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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

How do you stop a sheriff sale of personal property if you have full payment?

I believe you can contact the county court house and they will put you in touch with the right people

What is a person allowed to take out of a impounded vehicle that they cant pay storage fees on?

Anything not attached to or part of the vehicle. Your personal belongings - and anyone else's belongings in the car - are still yours and cannot be held. If they are, it's considered theft in many states.

Are you responsible for a lien for POA dues on property you inherited?

Only if you want clear title to the property. If you fail to clear the lien, the property can be sold from under you. If the lien holder does not forclose you will still not be able to sell the property until the lien is satisfied. Just pay the debt, especially if it is valid. When you inherited the property, you inherited the debt.

Can a mechanic put a lien on your car if you never signed a contract?

Probably. If you took the car to the mechanic and the mechanic did work on it, in many jusrisdictions that automatically creates what's called a "mechanics' lien". There's usually no special contract that must be signed in order for this to happen.

Can a repo company go into a fenced yard to get an auto?

It depends. Most finance contracts clearly state in them that you give permission to the lender to enter your property to recover collateral. However, a repo company cannot cut a lock, take a gate apart or do any damage whatsoever when entering the fenced yard. If the fenced yard has a gate but it was not locked, the repo company can enter. In Chrysler Credit Corp. v. Koontz, 277 Ill. App. 3d 1078, 661 N.E.2d 1171, 214 Ill. Dec. 726 (1996), the Appellate Court of Illinois found that there was no breach of the peace when the debtor ran outside while the creditor was repossessing the car and yelled, "Don't take it," and the creditor continued the repossession of the car. In Clark v. Auto Recovery Bureau Conn., Inc., 889 F. Supp. 543 (D. Conn. 1994), the repossessing team had hooked the plaintiff's car to the tow truck and had started driving away when the plaintiff voiced an objection to the repossession and started moving toward the car. A third person restrained the plaintiff, and the car was successfully repossessed. The court stated: "'Once a repossession agent has gained sufficient dominion over collateral to control it, the repossession has been completed.'" 889 F. Supp. at 547 (quoting James v. Ford Motor Co., 842 F. Supp. 1202, 1209 (D. Minn. 1994)). In Clark, the car had already been moved from its parking spot when the plaintiff began objecting to the repossession.

What does declaration in lieu of affidavit of default mean?

Court procedures vary by state, so you will need to be more specific about the context of this document. If someone has sued you, you must file a proper response with the court in order to avoid a default judgment being taken against you.

If separated and there are two cars can spouse take both cars?

It depends on whose names are on the title. If the title is in her name alone then she can take the car. If the title is in both names or in his name alone then she can't take the car. However, she should consult with her attorney before taking any such action especially if it deprives him of his ability to get to work.

What states have tenancy by the entirety property ownership?

States that allow legally married couples to own property as "tenants by the entirety," a type of joint ownership that offers protection from creditors:

Alaska

Arkansas

Delaware

District of Columbia

Florida

Hawaii

Maryland

Massachusetts

Mississippi

Missouri

New Jersey

Mississippi

Oklahoma

Pennsylvania

Rhode Island

Tennessee

Vermont

Virginia

Tennessee

Wyoming

States that allow tenancy by entirety for real estate only:

Illinois

Indiana

Kentucky

Michigan

New York

North Carolina

Oregon

Is it illegal to carry a concealed blank gun in Philadelphia?

If you have a concealed carry permit from the state of Pennsylvania, you may. However, without this permit, what you're suggesting would be a very ill-advised thing to do - even though it doesn't fire projectiles, a blank firing weapon is still potentially dangerous, as the gases emitted from the barrel can cause injury at up to 20 metres. Thus, it would still be considered a concealed weapon, whether or not the state of Pennsylvania considers it a proper firearm.

Can you claim bankruptcy on the amount owed after a repossessed RV is sold at auction?

All debts or obligations and all assets must be included in BK. They are given priorites of payment by the court (a secured loan, as this was originally, has priority to receive the funds from the asset it is secured to before any others). Some debts may not be discharged and some assets may not be used. This would seem to be dischargeable.

But understand, you do not file BK on specific things...it includes everything.

How do you tow a car out of a parking garage?

Most likely using a wheel lift tow truck, most common right now since it has a yoke that closes on the tires and lift either the front or rear of the car without hitting the height of the garage.

How can you get an abandoned title for a car that is on your property with a lien holder if the owner can't be found and owes over 2000 in storage fees?

The first step is to contact the leinholder. If they think it is worth repoing. they will pay the $2000 in "storage fees". Be sure and check your state laws for how many days you have to contact the leinholder AND how many days storage the leinholder has to pay AFTER you notify them. The first $1900 in "fees" is likely an investment you will have to eat(include at NO cost). Wouldnt it be great if you could "store" your friends car until the "storage fees" were higher than any lender would pay, them you magically get the TITLE?? Sorry, this ain't Kansas and you ain't the Tinman. It don't work that way. After you notify the lender , if they decide they don't want it, you are stuck with a car and NO TITLE.Each state has laws designed to handle this situation. Call the DMV in your state for more info. Or Google "abandoned vehicle + Your state".

Can a lien be put against a home for a vehicle repossession?

Yes. That means in the event you try and sell your home, any monies received from the home their portion is given to them first.

YES, IF the lender has a JUDGMENT against you.

If a car is repossessed and sold at auction for less than the amount owed to the lender will filing bankruptcy discharge the remaining balance if it has been reduced to judgment?

It depends on the chapter. In either case, your remaining debt is now unsecured and a bankruptcy filing places the judgment on hold. If it is Chapter 13, file a claim and you may receive a percentage of the bankruptcy estate, but not usually until near the end of the bankruptcy term (3-5 years). If it's a Chapter 7, again, it's an unsecured debt and highly unlikely that the debtor will sign a reaffirmation to pay you back. If the bankruptcy gets dismissed (thrown out), your judgment is back in force, provided it has not expired.

If a seller omitted important information on a home disclosure statement and the buyer wants to terminate the contract can the buyer place a lien on the seller's house to get deposit money back?

First of all, you cannot place an involuntary lien on the sellers house unless you have a court order (i.e. you filed a lawsuit and got a judgment). Laws vary by state and you should really talk to a local estate attorney. However, you probably signed an agreement that included escrow instruction. The escrow instructions probably have instructions on how terminate the escrow and retrieve you deposit or this topic might be covered in the sales agreement. Some contracts require mediation and/or arbitration. Legal action against the seller and the holder of the deposit money may be necessary, but I cannot emphasize enough the need to see a local attorney who knows the laws of your state.

Why is the IRS billing for a car that was repossessed?

What probably happened was this: When your car was repossessed, the bank took the car to an auction. As an example, if you still owed $10,000 on the car and they sold it at auction for $5,000 then you are still liable for the remaining $5,000 on the loan. The bank probably wrote this off as a bad debt, and reported it to you as Cancelled Debt (Form 1099-C). Under the Internal Revenue Code, cancelled debt is taxed as income unless you qualify for an exception (either being in bankruptcy or being insolvent at the time the debt was forgiven).

Can you be locked out of your gated community?

Generally, no. Generally, it would require a court order to prevent a person from accessing their privately owned property.

If you're car is towed can you let them keep it to avoid fees?

Most towing companies will let you do this. You will need to bring them your car title and sign it over to them.

Do Pennsylvania repossession agents have to notify you that they have your vehicle?

Those who have had a vehicle must be notified, typically within 24 hours, but that may be done by the repossesion company, the actual agents, or the original lender. All are acceptable.

What qualifications and licensing are required to become a vehicle repossession agent?

This depends on where you live.

  • In Florida and California, you have to be certified by the state. State permit etc. Other states, mostly wide open. It's NOT a very regulated industry yet.
  • In California you must be employed by an agency that is already licensed by the state. You must then be registered as a repossessor employee for at least two years before you can qualify to take the state test to become a qualified manager. All agencies must have a qualified manager for each office.
  • In Pennsylvania, you contact the Pennsylvania Department of Banking for an application for Licensure Collector-Repossessor. License is required under Title 69 section 601. You have to file an application with a bond of $5,000, a $350 license fee, and fingerprints for a criminal history check. The annual renewal fee $250. The license is issued under the Motor Vehicle Sales Finance Act. Records are required to be maintain on business of collecting payments or installment sale contracts or repossessing motor vehicles. More details are in the Motor Vehicle Sales Finance Act.
  • In Maryland contact Maryland Motor Vehicle Administration, 6601 Ritchie Hwy. N.E., Glen Burnie, Maryland 21062. Tel:(410)768-7000.
  • In Alabama, Tennessee, Georgia, and Miss., all you need to do is notify the police after the repo has taken place, you do not want Bubba runing you down. You need to treat the people with the same respect that would yourslf, BS and finesse run the course when you are skipping someone. As for a truck you dont need it. I used the uHaul to pick up front wheel cars. Keep in mind you need to get a locksmith fast because the lender is paying for it.
  • In Washington State you do not have to be certified. (Surprising, considering how over regulated everything else here is.) The best advice I've heard is: DO NOT GET CAUGHT BEING UNDER-INSURED. These people are usually hot! And they will try and nail you any way possible, you will certainly find yourself defending your actions in front of a judge sooner or later. Know the law and cover your #$%!
AnswerRead the article on Repoman.com entitled "I wanna be a Repoman!"

IMHO, it should be REQUIRED reading for anyone with the desire to be a repoman.

Here are a few laws you might want to get familiar with if you wanna be a REAL recovery agent, in Oklahoma: http://www.lsb.state.ok.us/

Title 13. Common Carriers (179KB)

Title 14A. Consumer Credit Code (805KB)

Title 15. Contracts (777KB)

Title 12A. Commercial Code (2095KB)

Title 24. Debtor and Creditor (153KB)

Title 28. Fees (179KB)

Title 40. Labor (1200KB)

Title 42. Liens (269KB)

Title 47. Motor Vehicles (3472KB)

Title 59. Professions and Occupations (3332KB)

Title 60. Property (1225KB)

Title 72. Soldiers and Sailors (315KB)

AnswerThe smartest way to get in the business is starting to work for another company. There are many laws and regulations that very from state to state, and if you are getting into it with no experience, chances are good you won�t last. Work a few years for a local repo company as a driver, and as you learn what you need to do, it will be a lot easier to start your own company. Everyone on here that is wanting to repo cars, yea you can go get your license, get your bond, but the big question is, where are you going to get the finance companies that will give you accounts? You need to know what you are doing before you get into this business. AnswerI would have to agree with the previous answer. There are many ways to get into the repo industry. Yet, once you get there, how do you succeed? Go work for another company. Find one in your area, get a truck, get a boom, and learn how to get into cars. Learn how to go without sleep and how to work for 14-18 hours straight. The job is a fun one at times, while at others you want to shoot yourself for getting involved. It's not a job that you can do half way... it's one that is all or nothing. TLC and other shows have made it look fun and somewhat glamorous with titles like "Stealing for a Living". I have never stolen anything in my life. I recover what others are stealing from lien holders and financial lenders. Rethink your decision and if you are serious, contact a local repo agency and see if any of their agents need drivers and go from there. AnswerI AGREE WITH THE PREVIOUS STATEMENT I AM 22 YEARS OLD AND HAVE BEEN WORKING THE COLLATERAL RECOVERY INDUSTRY SINCE I WAS 16. IN THAT TIME I HAVE SEEN MORE THAN 100 AGENTS COME AND GO FROM THE TWO COMPANYS I HAVE WORKED FOR....THE REPOSSESSION INDUSTRY TAKES A CERTAIN BREED TO SUCEED NOT JUST ANYBODY CAN DO IT.! AnswerAll those answers are..for the most part correct! I am a female repossessor living in Valencia. I have been doing this for over 7 years and am now thinking about starting a repo business of my own. But from experience, i KNOW that most people who think they can start a repo business FAIL. Because they don't do it ....first hand....before they try and start the company. You need people you can trust to recover collateral and most of all, you need to have referrals from the lienholders. I myself, am lucky in that sense because many finance companies know who I am and know I am a great skip tracer, which results in reoovery! So if you're gonna try this, be a repo agent first! It's not as easy as you might except, especially if you're in California, as I am...where the consumer laws are much more strict that other states! AnswerMy answer...................DON'T DO IT. Now that I have your attention, i will get right to the facts. Anyone can start a repo company. I am on my 3rd one now.It takes trust in at least one other person. The kind of trust that comes from knowing someone a while. Then it takes trusting yourself. Are you the kind of person that can go for hours while watching a home and waiting for someone who may or may not show up? Long hours in a thankless job. Know yourself and your partners before you start. Anyone can drive a wrecker and operate a boom. But make sure you have what it takes to be a real repo man (or woman) before you sink your time and money into it. Like i said, until you are sure, DON'T DO IT..... AnswerThe previous answer is pretty much how it is. I went on vacation recently and just so happened had info that one of the cars that I was looking for might be in my vacation spot, so it ended up being a working vacation with a family that was very upset with me...but I did find the car. :-) AnswerI think the best step would be to apply for the job.

Where can you find an address when you need to repossess a car and what are skiptracers?

DMV, Officer "Friendly" at the local SO, neighbors, family, PHONE BOOK, etc. What is a skiptracers? This is the process of LOCATING the debtor. It should be done by the LENDER. A repossession is going to ONE address and picking up the collateral. After that it is skiptracing the debtor. You will find few, if any, lenders who will agree with this definition.