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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

Why did the repo man not take my car after not answering the door?

Maybe the repo man was after something other than your car. Or, maybe the person was there to serve you with some papers.

How long before you can refinance a car?

You can litterally buy your car and finance it, walk down the street so to speak and refinance imediatly.

How much interest will i pay on a car loan?

that depends on your term and rate. Use excel loan calculator and enter the information and if will give you a estimate.

When can your car be repossessed in california?

In California your car can be taken 1 second after midnight the day after your payment is due.

If you do not comply with one of the requirements of the loan, things like insurance and the like, the car can be taken with out notice.

When can your car be towed in nyc?

Any time you can get a parking ticket, it can be towed

Any time you owe more than $350.00 in parking tickets it can get towed from anywhere.

What happens if you buy a car with outstanding finance?

Before that, you have to know what is outstanding finance. It does not belong to you. It belongs to the owner of the vehicle. So, buying or selling a car having outstanding finance is unlawful anywhere.

Can a car only get repossessed for no insurance?

Absolutely. When you purchase and finance a vehicle you sign a legally binding contract. Perhaps you should read what you sign. The contract states that you agree to carry insurance that includes comprehensive and collision with a maximum deductible of usually $500. If you let your insurance cancel then you have broken the contract and therefore the finance company can reposses the vehicle.

Do you get any money if your house is repossessed?

It will depend on the costs involved. If the sale of the home brings more money than the mortgage, the remainder will go first to cover the costs of the foreclosure. If there is anything left, it will be paid to the holders.

How can you buy cars that have been repossessed by the lender?

Each lender has their own way of disposing of a repo. Most will sale them at dealer only auctions. You can purse getting a used car dealer licenses from the state you reside and attending these auctions.

What is a normal impound fee when vehicle is impounded?

Impound fees can vary widely depending on the location and the towing company, but they typically range from $100 to $300 for standard vehicles. Additional charges may apply for storage, which can be around $20 to $50 per day. It's important to check local regulations and the specific towing company's policies for accurate fee information.

Can a company legally deduct an amount due to breakage?

YES

This is in the REPO section so:

An item, or vehical that is Repoed will be repaired and sold or just sold.

In most cases the person who the item is repoed from is responsible for the remaining loan amount, fees and costs incured in the repo and sale proccess. This includes damage repairs or fees related to damage.

Can you sue a car dealer for lying to you?

Technically, it depends on what he/she said that was untrue, but... It's america (assuming you're in America) you can sue McDonalds for their coffee being too hot. Ask a lawyer for details, though.

Do big rims damage your car?

They can cause excess wear to steering and suspension components, such as drag links, tie rods, ball joints, and the Pitman arm.

What if you have a vehicle repo and you do not hand over the vehicle?

Repo companies don't just throw up their hands, say, "well, I guess that's that" and quit. They'll keep after you. If that fails, then the finance company will simply take you to court, and you will lose that one - the car doesn't belong to you - it belongs to the lien holder.

How do you electrify a vehicle to keep thievery?

You don't. What you're talking about is potentially lethal, and the laws of lethal force do not allow it to be used to protect property. Someone gets zapped, you'll be the one charged with a crime.

Do you still have to pay for a car if you do a voluntary repossession in the state of Virginia?

Yes.. anywhere. When a vehicle gets repossessed (voluntarily or involuntarily) and it isn't reclaimed, the vehicle gets auctioned... the person who took the loan on the vehicle is still responsible for the difference between what was received for the vehicle at auction and what is owed on the balance of the vehicle (plus repossession, storage, and auction fees).

How do they find out where to locate your car if they want to reposses it?

Investigation. They have your home address, they'll get your work address from the finance company. If you have hardware such a Lojack or Onstar, they'll locate it that way - the companies will comply with the request from the creditor, as the creditor is the rightful owner of the vehicle.