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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
Is Carter lumber file for bankruptcy?
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.
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
Are holding deposits on vehicles refundable?
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.
What do you do when you have paid off a NSF to a bank no longer in existence?
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.
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)
