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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 you trade in 2 vehicles a car and a SUV for a car?
Most dealers will really take advantage of you if you do that. You won't get much for any of the vehicles. You'll get far more for them if you sell them yourself.
Under common law if the lessee assigned the lease what would happen?
(in the US) Contract law is quire clear and is not administered under "common" law. If the lease prohibits the lease from being "assigned" then it is not legally assignable. If there is no prohibition against it then it is legally permissable.
How long does it take to get a Writ of Repleven?
That depends on the courts caseload and the determination of the lender.
What are the repossession laws in Colorado?
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.
If your vehicle was repossessed and you now have a judgment how do you get the judgment off?
The judgment creditor must be paid in full according to the terms of the judgment order. Most judgments are renewable and can remain on a credit report indefinitely until paid.
Who is the lienholder in car buying?
Who ever is holding the title as collateral for a loan. The bank or finance company typically.
Am I liable if anything happens to someone living in my property rent free?
Yes you will remain liable
How do you become a repo spotter?
Ebay listing "Repo Spotter" ebook, Amazing opportunity. Also search craigs list Repo Spotter
Do you have legal right to car if not on title but paying for loan?
Yes and No. If you are not on the 'title' and cannot show a 'contract of purchase' (bill of sale) or 'power of attorney' (dependent on your state) then any court or police agency will not give you custody or control of the vehicle. That would be the "no" section. The "Yes" can only be reached, as a legal question, if you: * Take the matter to civil court and get a judgment giving you a possessor interest (foreclosure type process, dependent on your state); * Go through a successful lien process, * Obtain a contract with the current title holders (finance company and person on the title) showing a possessor interest - assumption of loan, etc. Please understand that this is a basic question to a complicated process & question, there are other means of obtaining a legal interest in the car not discussed here.
What is the procedure to legally take a car due to non payment as the lien holder?
The answer varies by state.
You will need to file a "Lost title" with Mississippi and then have it changed to Alabama.
What do you need to do to give your car to a relative in Texas?
Your relative has to come up to where you live and you have to go through the process to transfer the title over to your relative and then they go back to Texas and file for plates and titles in their name.
Suggest you immediatly call your local Better Business Bureau (BBB) for help. This may be a simple paperwork error someplace. HOWEVER, you may also be "technically" driving a stolen car so suggest you act fast. Quick like a bunny!
Answer If you trade this vehicle in on a new car the dealership would pay off the loan on the trade and if there is a difference in how much you owe and how much they give you for the trade they will add that to your new car price.
Answer One problem with this arrangement is banks and lenders have become more conservative about loaning money recently.
When you purchase a car, particularly a new car, the value depreciates as soon as you drive it off the lot. This may leave you in the situation where you owe more on the car than the car is worth. Your lender may not allow you to trade immediately unless you can pay a significant amount down on the newer car, because the amount owed beyond the value of the trade-in the depreciation of the newer vehicle may be too high and would create a greater risk to the bank.
For example: You could buy a car for $20,000, put $2,000 down, and finance the other $18,000. But when you take delivery on the car, its resale value may drop to $16,000. That means you would owe $2,000 more to the bank than the car is worth.
Suppose you take that car and get $16,000 in trade on a $30,000 vehicle. The bank would have to finance the new car for $32,000 to make up the difference between your $18,000 loan and your $16,000 trade in. Then, when you take delivery on the newer car, it depreciates to $27,000.
You would then have a car valued at $27,000, but a loan for $32,000, which is $5,000 more than the new car is worth (because of the two transactions). Many banks and finance companies would refuse to take that kind of risk.
Be prepared to make up the difference in cash, or hang onto the original car until you're no longer "upside-down" in your loan. (These are all hypothetical numbers)
Will an impounded vehicle be turned to the lien holder?
Not unless the lien holder goes and retrieves it from impound themselves. The reimbursement of government fees (federal, state, or municipal) outweighs the priorities of the lienholder. When a vehicle goes into impound, the agency which impounded the vehicle puts their own lien on it, and that lien takes priority over the original lien. If the vehicle is not retrieved from impound, it will be auctioned off, and the lien holder basically gets shafted in the process. The person who took the lien out on the vehicle will owe the remaining balance still, and one of the money the agency auctioning the vehicle makes will go towards reducing the amount owed to the lien holder. To that end, you're better to let the lien holder repossess the vehicle and auction it, rather than have it impounded.
there is a certain period of time they have to hold on to it depending on state laws, for you to retrieve your vehicle. after that they may legally sell it without contacting you.
In the State of Arizona, the license plate belongs to the debtor. They cannot charge you for your plate but they can charge you for inventory and storage of your personal property (which, incidently, includes your plate).
Not enough information is supplied about the reason for the vehicle impoundment.
For instance - was it impounded as evidence? Was it impounded as being used in a crime? Was it impounded as an unsafe vehicle? Was it seized for drugs? Was it seized pursuant to an arrest for DUI?
How do I take over someone elses car payment?
You can either A: Ask them to leave the car in their name and hope their insurance doesn't find out. This would be fine for you but for them it is very risky bc if you stop paying they get screwed not you. You could also write up a contract and have it notarized, that way it will hold up in court. or B: Go to a bank ang get a check from them approved for the payoff of the car. Then give it to the owner and he/she will send it to the finance company to pay it off. Hope this helps!! Matt
Do you have a right to know what your vehicle was sold for after repossession?
by law in the state of Texas,a repo cannot sell for anymore than what is owed.The finance company has to tell you what the ballance on it is after it sells,add around $600 for legal fees to what was owed before the repossesion and subtract the ballance owed now which gives you what the repo sold for
VICTIM buyer has to pay off the leinholder to get car. And/or sue con seller. Leinholder WILL get their money. GOOD LUCK...
What do you have to go through to own a auto mechanic shop?
first you have to be a certified mechanic, then you will probably need to get a loan from the bank to buy a place where u can have your own auto shop and it all works from there
Where would the VIN number for 1989 suzuki sidekick be located on the car?
The vin number should be located on the dashboard, drivers side, towards the left. It should be a long metal strip with the numbers engraved on it. If for some reason yours has been removed, check the title of the car or inside the door jams. Hope this helps...
