Repossession

You have given us the rate of deacceleration when Maggie applies the brakes of her car but at what velocity is Maggie travelling before the stop sign? Alternatively; having ceased all movement by applying the brakes of her car the question has no relevance.

they both have to agreeand if one dosent agree the other cant sell it

In some cases, "buy here, pay here" dealers actually lease you the car with an insignificant lease-end value, like $100.00, so you are in fact buying the car, but they still own it until the last payment is made. In this case, they would not normally report to a credit bureau, because they have not, technically, advanced a loan to you.

This means that even if you made payments perfectly on time to the end it would do nothing to boost your credit record, but at the same time, if you reneged on the agreement, it would do nothing to damage your credit record.

In other cases, they take a high down payment to cover every cost they have incurred in the vehicle, then finance you for the profit they hope to make. The best that can happen is you will honor the contract. The worst is that you will renege and they will repossess the vehicle and sell it to someone else (a pain in the butt for a small used car dealer...but then they know this in advance when they offer sub-prime financing). Here again, they are unlikely to report these dealing to any credit bureau as they are under no legal obligation to do so, and have nothing to gain by doing so, since they already know they are dealing, in many cases, with purchasers of questionable credit history.

So to answer your question (finally), it is simply a matter of whether or not your dealer reports their transactions to a credit bureau. To find out, ask your banker to bring up your credit bureau files. If you do not have a trusted relationship with your banker, you can request your current file from any of the credit bureau companies, who are then legally obligated to provide it. They will charge a fee for this information, but I believe they are required by law to provide one complete report per year free. You can verify this with them.

TransUnion and Equifax are two such agencies.

You could get an answer from your state court consumer protection division re this question.

But my common sense would be no!

Nothing is needed with your signature on it. You failed to repay the loan as laid out in the terms of your contract, suit more than likely was filed against you regarding this matter. The financial institution has legal rights to the vehicle via a lien, they dispatch a repo man who locates and takes back the vehicle, usually in the dead of night while you sleep, to avoid any confrontation.

Depends on what the release is for. A personal property release says that you have gotten all your PP out of the car. You cant say you had $1500.00 in the car when it was repoed. A vol. release says that AND that you are returning the car and you KNOW you will be responsible for any defiency balance due after the lender sells the car. Read what you are asked to sign. If the car is repoed in the nite, you wont be asked to sign it. Usually the repoman is trying to get the keys cause he cant afford a repo truck. He wants to DRIVE it away. LOL

Why can't you say there 1500.00 in the truck when it was repoed if there was??

No you do not sign a release. Most of the time you won't even know you were repoed until after the fact.

If they actually make money on the sell of the car, YES. But the odds of them selling it for enough to cover all of their costs and have something left over is slim to none.

GENERALLY SPEAKING, ANY "PAYMENTS" ONE MAY BE RESPONSIBLE FOR AFTER VOLUNTARY REPOSSOSSION AND THE CAR HAS BEEN SOLD IS LIMITED TO THE AMOUNT ARRIVED AT AFTER SUBTRACTING POST-REPOSESSION SALES PRICE FROM THE LOAN BALANCE AT TIME OF SURRENDER. $5000 OWED ON CAR - CAR SOLD FOR $3000. YOU OWE $2000. HOWEVER, THE "SELLER/LIENHOLDER" HAS AFFIRMATIVE DUTY TO SELL VEHICLE FOR REASONABLE AMOUNT BASED ON CONDITION AND VALUE OF CAR AT TIME OF SURRENDER. IF THE VEHICLE WAS SPOTLESS (PROOF REQUIRED--I.E. PHOTOS) AT TIME OF SURRENDER AND BLUE BOOK VALUE WAS $50OO, SELLER CANNOT SELL THE CAR FOR $500 AND TRY TO COLLECT THE $4500 FROM YOU. IF THIS IS GOING ON, I SUGGEST CONTACTING THE "SMALL CLAIMS ADVISOR" IN YOUR COUNTY.

Some states require it to be repoted within 1-24 hrs AFTER removal. Some require cert. letter sent to debtor concerning PP. it is a good idea to do so even if NOT required to avoid being stopped as a "stolen vehicle" report. Some debtors think they will NEVER be repoed and report it stolen knowing its been 120 days since they paid anything. saves time for repo agent and the cops. Depends on the local laws and even the 911 dispatch centers. My wife works for a local 911 dispatch center and we call everything into them once we have secured the vehicle and are on the road. Like mentioned above it's best to be on the laws side when you are stealing vehicles for a living. Some smaller towns may not like us at all and all you can do is get in there get your target and then get out before running into Enious from the dukes of hazzard.

For the rear plastic one, insert a thin blade screwdriver in the slots(two on each side of the frame about 1" from the top/bottom)and push back the tab while applying pressure to pull the frame away from the license plate. There are 4 snap tabs on the frame that just need to be pushed back to disengage from the body slots. Be carefull, they're not very sturdy. This was from another reader, It worked great. Thanks

In most states if your bill of sale says "sold as is" you have smogged the buyer. It's a good idea to keep a signed copy of the bill of sale also. Some buyers never put the car in their name. You may get later get parking tickets and even be sued when the buyer wrecks someone else.

No you cannot sue unless it was sold with a warrenty.

A Mechanic.

Usually squares (coupons) have no cash value. What it means is that the price of 3 cakes of Camay will be reduced by 15 cents when you make the purchase using the coupon. Good For Tokens like these have limited collector interest and are generally worth a couple dollars or less.

If you had a contract to do something and were paid up front for it, and later circumstances rendered it impossible for you to fulfill that contract, then yes, you could be sued to recover the money.

It would almost certainly be cheaper for you to just voluntarily return at least a prorated portion of the money than to hire a lawyer (and probably lose anyway). If you can't repay the money, you should at least talk to them to try to set up a repayment schedule so they don't sue you. Lawyers are expensive, and it's highly likely you'll wind up paying their legal fees, so anything you can do to avoid them going that route is probably worth doing.

Yes. The person you bought it from should have given you a clean bill-of-sale. Take all your personal stuff out of it, as it will soon and legally be gone.

Probably not since most used cars are bought in "as is" condition when purchased used. Their is a certain amount of wear expected on a used car and it is not unusual for things to spring up after purchase. Did you receive a warrenty? to guard against this you should always have the car examined by a mechanic before purchasing. It cost around $50 - $100 and it will save you allot of grief in the long run.

A car note is a contract and you need to be 18 to enter into a contract.

The name coming first is the primary owner.

i need vechicle registrations owner

I know of NO state where you have to be served BEFORE anything is REPORTED stolen. You always find out after the fact. Good Luck

Only in 9 states.. read your contract, it should be noted there.

Usually it means that the cost of returning the vehicle to street-legal running condition would be higher than the cost of replacement (vehicle value when wrecked). Once a car is declared totaled it may not legally be registered and driven, and is supposed to be salvaged for parts.

It isn't needed for them to inform you. It depends on the Repo company really. Your loan bank, or "lender" pays to have your car repossessed, gives you a chance to buy it back for the either the amount that you owe (plus maybe a delinquency fee), otherwise the lender will give it to a dealership to sell it. If it doesn't sell at the dealership, the dealership CAN give it back to the lending bank, in which case they will put it up for auction somewhere.

So, they SHOULD notify you, but they CAN just take your car and wait for YOU to contact THEM to pay your amount before the try to get their money back for the car they paid for. But if you have some Jerk company the might not notify you and just try to sell the car immediatly.

Sorry, about your situation, but I hope that helped. I hope you didnt owe taxes because that is a whole other story!

-NeoMikeTx