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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
Can you sell your car when it is still being financed?
The answer to your questions is NO ....Michigan law states that .....If there is a Lein on the car, due to the fact that the finance company lent you the money to purchase your vehicle, then they must sign off from the vehicle before someone else takes ownership.
Agreed. California law is similar. You must pay it off first. You can trade it in, but if what you owe is more than what you get for trade in, that difference goes on the new loan in addition to the new car you are buying, and the bank must approve that before the deal can be finalized
What do you do to report a stolen gun?
How do you hide car from repo man?
You must not have a garage. There are a number of ways, I wouldn't recommend any of them. It is illegal in most states, usually called something along the lines of "Hindering a Secured Creditor." In Texas it is a felony, I'm sure most states have similar penalties. Best thing to do is give it up when they knock on your door, they'll usually be nice and let you get your belongings. You can hide it for as long as you want but why keep a car you can't drive because you're hiding it? Also, the finance company will eventually sue you for the amount owed and get the car too, so you will be out a car and a lot of money.
Can you own a car if have a civil debt?
If someone has a civil judgment against you, it is possible that your assets may be ats risk. However, the laws of most states also protect a portion of your assets. The types an amounts of property that you can protect from a judgment creditor will vary be state. However, it is usually not very cost effective for a judgment creditor to go after the debtor's car. Having a civil judgment on your credit history will make it more difficult for you to get a car loan. It will be difficult, but not impossible.
Can i get in trouble for bankruptcy?
Yes, if you fail to disclose all your assets, including any claims you may have for damages or equitable interests that are not yet "ripe," or if you answer any questions falsely or knowingly provide false information. No, if you mean can anyone fire you or discriminate against you because you filed bankruptcy. In states that allow employers to fire at-will employees for no reason, you can be fired. But if you are fired for filing bankruptcy, you may have a defense. Your credit score will be affected, but if you have to file bankruptcy, it probably is not very good any way.
you have every right to denie him as long as you sold it "as is" and had him sign the paper saying it
How long does it take before a car is repossessed in Texas?
6-7 months is the "longest" normal Im use too. I dont know of a legal "limit". Call a wrecker to move it as a TOW-A-WAY. They usually do that for FREE. Then you will have more grass to mow.
Is it really possible to find cheap cars through government repo auctions?
Sure, but what are you getting? Don't you think that they have already taken the cream of the crop before the auction?
If you are really interested in auctions, I would STRONGLY suggest that you do not pay anything up front and that you inspect the cars before you bid on them, know its book value value and your limit. What if it needs a new engine or transmission? Would the price and aggrevation be still worth it?
Though purchasing from government repo auctions can save you money, the quality of the cars are not that great. I suggest that you check out more car auctions or classifieds and search for the car that you desire. If you are thinking about budget, you can also use online free car advertisings and compare used car values and cars pricing. This way you can get the specific model of the car that you desire and you can also choose which would fit your budget.
ALL day long. They are also known for repoing when you dont get the rest of the DP in on time or any other condition of the contract.
What damage can happen if a car gets placed into reverse accidentally while moving forward?
You could break the tranny and would have to replace it.
Chevy 327 Small Block, or Chevy 427 Big Block for horsepower, being bullet proof, very inexpensive, lasts a lifetime. Just really personal opinion really. :)
I bought a used car from a dealer and haven't been able to register it do i still pay taxes?
Yes, the day you register it, you will pay taxes.
How can you trade a car that is worth less than the balance of the loan?
One thing to keep in mind is a lease, most new cars are allowed to finance more than the new car is worth I.E. our dealership can finance 115% of the new cars MSRP note that you can by a car well below MSRP there for hiding your neg balance keep in mind this is carried over into the next loan so you dont get out of it only refinance it
Answer
No, banks won't just let you out of a loan and take the car back, they wouldn't make any money that way. If you owe more than the car is worth, then it isn't worth selling or trading. You should pay off the car as soon as possible or at least pay it down to the value.
Consider refinancing for a shorter period through a credit union and make sure you are getting the lowest APR on the loan.
There are an additional two ways to possibly fix this issue: by getting a short term job to earn enough money to buy it down to the current value and by keeping the car in excellent repair and reducing the number of miles you drive it. Eventually the value will match.
In the future, do not buy a car with a loan that lasts more than three years, and consider a recent year used car. This prevents the new car out of the lot loss and you pay down the loan faster.
Is it illegal in Florida to sell a car without airbags or seat-belts and not letting the buyer know?
Yes.
Can a car lot sell you a car with an active recall on it?
In Washington State, if you buy a used car and it breaks in half after you drive off the lot, then you own both peices. In other words, anything the dealer does after that sale is a favor - they don't have to do anything for you or your car once the sale papers have been signed. This may be different in other states. If there is a recall on the car you are about to buy, don't buy it. They can sell you a car that has been recalled, they will try to sell anything to get your signature on a piece of paper that seals the deal. It is totally up to you to do your homework before buying because it is a "buyers beware" market for car lots. http://www.totalrecallinfo.com
There are several things that could cause this. The car has low tire pressure, bad spark plugs, needs and oil change, needs engine work, etc
Usually this is true (^). My 1999 rs coupe was getting 22 mpg for for 200 miles because i needed an oil-change. It usually gets around 30 mpg.
To figure out gas milage: Look at number of gallons (of gas, put in car) and divide by mileage (on odomoter) from last fill-up.
If you ask a dealership to buy back a car does it count as a repo?
No it does not, that counts again as a sale exchange, so long as the full amount of debt do the lender has been paid back. A reposession is when you are unable to fulfill your agreed upon contract (paying your debts as agreed) the lender will then Repossess the "goods" and resell them for what it left on the loan to equal out the debts. However in the case of "goods" that depreciate in value (like a vehicle) sometimes they are resold for less than the loan is, and you can owe money on the vehicle still.
How do you sell a car on its last legs?
You could also donate it if you itemize your taxes and can use the write off.
There are a few States that offer vehicle retirement programs Ca, & NJ, I know offer this program. Check the dmv web site & then look under the smog section. Ca offers $1000 to retire your vehicle. There are a few restrictions though.
Additional answer:
Craigslist or ebay. Take a few good photos, write an accurate description, BE HONEST, and someone will buy your car knowing fully well what's wrong with it. They may be set up to either repair it, or have a similar car and use yours for parts. This is a much better alternative than a salvage yard, because a private owner will almost always be willing to pay more than a junkyard whose offer is based more or less on current scrap metal price. Again, be honest and there is nothing to be embarrassed about when advertising it.
If It's really on its last legs than you can sell it for parts and you might make more money.
all 50 states. read the lemon law for texas. its fat.
I have read the lemon law it doesn't answer the question above.
What are you trying to ask? After your car has been repossessed, you can't sell it - the lender will. You will get nothing, unless by some unusual circumstance it is sold for more than the amount of the loan plus interest plus costs of repossession and sale. If that happened, you SHOULD get any additional amount, but more likely you will be expected to PAY whatever remains of those amounts after the sale price is subtracted.
What is the time limit for returning a purchased vehicle in Florida?
There is none. The federal law relating to a 72 hour "cooling off" period does not extend to vehicles. The exception would be if the vehicle qualifies under the state's lemon laws as being defective. Lemon Laws for all US states can be found at Car Lemon Com.
