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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
There are statutes which exist that cover situations such as these. Check with your local law enforcement agency to determine how the laws address "abandonment" of property in your state. You may be required to show a good faith effort to locate the owner and/or their heirs - also - if the vehicle was validly registered and titled with the state DMV you may also have to contact them since the vehicle ownership records probably still exist in their files. After all this time you may be entitled to claim the vehicle for the money owed for storage, if nothing else.
Why is the word police painted back to front on police vehicles?
The reason the word is inverted is because if a police car is coming up from behind a car, it can be as a stop or just speeding by, but since the word is inverted on the car when the driver of the car in front of the police car looks in their rearview mirror of their side mirror they can see the word inverted the right way. Since everything seen through a mirror is inverted, it makes it easier for citizen to spot police cars from behind.
Can the State Police do anything about Civil Matters?
Probably not. Generally the police only act in civil matters if they are presented with a court order directing them to do a specific thing.
If county needs to widen road and needs right of way from owner what should owner do?
You can fight the court. But good luck with that. In most cases the feds, state or county wins. If there is a lake or pond or in some way you can show that a natural habitat for wildlife is going to be destroyed. Call your local wildlife preserve and ask them for help!
If you shoot someone who trespasses on your property do you go to jail?
Depending on the law in your country/state/province.
I would say in my opinion that you would not go to jail if you could prove your did it in self defense.
Also, this depends on what type of weapon you shot the person with. You could get in trouble for a illegal firearm.
It isn't likely they would take any action. If you make certain they are informed that you are taking steps to honor your financial obligations. Lenders do not like to repossess autos, (or anything actually). It is almost always proves to be more aggravating than profitable.
I was in the same boat,if u file with your lawyer and start the paperwork for your BK then they cannot legally take your car..I was behind 3 months and was scared everyday they were going to come get it,and my lawyers says once we start the paperwork and it is entered then no they cannot touch it.....
You are filing ch 7 and they want a car you already sold?
If it was secured by the loan you didn't have title to sell. If you did sell it, better be prepared for a heap of legal problems from the buyer, because he didn't get clear title....and finally if you got the money...where is it?
Where can a new repo company find insurance?
Here are a few ideas:
- Some insurers write new companies, but not all of them will. You may have trouble obtaining insurance until you have a "loss record" or track history for an insurer to examine. DO NOT CONFUSE tow insurance with repo insurance as they are different for example, if you have a tow policy you are not covered for things like wrongful repossession.
- You are required to have wrongful repossession, commercial liability and auto insurance, as well as a dishonesty bond in most states when operating a repo business. Most insurance companies provide both bonding and insurance. It is usually best to use an agent that you are familiar with or one that was given as a referral by someone that you trust. If you are new to the insurance world, call your membership organization (if you belong to one) or your local chamber of commerce for a list of names of reputable agencies. Shop around from there. Make sure all quotes that you receive are provided to you in writing.
Be certain that any insurer with which you do business is authorized (licensed) to transact insurance in the state in which the policy is issued. There are many entities that look like real insurers, but are fake and which only exist to take premium dollars. The only way to be sure is to verify with your Department of Insurance.
You need a insurance broker that specializes in this line of insurance.
Few companies will give the coverages that are required by the banks to run a Reposession company. Many companies that do towing risks will tell you that they will look at the risk and quote it for you but will not offer the Drive away coverage, wrongful tow coverage.
Are there any special requirments or licenses to operate a repo business in Texas?
YES, you have to THINK about what you want to know and have the iniative to look for yourself Does the word M-O-N-E-Y ring a bell? LOL Decent truck=$25K,INSURANCE(IF you can get written)$15Kper year office= phone lines,computer,faxes,cell ph,files,5-10K.
AFTER you get all that, do you have CLIENTS???? Are there other repo companys servicing your area? You dont want a price war to start with.
LAWS. Do you know them? FDCPA, G-L-B,FCRA, ect.... TITLE STATE: Yes
SECURITY INTERESTS: Shown on title held by lien holder.
LICENSE REGISTRATION: Texas State Department of Transportation, Division of Motor Vehicles, 4000 Jackson Ave., Austin, Texas 78738. Tel.:(512)465-7611.
RECOVERY REQUIREMENT: As per UCC, repossession allowed without committing a breach of the peace.
PLATES: Remain with the vehicle.
http://www.capitol.state.tx.us/statutes/statutes.html
If you have more specific questions, email me. Good Luck
How do you know the SOL has tolled? If you think it has, call an attorney for a free consultation. IF you have a case against the collection agency, s/he will let you know quickly.(there will be MONEY involved). Good Luck
Thanks for your answer! Because according to my credit report, the s.o.l started in 11/95. The calls, threats of sueing, etc. still recently. The collection agency has not "purchased a judgement" from the original creditor, because there is no judgement. The original creditor never filed for one and they cannot because it has been 9 years. It has been removed on the credit report. It is believed their trying to still collect the debt is against the law. Right?
==ans ==
Statute of Limitations (SoL) on debt is the legal time limit that bars enforcement of the debt through the court system. It does not apply to all debts!Not all debt has a statute of limitations! When the SoL expires, it can be used as a defense to bar collectors from collecting through the courts, however the debt DOES NOT go away! Collectors can still attempt to collect the debt using other legal dunning methodsAnd, there is NO statute of limitations on several types of debts, including:- Federal Student Loans;
- Most Types of Fines;
- Past Due Child Support (state dependent); and
- *Taxes (In many cases, income taxes have a 10-year SoL but this can be suspended as well as have more time added by filing the proper forms. Check with a local tax resolution expert about your particular situation.
The Statute of Limitations on debt depends on the type of debt and your State's civil debt collection codes. Generally, unsecured debt expires 3 to 6 years after the last missed payment or the consumer's last activity on the account. Written contracts such as car loans generally expire after 6 years. Judgments can last up to 20 years and can require the judgment be renewed at a certain point such as the 6-year point.
Generally, the statute of limitations for collecting debts begins the moment you sign a credit contract! However, just about every state has specific rules on the running of the statutory period and some even have provisions to adjust (toll) this period. The tolling can be for many things...even holidays...or from when you said you would like to work something out (and presumably didn't).
The term "toll" or "tolled" means to "stop the running of a statutory period for a certain period of time". Many states use this term in their statutes of limitation rules and civil codes for debt collection.
Very simply, it can be very confusing and hard to calculate when the SOL has been running or not, and again...it only prevents COURT actions which is one of the last methods most collectors use anyway...the debt remains valid and collectible.
YES, its likely called "hindering enforcement of lien or security interest. " the lenders figured out long ago there'd be times like that and got the law passed against it.
Is a court order needed to repossess your car from your driveway?
In Wisconsin, yes. In LA., most of the time. In the other states, self help repossessions DO NOT require a court order.
Yes. The statute of limitations governs how long you remain liable, in the sense that once the statute has expired, a suit by the creditor will be dismissed if the debtor raises the statute of limitations as a defense.
In general, the statute of limitations begins to run when you default on the note or vehicle installment sales contract, not when the car is repossessed. Repossession is one remedy available to a creditor who has a security interest, but it is not the only one. Very few notes limit a creditor to a single remedy. In general, the creditor can also bring a suit against you for the balance owed regardless of whether or not the collateral is repossessed. In most states, the statute of limitations will begin to run when you missed enough payments to meet the definition of "default" specified in the contract or note. Relying on the statute of limitations to avoid a debt has its risks. The statute may be "tolled" by a variety of acts. Leaving the state where the debt was contracted, for example, often stops the clock until you return. In many states, making a partial payment sets the clock back to 0, so the limitations period begins to run from the date of the last payment. In some states, merely making a promise to make a payment, even orally, is enough to re-start the limitations period. Technically, when the statute of limitations expires, it does not wipe out the debt, it only prevents the creditor from bringing suit to enforce his/her rights. In theory, he/she or an assignee of the original creditor can continue to dun you forever, even if they can't take you to court.
In LEGAL terminology the words "breach or breached" mean broken or violated.
What should be on a Repossession Order?
Most of the time: Debtor(s) name, social, last known place of residence, last known place of employment, the legal owner's name and info, authority to repossess, the account information (such as the delinquency, acct #, and other pertinent info).phone numbers and references are sometimes included.
UPDATE.. Debtors name,add, ph#, POE,co-signors nane,add,ph#,POE, VIN of car, description of car, NO SSN,DOB, other personal info. Some states require a copy of the title, written auth. to repo from lender.
A LENDER CANNOT GIVE OUT YOUR SS #.
This is why idenity theft is one of the fastest growing crimes in this country. That is strictly confidential and if the lender does give it out, file complaints with the FTC and see an attorney.
You are wrong, when you sign the finance contract you in 99% of the times give up the information to collateral recovery agents/companies
IF they follow the laws of your state, YES. A repo is a repo is a repo. they may also be able(and more likely if you have a job)to garnish your wages. NEGOTIATE with them, they would much rather have money than the car. TRY to sell the car. Good Luck
Did you have insurance when it was wrecked???
What is A1A in piping class refer to?
A1a-genral cs material.ndt inspection for this class materail 10%
a-indicate cs
1-difference
a-pressure rating
If you file Bankruptcy can you still vote?
In the United States bankruptcy has nothing to do with voting. Only a felony or being in prison or jail prevents you from voting. One state may allow felons in prison to vote.
What is the exotic dancing law in New York?
As a former exotic dancer with 15 years experience, I have danced in New York, Ohio, Pennsylvania, South Carolina, and Canada... and I can tell you this. The laws are unclear.
New York has a "six foot law" meaning the customer has to stay six-feet away from the dancer unless she is wearing pasties, but not all clubs in New York state require a dancer to wear pasties. It has also been said that pasties need to cover completely and cannot resemble a nipple, meaning, the nipple must lay flat. This is a problem for dancer who has nipples that are not flat or small. Also, no pubic hair is allowed to show at any time, unless alcohol is not served and the club employs fully-nude dancers.
Who enforces these laws? Who knows... it not only varries from state to state, but county to county as well.
What are the repossession laws in Ohio?
http://www.omeda.org/fastfacts/1750.htm http://www.sconet.state.oh.us/ROD/documents/default.asp Do like an attorney will (hopefully) do and read the decisions of the Appeals Courts in OH and see what they have ruled a BOP is/was. I would be VERY emabarrassed to get to the Appeal Court and find out I didnt ask for a ruling I could have gotten. Of course, hind sight is 20/20.
