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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
What happens to your money if the bank closes down and you never withdrew it?
contact a lawyer if the bank numbers don't work and you cannot contact anyone else. Don't let them BS you, call a lawyer, they know what to do.
How much does a registration fee cost for a 16-year-old with his or her own car?
The cost of vehicle registration would depend on the state you were trying to register it in, which you failed to mention... However, If you are a minor(aka under 18 years of age) you may not be able to legally OWN the vehicle without having an adult on the title as well.
What are basic repo storage fees etc typical in NY?
It can vary from repo company to repo company. but on average in the ny area storage fees can range from $15-40 a day. It depends on the arangement the repo company has with the bank
Drive it to the creditor, park in their lot, walk in with the keys and say "here it is", it's all yours. Drop the keys and registration on the desk of a loan officer and walk out. Don't wait for anyone to say anything. Just give them their car and leave. Don't keep it, don't buy it back. It's theirs, let them have it. If you want to have a friend offer to buy it from them for $20.00 (or whatever it's worth) on the spot, you could do that, but don't YOU buy it, it could mess up the bankruptcy and put you in trouble. You can later buy it from your friend if you want. But you'd be better off if you just let it go and get something else.
Can to travel in a plane if you have a ventricular shunt?
Yes you can travel in an airplane with a vp shunt. I recently flew from Michigan to Oregon and I have a vp shunt which was placed 6 years ago. One bit of advice though, a sinus decongestent seemed to help with the pressure on the return trip. On the first flight I got a very strong headache, which I believe was caused by the cabin (plane) pressure, so on the return trip I took an Advil Cold and Sinus med. This must work because I had no pressure or pain.
This is a good question to ask your B/K attorney whom you are PAYING to look out for your best interests.
Which states require the lienholder to give notification before repossessing a vehicle?
There are 7 states that require the lender to notify the borrower that the lender is asserting their "right to cure". Connecticut, Iowa, Kansas, Maine, Massachusetts,South Carolina and West Virginia. Wisconsin requires the lender to obtain a replevin order before the vehicle can be recovered.
What are the repossession laws in Maryland?
Maryland TITLE STATE: Yes SECURITY INTERESTS: Title held by debtor. Notice of security interest filing held by lien holder. LICENSE REGISTRATION: Maryland Motor Vehicle Administration, 6601 Ritchie Hwy. N.E., Glen Burnie, Maryland 21062. Tel:(410)768-7000. RECOVERY REQUIREMENT: As per UCC, repossession allowed without committing a breach of the peace. DOCUMENTS REQUIRED FOR PLATES: Remain with the debtor. http://www.maryland.gov/catalog/opendoc.asp?UserID=2&ID=311724
What happens after a judgment has been made on a repossession?
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.
What property can a judgment creditor take for the repayment of a debt?
States establish specific types and amounts of the debtor's real and personal property that are exempt from creditor action; therefore each state is different in what can and cannot be seized by a judgment writ. In most cases, the exemptions allowed to protect property from a lawsuit judgments are the same as those that can be used in bankruptcy filing. In some cases it is also possible for the debtor to use federal non bankruptcy exemptions. The best choice is for the debtor to obtain legal advice from a qualified attorney (bankruptcy, general law, etc.)or legal aid association. Most attorneys offer free or minimal fee consultations to discuss the options that are available. State bar associations have a free referral service as does the American Bar Association, http://www.abanet.org. The debtor can also receive a list of pro bono or reduced fee from the office of the clerk of the circuit court in the city or county where the judgment was granted.
Can you be sign up on disability in one state and live in another state?
While there is nothing which could prevent you from doing this, the attempt to do so may be construed by those reviewing the application as a form of fraudulent attempt to obtain benefits. Being up-front about the particulars surrounding your circumstances goes a long way toward seeing that you are protected on all fronts. It would be best to consult your local Social Security office for the correct procedure.
Can someone go to jail for not turning in a car that's up for repossession in the state of Texas?
Yes. It's called hindering a secured creditor. Sometimes, depending on the value of the vehicle, it is a state jail felony. It's in the Texas Penal Code under fraud.
Is it true repo agents must verify VIN before taking the vehicle?
Yes, it is true that repossession agents must verify VINs before taking a vehicle. They have to be certain that they have the correct vehicle.
How do you file a mechanics lien for auto repairs and storage in Georgia?
If you are licensed shop, file an abandoned vehicle claim. Take the VIN from the vehicle to the department of motor vehicle registration in your county. For a fee of $2.00, you can get a printout of the owner's name and address. They should have available a booklet with abandonment rules. Send a certified letter to the owner stating your fees. That should get you started.
What happens if you quit making payments on a car that has been discharged in a bankruptcy?
Same as anyone who doesnt make the payments, it gets repoed. You cant drive for free. NO special treatment for you. I'm pretty sure that the law is the same in most states regarding bankruptcy. Until the bankruptcy is discharged, the bank has no legal recourse to the vehicle. (Common misconception is that consumers can quit making payments on vehicles when chapter 7 or 13 is filed, this is not true! most likely a judge will rule in favor of the Finance company owed, which only makes it look worse if you stopped paying for it!) As soon as the discharge is submitted by the court, the finance company has full legal claim to the collateral on loan that is in default. FYI for those thinking about filing bankruptcy: IF you want to keep your vehicle/property, do NOT quit paying for it. If you cannot make payments inform the bank that you are filing bankruptcy, but want to come up with a solution to keep your car. Most financial institutions would much rather hear from the debtor and make resolutions than to attempt to post it for repossession. In my experience in Recovery, the banks offer a new contractual agreement, or re-finance to help you get through the few months that youre in Bankruptcy status. Good Luck
What paperwork does a vehicle repossession man have to have with him at the time of the repo?
Not much really, he just has to make sure it's the right vehicle and that the bank has done THEIR paperwork.
You should call the company that the car was finaniced through. They should have given you a number to call so you could schedule a pick up for your personal belongings. They should not of sold the car with your items in it. I would call the loan company and ask them where you things are and what they are going to do for you now that your things are gone.
Can a lien be placed on a house for voluntary repossession the state of Texas?
There are no legal differences between the borrower voluntarily relinquishing a vehicle or the lender having to initiate repossession action (with perhaps the exception of additional monetary charges).
If an outstanding balance remains on the original loan amount after the vehicle is sold at public auction the lender can file suit to gain a judgment against the borrower for the amount still owed. If a judgment is awarded the judgment creditor may execute it according to the laws of the state. This being the case it is possible for a judgment holder to place a lien against real property owned by the judgment debtor.
Is it legal to park your car in front of a homeowners garage?
Legal? It could be a parking violation if you block a driveway by parking in the street. In any case, it would be trespassing if you parked anywhere on private property without license or other reason to believe you're allowed to be there, let alone park there.
What if you concealed a vehicle that is in reposession?
It depends on the local state laws. Most of the time, nothing unless the repo agent finds it or the court issues an order for the person release the vehicle to the agent.
yes, you are legally bound to pay the latter unless you prove yourself that it was done under threat or coercion or unintentionally or unwillingly or etc., in the court of law.
Can a finance company charge off an auto loan and still repo it?
The steps that are taken when an Auto loan becomes delinquent are as follows.
- Your lien / title holder company ie. "GMAC, Ford Motor Credit ext" ( From hear and on will be referred to as creditor) sends you your statement say $300.00. You then fail to make payment after approximately 10 days, "maybe less maybe more" will contact you by phone to enquire about the status of your now delinquent payment. "Has it been mailed out, what was the postage date, did you include the late charge (if applicable) ext." If the answer is no then the conversation will shift into "When do you plan to send payment, please include the late fee (if applicable) some creditors may be willing to take a half now and a half next week payment plan depending upon your history and circumstances. The bottom line is they want to get paid according the loan agreement and the first offence will most likely be soft served. The creditor's (CSR)customer service rep just needs a commitment to a date of payment that is all he or she is not a collector.
- So you provide a date (10/12/2007) and a payment amount of only $300.00 because the CSR waves the late fee. Well October 12th comes and goes and you once again fail to send payment and or to contact your creditor with an extension request and explanation. This is when the follow up letter arrives on 10/20/2007 addressing the October 12th agreement. The letter informs you of the number of days you are late and that the late fee has now been applied along with next months payment a new balance of $675.00 is due. The creditor will also include an expected payment date that will most likely be your billing date for November. "Lets say November 1st.
- After reviewing the new balance and experiencing whatever distressing emotions that follow, you fail to pay again. In the back ground your creditor starts to put things in to motion and you account is placed into there collections department. This type of collection is internal and in most cases there sole purpose is to get you back on track with your payments. They will first contact you by phone and try to find out why you are having trouble paying. As long as you have a legitimate reason ie, "the car has been in the shop with a recurring issue" any thing else is subject to heavy scrutiny. (Know this there state lemon laws and a federal lemon law that may protect you and your creditor if and when chronic repair issues with long time lines to identify and solve arise. This will detour your creditor from aggressively perusing your delinquent payments and in some cases they will forward the over due balance to the end of the loan term. So save all your repair documentation receipts in a safe place.
- So let's say you provide a legitimate explanation that the vehicle is in the shop. Your creditor forwards the $675.00 to the end of your loan extending the payment period by 2month and waves the late fee again. You soon receive a letter stating the forwarded amount and the extended term. The letter also requests your signature agreeing to the new loan term and proof of the chronic repair issue. You sign the agreement only you fail to keep all your receipts and are unable to provide a proper time line. Your creditor may or may not over look the minor gaps in the service time line. Let's remain positive say they over look the lack of receipts and solid time line. Your creditor forwards the delinquent amount and then you receive a statement in the mail on December 1st for $300.00.
- Again you fail to pay. Now 90 days have passed with no payment to your creditor and your records of the "alleged" chronic repair are slim to none. Your creditor now becomes a predator and the gloves come off. Aggressive collections calls come from the creditor's internal collections department and they are demanding payment in full or they will move to reposes your vehicle. The next letter from your creditor states this tragic news with a 10 day dead line. At this point your creditor will still be willing to negotiate a payment plan. Remember they want the MONEY not the vehicle that lost $5000.00 in value the moment it let the dealers' lot. But to keep this blog from going on for ever you don't agree to any payment arrangements.
- You have two options that come with the same credit penalty. Reposition or voluntary reposition. Uninformed people who are ignorant to credit reporting and scoring and the auto reposition industry will tell you to take the lesser of two evils and do a voluntary reposition. This is a common misconception. Understand that reposition is reposition it is scored equally on your credit and carry the same decretory penalties with time lines of seven years or more depending upon your state of residents. When the word "reposition" is lead with the word "voluntary" it only benefits the driver of the wrecker who picks up your vehicle. You creditor will post a status in there request to cease your vehicle as in-voluntary or voluntary. In the event of your creditor posting an in-voluntary status to the reposition summons the towing company may seek aid from your local law informant agency when picking up your vehicle. If the status is voluntary the wrecker will show up sometime some day at the location you disclosed to your creditor and pick up your vehicle. At this point your vehicle is taken straight to auction. It is your responsibility to request the balance due after auction from your creditor.
- Say the purchase price was $21,905.89 you made 4 payments totaling $1,200.00. "We will leave interest out for simplicity." At the end of the 90 days you wracked up a past due balance of $1,125.00 this includes all three $75.00 late fees. Your payment received against purchase price becomes $75.00 leaving your pay off balance at $21,830.89 before auction. I will give you the benefit of the doubt again and we will say the vehicle auctions for $8,100.00. As your creditor I originally cut a deal with you that would benefit me to the tune of $21905.89 plus an interest rate at say 5.5% totaling $12,047.75. This brings the total investment your creditor made in you to $33,953.64 at the end of you loan term. I will assume you financed your vehicle with the auto maker's bank. The dealer had, say maybe $16,905.89 wrapped up in the actual price of the vehicle when it arrived on the lot. Your loan agreement stood to make your creditor the automaker "because you used there bank" a profit of $17,047.75. Instead the deal went sour and the vehicle auctioned for $8,100.00 and the creditor is left with a profit of $8,947.75 this leaves your creditor with a negative balance of -$25,005.89 "this includes interest and late fees witch you are still responsible for.
- On the other hand your creditor has a tax burden and is obligated by federal law to address it with in six months of the first delinquency payment. The term used to describe, what becomes a tax credit to your creditor is called "Charge-off." In the case of a reposed vehicle your creditor will post the following to one or all four credit burros "depending on your state of residents." "Charge-off" (profit or loss) consumer account status reposition / voluntary
- Depending on your state of residents. This will stay on you credit report for a minimum of seven years in accord with the Fair Credit Reporting Act.
- At this point your creditor has no use for the account and it gets farmed out to clearing houses that rotate the negative account through hundreds of scavenger collectors. This is where the BIG emotional problems start. Those of us how are ignorant and uninformed or don't have time to read the Fair Debit Collections Practices Act and have lawyer it could spell financial and or legal disaster.
If court orders you to give car back and you dont will you go to jail?
Dohh!! The court orders you to do something. By breaking that order, the person is in contempt of court. A warrant for your arrest will surely follow soon - once arrested, they do not take you out to dinner. THINK!!!
Can a towing company place a lien on a vehicle that still has a police hold?
No it actually cannot happen because there is 3 things there and it cannot be the 4th one However i do not know at all so i need a lil help please!
What company did Ohio Edison merge with in 1997?
Ohio Edison merged with Cleveland-based Centerior Energy in 1997. Thus, FirstEnergy Corporation was born, and Burg was named president and CEO in 1999.
