Repossession

In my area of W-Ky most new car dealers open at 7:30 for service and 8:00 for sales.

When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car. Talking with Your Creditor

It is easier to try to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you'll be late with a payment. Many creditors will work with you if they believe you'll be able to pay soon, even if slightly late. Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may refuse to accept late payments or make other changes in your contract and may demand that you return the car. By voluntarily agreeing to a repossession, you may reduce your creditor's expenses, which you would be responsible for paying. Remember that even if you return the car voluntarily, you're responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report. Seizing the Car

In many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a "default." In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are allowed on your property to seize your car without letting you know in advance. But creditors aren't usually allowed to "breach the peace" in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace. Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property. A creditor usually can't keep or sell any personal property found inside. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can't account for articles left in your car, talk to an attorney about whether your state offers a right to compensation. Selling the Car

Once your creditor has repossessed your car, they may decide to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold. In either of these circumstances, you may be entitled to buy back the vehicle by paying the full amount you owe, plus any expenses connected with its repossession (such as storage and preparation for sale). In some states, the law allows you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession. The creditor must sell a repossessed car in a "commercially reasonable manner" - according to standard custom in a particular business or an established market. The sale price might not be the highest possible price - or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable. Paying the Deficiency

A deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $2,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing. In most states, a creditor who has followed the proper procedures for repossession and sale is allowed to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract. Depending on your state's law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only opportunity to present any legal defense. If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment.

the serial numbe also known as a vn number is located on the driver side dash board and this number is also on the door and other various locations.

Yes. Look under the Statement of Financial Affiars. There is a section for repos/foreclosure/garnishment.

If the car was running good when purchased, and was sold "as is", then not much. If it wasn't sold "as is" try to get your money back from the seller. If this doesn't work, you'll have to take it to Small Claims Court.

When you step on the pedal, the motor is propelled by a ticker which forces the belt to turn. This then propels the wheels forwards and the speed on the speedometer is determined by a mechanical recorder.

When the car is repossessed.... you have a certain number of days to redeem your car. If you don't redeem the car, you will have 30 days in which to get your personal items from the company BUT the car will be auctioned off... for a lower amount than what is usually due ...this will leave balance that is called a deficit balance. The company will then add all expenses to this balance and then take legal action. (Expenses added--- tow truck, car lot fees-daily) to store the car, cleaning up the car, new plates if needed, and insurance) If you don't take the steps now to keep this car, you can get garnished and ruin your credit for a very long time.

First you will have to pay the tickets and the police will tell you from there.... don't wait to long because storage gets added to the cost.

You cannot sell a car you have a loan on if the lender has a lien on the vehicle. You will need permission from the lien holder to sell the car. If the lender has no lien on the vehicle then you can sell it if you wish. The title will list any lien holder.

depends on what you're talking about

Yes. Valid existing liens should be listed on the back of the vehicle's title.

http://www.cga.ct.gov/2003/pub/Title42a.htm Sec. 42a-9-609. Secured party's right to take possession after default. Use of electronic self-help restricted. (a) After default, a secured party: (1) May take possession of the collateral; (2) Without removal, may render equipment unusable and dispose of collateral on a debtor's premises under section 42a-9-610. (b) A secured party may proceed under subsection (a): (1) Pursuant to judicial process; or (2) Without judicial process, if it proceeds without breach of the peace. (c) If so agreed, and in any event after default, a secured party may require the debtor to assemble the collateral and make it available to the secured party at a place to be designated by the secured party which is reasonably convenient to both parties.

Every state has provisions for this in their laws. otherwise the world would be covered with repos the lenders couldn't sell.

well if you want to be a semen you have to be able to swim well if you want to be a semen you have to be able to swim

I wouldn't be surprised if they have filed. Their Hudsonville MI location has been vacated and the property is for sale. I tried calling their Alpine Ave (Grand Rapids, MI) location and nobody is answering their phone.

Who really cares

Real property such as a vehicle or house is not dischargeable in bankruptcy. The debt must be reaffirmed, paid or satisfied or the property forfeited to the lender. That being the case, the person would not be entitled to a clear vehicle or land title from the lender simply because the debt was included in bankruptcy.

To give you a short answer, YES. The location of a secure asset has nothing to do with the obligation to repay the debt. There are some loans that are written with restrictions which would make the whole loan due (without default) if the car is removed from a certain locale (from some shady car dealers who self finance).

It depends on what the documents said when you took the car. Many dealers will do this. They let you take the car, so you become emotionally attached to it. Then they work on the financing. They probably had you sign a document that says the deal is subject to financial approval. If they didn't, you should be able to keep the car. Find out what car dealers don't want you to know at www.dealertricks.com

Not usually. The deposits are to cover reselling costs as they have turned away potential buyers to wait for you.

YES, because repossession is NOT trespassing. Read your contract. You most likely gave the lender authority to repo the car at any time or place. You cant just drive a car without paying for it. Doesnt matter what the jailhouse lawyers tell you, you're not the first person to be repoed and wont be the last. The laws and lenders helping to write them have been around a lot longer than me or you. IF you had posted your state, I would have given you a link to that law so you could read it for yourself.

Like Roosta said, in most cases yes they can Unless it is parked on US Government Defense Dept. property in which case not even repo agents would be given access to the site without a valid clearance and badge.

how could someone possibly give a lender permission to go on someone elses private property. I could see if the private property is that of the debtor..but what if its a the debtors place of employment which is private property?

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"Private Property" signs do not stop anyone from entering a parking lot. Now if they added "No Trespassing", it might make a little difference, but doesn't the pizza delivery man still get in? If you have a legal purpose for entering private property, it is not trespassing if you do not damage any property. If you have to cut a lock to get into the lot, that's damage. If there is a guard who says you can't come in, it's a breach of peace to drive through anyway. And as for DOD property, it is usually fenced, but if the car is parked in a military housing area that can be entered without going through base security checkpoints, the repo man can (and will) get it. I remember one time when an amourous couple thought "US GOV'T PROPERTY" meant "PUBLIC PROPERTY" and their spouses would never find them parked at a deadend in a small Navy housing complex. Seems the SP's didn't think clandestine sex was a "legal purpose."

I'm going to have to disagree with you on this one Tank. How is private property of an organization different than private property of a business or individual? Your driveway is private property and so is the mall parking lot. But the repo man can take your vehicle from either of these places. The mall may even have a sign that says Private Property.

Let's just agree that if the repo man can get to the vehicle without a fight and without damaging any property, the car will be gone when you come back! Even trespassing is usually a CIVIL matter if there is no damage or criminal intent.

eccentric

Banks merge all the time. Though it may appear the bank does not exist anymore, the paperwork should still be somewhere. Try going to the location of where your financial instution used to be. Even though they are not the same bank they should be able to help you out with the situation. I've worked at banks before and these things happen often.

No