot at mine. More often than not(better than 90%) They listen(always good), can/will READ my trouble shooting list, and will discuss problem/go for a test drive BEFORE putting it on the analyzer. If your dealer looks at you like you have 3 heads when you bring in a trouble shooting list, RUN don't walk out the door and go to another dealer/shop.
EX can assume the loan with the LENDERS permission ONLY. Son can "give" her the car in divorce but you and he are STILL RESPONSIBLE for the payment of the loan. If she wrecks the car while it is your and sons name, you and he will get sued also. Have the lender repo the car OR YOU assume the loan in your name only and get possession. TALK to the lender about this for better advice. ---- Make sure that it is mentioned in the divorce papers, and who makes the payments if it isn't paid off yet. ----
No. A vehicle cannot be sold without a clear title and the only way to obtain such a document is through the lien holder.
If you sell a car and you owe the creditor do you have to pay them the amount the car was sold for?
If you sell a car you owe a creditor a balance on, you pay the creditor the amount you owe him in order to get the title to the vehicle to turn over to your buyer.
Anything over the balance owed to the creditor is yours to keep, assuming you sold it for more than you owed on it.
If you sold it for less than you owe on it you will have to pay the additional amount out of your pocket to get the title.
Does a car sold in Manitoba require a block heater?
Yes it does - especially if its being sold by Focus Hyundai!
If your car was repossessed seven years ago can the collection agency start coming after you now?
YES. Judgements are usually sold when the first SOL expires and a new CA starts all over.
NO THEY CANNOT come after you after 7 years UNLESS they began court action after about 6 years. Then they could take you to court but they must have begun litigation prior to the 7 year hold date.
All debts except for college loans, and criminal fines have a 7 year statute of limitations. College loans can be collected for the rest of the life of a person. Criminal fines I believe have a similar policy. All other debts and loans have a 7 year limit of being able to collect.
What does it take to become a repo man in California?
One good way to get into the repossession business is to go to a school. However BEWARE - most schools, classes, and courses you see advertised are actually Online or "Read-a-Book" type programs. I would suggest looking for a real repossession school taught in a real classroom by experienced repossession professionals. There are very few out there, but if you look hard enough you can find one. Try Midnight Express Recovery Agent School: They provide training in all aspects of repossession including preparation for the CARS (Certified Asset Recovery Specialist®) test and certification.
But first before you even think about becoming the repo man, you must have a valid cali license, no felonies, and be able to pass a back round check.
You can get your start by going online and doing a search for local repossession companies, and most of the times you will find phone numbers of these repo agencies. Call them up and ask if they are hiring
Or, next time that you see the repo man in his tow truck, ask him if their companies hiring, I have given my bosses number to many people that ask. You can tell the difference between a repo truck and a regular tow companies truck because repo trucks have no writing or phone numbers, or company logos painted on the truck.
The best way to get hired is of course knowing somebody in the industry. a few things to note about this profession. ......
#1 - It's not for the faint of heart, it is very dangerous work. Be prepared to deal with absolutely erratic, angry, hostile people. And their angry hostile pet dogs. Also it is a very real possibility that people will pull out guns or knives,and base ball bats and attempt to use them. It helps to know how to talk reasonably with people instead of insulting and degrading them , that is the difference between a repo man getting shot and a repo man staying alive
#2 - Be prepared to work crazy, late night hours
#3 - You get paid on each car you repossess, no steady pay
#4 - Having a knowledge of cars and transmissions is a plus, knowing how to tow different types of cars is very important.
Good luck , just know that the repo man works his butt off, and everybody hates you, but there are benefits to this type of work. After doing repossession, there is no other job that will seem too hard or impossible to do. If you thought that you have seen it all, your in for a surprise. Be aware of your surroundings , be moral, and use common sense.
Can you take over a car payment without going through the bank?
You must have approval from the lender in order to take over the payments on a loan.
Can you get your car out of the impound lot without paying.?
No. Tow charges and all applicable fees must be paid before the vehicle will be released. If the matter is not resolved in the time specified, the state's law may provide for the vehicle to be auctioned by the state or repossessed/sold by the lender and the borrower remaining responsible for all outstanding debt incurred including the loan agreement.
How can i sell a car to someone and have them take over my current payments?
they h ave to get a loan to pay off your loan and free up the title and then it will be in their name.
It is paid to the estate of that person and is used to pay his unpaid debts or given to his heirs.
