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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

Is the lender or repossessor required to notify the borrower before taking the vehicle?

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

If you purchase a car and then you change your mind what are your options?

What a dilemma. If there is nothing wrong with the vehicle, and you simply have just changed your mind this is what car dealerships call a "cooling off period". It's usually posted on signs throughout the dealership that there is a "No Cooling Off Period" policy. This may mean that you are stuck with the car.

However, a professional sales manager may be able to work with you just days after the purchase to help you find the perfect car for you - of their on-site inventory. Once papers are signed and financing is in place, it's near impossible to cancel the transaction.

Lastly, some dealerships and auto makers offer a 1,000 mile 'test drive' with an opportunity to return the car risk-free.

Best advice, speak to the sales manager at the dealership about your options.

California has just such a 'cooling off period.' If only the citizenry would rally for a fight with their individual states for a right that they should possess, the laws could be changed. Bug the hell out of all of your government officials until this issue is before the people of the state. This is how many used-cars dealers snooker good and honest people like yourselves, and every state seems to be on the side of the crooked car dealer. UNFAIR! Let's band together and stop this nonsense. You can return a toaster, but not a car that you were lied to about? I was sold a rebuilt Ford with screws missing, but I had no say in the matter once I drove off the lot, this is evil, and it must be stopped.

When will a car rental be reported stolen for overdue payments?

Every car Rentals company have their own rules so there is no exact time limit but you must pay their rent at time. Otherwise they are free to take a legal action against you.

Where is the car sheriff from the movie car?

The sheriff is a 1949 Mercury Eight Police Car. As it was only an animated car it is not real and it located only in the movie.

What level of water will ruin a typical car's engine in a flood?

It's not water in the engine that kills a car, it's water in the electrical system. Enough water to submerge any part of the electrical system is enough to cause headaches. If the water was above the starter motor (Which is usually the lowest electrical device) you will have problems. The above is not strictly true. Modern cars have a tendency to have their air intakes fairly low down, near the front spoiler/air dam. This is a high-pressure area and so the engine gets a little 'Forced' induction help from this high pressure air. My car, for instance, has it's air intake only about 13" (32cm) above ground level, behind a grille. If you enter a deep patch of water then water will be sucked into the engine. From your school physics/science lessons, you will remember that water is incompressible. If water enters the engine cylinder, the upward moving cylinder on the compression stroke will meet an immoveable object (the water). At best, you will blow a head gasket, damage a piston, con-rod or valves. At worst (and I have seen it happen, albeit in a diesel) you will blow the entire cylinder head off the engine. Phil

Can a car that a husband used as collateral to buy a van that was repossessed be seized by the lender if the car was awarded to the wife when the couple divorced?

You will have to take it up with the bank who repossessed the van. Since the car belongs to you, they should not be able to take it away from you. The laws may vary state-by-state. Talk to your divorce attorney to be sure you are protected. * Legally the vehicle could be seized if a deficiency remains after the repossessed van has been sold. This is possible because the transaction was made during the marriage and terms included in a divorce have no bearing on valid lending agreements.

What are the procedures you should follow for securing your vehicle once you have stopped?

turn wheels towards curb ( if parked on hill facing downward)

turn wheels away from curb (if parked on hill rear facing downward)

place gearshift lever in "P" Park if automatic transmission

place gearshift lever in Reverse is std. transmission

set parking brake

turn ignition off

remove key

Can you go to jail if you hide your car from repo man?

if its not yours and you keep it it is stealing. stealing a car is grand theft auto. yes, you will go to jail for it. it is a felony.

Can a repo man knock on your door when trying to repo your car that's not there?

Yes, they can knock on your and attempt to contact you.

what the lastest time they can do that

What is the Default door code for 2001 mountaineer?

Each vehicle equipped with keyless entry has its own individual factory door code.... However that five digit code is printed on the computer which is located in the same compartment as the jack in the rear of the vehicle. there will be a white rectangular computer module in there with the code printed on it which is not easy to see. you may have stick a flash light in there to see it but its there.

How do you unhook a car battery?

you need a 1/2 in wrench, then you loosen the bolts on the negative battery cable, and remove the connector from the post and do the same for the positive side

Answer 2Most modern cars no longer use ½ inch bolts on battery cables. Both our Chevy and Honda need a 10mm (or is it 11mm?) wrench to remove the battery cables.

What happens if the item is not available for repossession?

theyll take you to court and youll have to pay for the repossesed item thatbelongs to them i would advise you not to get anything you will not
be able to afford

Does 'pure price' means non-negotiable in regard to buying a new car?

No. There is no such thing as a non negotiable car price. Some "no haggle" dealers would like you to think that, but as soon as you turn around to walk out the door, the haggle begins.

Hope this helped.

Can a bank in Tennessee issue a warrant for your arrest for being 3 months late on your payment?

No, its a civil matter, not criminal so don't let a repo person or ANYONE else tell you anything different.

Can a dealer wait to tell you a car is salvaged while you are signing the contracts and not while he was selling it?

Just stop signing. His timing is far from perfect but I suppose he is relying on your feelings of ownership and hoping for you to be reluctant to back out. Hope you did!

Can a car dealer sue you without having sent a certified letter stating the amount due for a balance after you have returned the broken down vehicle to the dealer and stopped payments?

It depends on the repossession laws of the state where the car was purchased. In some states the lender is required to send the borrower a notice of "cure and remand" before repossession can occur but not before a lawsuit can be initiated. Generally a lender will send such a letter in the hopes of avoiding litigation which is time consuming and often expensive for everyone involved.

How much do auto repair shops charge to add freon to your car?

Plenty!!! Freon (R12) is very expensive and is no longer in production. I suggest you have the system converted to R134a. The shop can recover the R12 and pay you for it. Make sure the leak is repaired before charging the system.

Plenty!!! Freon (R12) is very expensive and is no longer in production. I suggest you have the system converted to R134a. The shop can recover the R12 and pay you for it. Make sure the leak is repaired before charging the system.

How do you recover things that were left in a car that was repossessed?

Go to the repo company and get your stuff back.The lender should be able to tell who has your things.

How can you be a co-owner of a car?

By being a cosigning to a loan for the car. If one of you fails to pay the debt the other will still be obligated to make payments. Of course the actual owner will be the person taking out the loan but that is as close as you can get.