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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 is the law for repossession in WI?
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.
How do you find out where your repossessed car is being held?
The local police or the lender can tell you who has the car.
If you file bankruptcy do you have to liquidate all your investments?
Yes, unless you were smart enough to put some of these investments in your spouse's name or someone else's name. * In the US property and assets that are subject to seizure and liquidation by the bankruptcy court is determined by the type of bankruptcy that is filed and whether it is a federal or state filing.
What are antitrust laws and how do they protect consumers?
First, a definition of "trust" is in order: a trust is when a group of competing businesses decide that competition isn't all it's cracked up to be, frankly, and cooperate with one another instead to set prices and availablity of their products. This is called "collusion," and it drives up costs and drives down quality. In a "free market," people who see such actions could come in, undercut the trust on price, and win major market share. Unfortunately for free marketeers, the trust members, who are colluding to control prices, remember, slash their prices wherever their new competitor tries to sell his stuff. As a result, the trust loses money on each sale, but, being much larger than the small fry trying to break in, are easily able to absorb the losses by either eating the losses outright, or, more likely, hiking prices elsewhere to cover the difference. Antitrust legislation prevents such behavior, as long as the government is willing to enforce it. Basically, consumers benefit through: * Lower prices * Higher quality * Greater availablity * More innovation Two great online resources for you to check out... http://www.usdoj.gov/atr/public/div_stats/1638.htm The US Department of Justice's Antitrust FAQ is one of the clearest explanations I've ever seen. (Really!) http://www.antitrustinstitute.org/links/misc.cfm The American Antitrust Institute's webpage of links to all sorts of additional information.
I mean, you did plan on paying the car lease people, just like you promised the other people you would make payments to, didn't you? But now your not paying them. I wonder if they had plans for what to do with the money you were to pay? I guess your bankruptcy will make them change those.
Is it possible that the money you could have paid them with, instead was used to pay for the car you wanted (and plan to keep). Could almost sound like a preferential payment, don't you think?
I guess, the way you are trying to see it, the only things you may need to reveal and involve, is the ones you want to get away without paying - but not anything you don't want to lose. So, forget about any savings accounts too....especially if you were diligent at maintaining them and you have plans for it. And those payments were important to you and needed to be made before many others. Also, bankruptcy certainly shouldn't interrupt your plans.
Can rent a center file criminal charges in NJ?
Neither individuals nor businesses can "file charges." Only the prosecutor's office can 'file' criminal charges. Anyone else can only file a criminal complaint or report a crime to law enforcement. An investigation is conducted and if probable cause is found an arrest is made or a warrant is applied for. A business can file a criminal complaint against someone.
How do retrieve personal items from apartment of deceased relative?
Be very careful. You must ask to have the items returned to you, or seek permission to enter the premises (from the executor), and you may be asked to produce some proof that the items actually belong to you.
The executor will presume that anything in the premises belongs to the estate of the deceased until proven otherwise, as it is the executor's duty to gather and protect all of the decedent's property from people who wander in making informal claims.
If the executor makes a mistake and gives you something that later turns out to have been the property of the decedent, you can be forced (in court) to give it back or pay to replace it if you have disposed of it.
After writ of possession in Florida what happens to tenants belongings?
The Landlord has the right to seize the belongings and sell them if he wishes. Most of the time, however, they just put out the belongings out to the curb.
Can you buy a car even though you have a judgment lien against you?
I've been told you can't because it will come up on the credit check.
Can your car be repoed on private property in the state of Texas?
repossessing a vehicle is NOT tresspassing in any state. It is a LAWFUL reason to be on the property. READ your contract again, you likely gave the lender permission to do so.
What are Florida laws on hiding a vehicle that the repo people are trying to find?
You, like many others who are facing repossession may TRY to hide the vehicle. I stress the word "try" because of the industry that has risen out of this activity. In the event you do TRY to do this, a team of spotters and skip tracers will begin to open up every aspect of your life in the process of discovering where it is hidden. Cameras you do not see and would not recognize will begin "looking" for vehicle, and when it is found will send an automatic report back to the agency with the vehicle's location. The phone calls will begin, first to you, then to the references you listed on the loan application, then to your family and neighbors, and your place of employment. These calls will continue for some time and will come in at least once a day at the most inconvenient times. Changing your phone numbers will do not good, as moderately skilled skip tracers find it quite easy to obtain cell phone and even unpublished landline numbers. Your neighbors will see the tow truck prowling past your home at least twice a week. In the vast majority of cases, the vehicle will be found, after all, what is the point of hiding it if you do not intend to keep it, and in keeping it use it? So, one evening, when you feel safe, you take it out of hiding and drive the family down to the WalMart or Piggly Wiggly to get some ice cream, only to walk out into the lot and find your car is no longer where you left it. Now you are standing there with your ice cream melting and you wondering what happened. So there is no question, what happened is your car was taken by a repossession agent, a person who has one purpose in his job and that is to find and secure vehicles that have essentially been stolen.
Give the vehicle up. It is a shorter less painful and less expensive road. In the event that you happened to be one of those very creative and willy people who can successfully stash the vehicle for an extended time, keep in mind that Florida is one of the states with the new law that prohibits you, who has one vehicle out for repossession, from obtaining registrations on any other vehicles. Also, in Florida, if you do not surrender the vehicle by the time the lender tires of chasing it, the lender can pursue criminal charges as well as judgment for legal relief against you.
Now, just giving up the vehicle should look a little more attractive.
Does a repo man need to see the VIN number on your car before he can take it?
Why not just make the payments and avoid to whole thing? He will take the car based on more than just the vin#.
Will the bank repossess a car with IRS tax liens on it?
The IRS to my knowlege will not/and is not able to put a lien against property that is not outright owned by the person. If the bank holds the title, it is not the person's property yet and is not subject to an IRS Lien. If the vehicle gets paid off, then at that time the IRS can put a lien against it The IRS tax lien attaches to all property, real and personal. However, the IRS has a number of things working against them: 1. The title to the car is being held by the bank. 2. The bank's security interest is perfected (they are listed as a lien holder on the title). Because of this, the bank is going to have priority on the vehicle even if the IRS filed a Federal Tax Lien before the bank gave the loan.
For one, start with your Local Better Business Bureau. They will contact the business as well. Next depending on the type of money involved you could do a small claims or a full blown legal case. The one issue I had is the guy who I had the issue with refused to take receipt of the certified letters, therefore I could not get him into court. I lost out on $3,000. I did however ruin his reputation in the town he did his work in. I made fliers and passed them out to all of his potential customers and posted them in the Local Town Halls. Good Luck hope yours turns out better then mine. If he is a bonded contractor, go after his bond. If he is a licensed contractor, the State can give you assistance in going after him. You may need a lawyer or collection agency. You'll need to pay, but if you have a contract that states that you can collect reasonable collection fees, you might be able to get most of it back. Don't let the bill go any further, you need to act now. Many lawyers and collection agencies will work on a percentage of money collected. * Another option is to file a Mechanic's Lien with the office of the clerk of the county in which the company is located or licensed or with the registry of deeds in the county where the company is located. Valid liens may be enforceable by an action to foreclose. An action to foreclose is a lawsuit brought by the lienholder where the court decides if the property should be sold to repay debts owed.
If you fail to make three car payments can the lien holder say your act is a felony?
Total nonsense...They are trying to get their car back. Scare tactics. But that does not make it true. Failure to make payments on a loan is NOT a felony. You are defaulting on a loan and they have every right to repossess your vehicle, sell it, and you pay the difference in what it brings at sale and the total left on the loan. You will also be assessed repossession fees. Of course your credit will be ruined for 7 years, but you for sure are not going to be charged with a felony.
How long after a chapter 7 bankruptcy can you file another chapter 7in the state of Tennessee?
Bankruptcy is Federal jurisdiction, therefore, the state has nothing to do with it. Usually, when you file bankruptcy, you cannot file for another 7 years, Period. No matter which state you live in.
If the car is yours and you can't afford it, either sell it or try and give it to the bank that has the loan. I don't see a contempt of court issue here since you are not doing anything in violation of a court order.
Is private property always private?
Yes. Private property remains private property until it becomes public property by a transfer of title by deed or by a taking.
Yes. Private property remains private property until it becomes public property by a transfer of title by deed or by a taking.
Yes. Private property remains private property until it becomes public property by a transfer of title by deed or by a taking.
Yes. Private property remains private property until it becomes public property by a transfer of title by deed or by a taking.
How many children can you keep in your home without a childcare license?
That depends on the states licensing regulations. Some states allow you one family (as many children as in that family) without needing to be licensed. You can also watch children related to you without having to be licensed.
If bk was discharged in ill can you file for bk in Indiana?
No...until the time to file has passed. You didn't file in a State...you should have noticed it was a FEDERAL court that handles bankruptcy.....state is irrelveant
Can you be arrested in India for default on a personal loan in Dubai?
Yes, Recently my friend was arrested for NBAD , ABU DHABI
How can you become a repossession agent in Missouri?
Michele,you must be sponsored by an "E" agent. For more info go to this link, FLORIDA DEPARTMENT OF AGRICULTURE & CONSUMER SERVICES Division of Consumer Services 2005 Apalachee Parkway Tallahassee, FL 32399-6500 1-800-435-7352 (Florida Only) (850) 922-2966 (Outside Florida) http://www.800helpfla.com/
Bureau of Regulation and Enforcement Post Office Box 6687 Tallahassee, Florida 32314-6687 (850) 487-0482 Lisa Trimble Good Luck and Be Safe
Clik Here for Fla. info
Becoming a Florida Repo ManFirst I suggest you read the links on the right.http://licgweb.doacs.state.fl.us/recovery/index.html - This is the link to help you get started. It should answer any of your questions.
Would you believe they are lic. under the Dept. Of Agriculture???
http://licgweb.doacs.state.fl.us/recovery/index.html
