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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
When buying a car if your a first time buyer do you have to put down a down payment?
Depends on the policy (rules) adopted by the seller. It's not a law in most places.
How is a Car born in the Movie Cars or Cars 2?
With CGI-animation, it's a cartoon seriously what the hell kind of question is that?
Can a car dealership sell a unregistered car?
I don't know about car dealerships in particular, and this answer may vary by state, but I've bought and sold a lot of cars so hopefully this will offer a bit of help.
You can own a car that's unregistered (or even untitled) but you can't drive it or park it on the road. Many project cars are sold in an non-running state and there's no reason to register a non-running car. However, when the state transfers the title, they will probably charge the new owner the fee for the registration at that point (because they can).
If the car is moving from one state to another, then the new owner simply takes it in to register in his/her state -- the previous registration (or lack there of) holds no bearing. They only care about the Title (and maybe an inspection -- depends on the state).
The Title is the key to car sales -- the registration is basically a fee to the state for use of the roads, it isn't part of the car's oownership at all. Most car dealerships have all of their cars covered under special "dealer plates" that negate the per-car registration system that the rest of us use... so they're under a different set of rules there.
So as far as I know the registration is moot for dealerships... they care about the title. The title is the actual ownership papers. When you buy a car with a car loan (ie 'under lien'), the car actually belongs to the bank, not you; they hold the title -- you get a special piece of paperwork that looks fancy with lots of writing and gives you the right to register it, but you do NOT hold the title...they'll mail it to you after you complete all your payments. So...anyhoo, if a car has been repossessed then the owner (the bank) can give anyone else the right to register it for them as they please, wherever they please, the registration holds no bearing on the ownership or sale of the vehicle.
If you are buying a car from a dealership, I believe that they usually include the first registration in the closing costs of the deal -- otherwise is isn't legal to drive the car home! It would be something to ask the dealer if you are buying a used car that has plates already, just to be sure.
It depends upon the laws of the state in which the vehicle is sold and/or to be titled.
Engaging in a self help solution (repossession of vehicle) may not be the best choice, as it could possibly legally complicate matters further. The best option if for the seller to contact the state DMV explain the situation and obtain factual information according to the current laws.
Can you get a repossed car back after wage garnishment is paid off?
it depends on the terms of the contracts. you just need to go through your paperwork and look through the fine print. or just call and ask, but its all dependent on your contract
How do you get the money you put into a repossession of a car back?
That is not possible to recover money that has been invested into a car that has been repossessed. Usually there is a 10 day grace period to recover personal possessions from within the vehicle. If you want to recover money invested into the auto, try to get the vehicle back from the bank. Good luck!
Can a buy here pay here auto dealer report the car stolen if you are behind on payments?
That will depend on your state laws. I have seen such an agreement here in Massachusetts, but I believe it is illegal and is an unfair act or practice in trade or commerce prohibited in most states and definitely in MA.
What happens if you don't pay the finance company for a stolen car?
They will sue you and you will have to pay them plus legal fees, court costs, collection fees, etc. but mainly you will have to pay them and they will ruin your credit. Work out a pay plan with them to kee them happy.
Does an auto co-signer have to put the car in their name?
In most circumstances, both names (the person who bought the car as well as the co-signer) will appear on the ownership papers, and/or on the loan for the car. With respect to co-signing a car loan, if one person fails to make the payments, the co-signer is considered liable. I enclose a link about this.
How do you repossess a vehicle if owner is deceased?
If the owner had a lean on the vehicle it can't legally be transferred from his name, so technically you should still be able (with rep papers of course) to collect the vehicle from the estate or a family member who may have it stored from his death.
Be very courteous however because they may become violent as you will upset them in remembering their deceased relative.
Can a repo man repossess a car on private property behind a locked fence?
This depends upon the local jurisdiction and the laws pertaining to this activity. The legal authority given to a repo man may well nullify normal civil protection.
Where can you buy a car with very little down bad credit and low monthly payments?
Your only option is any used car dealership that is a "buy here pay here" place. The proper term is "onsite financing." Some places advertise $500 down or $700, but in most cases they want anywhere from $1,000 to $2,000 down. Your monthly payments, of course, depend on where you go. They can range anywhere from $200 a month to $500 a month. However, I imagine the exact prices depend on where you live (city, state, etc.). You can also try a looking on Craigslist. Sometimes people just want to get rid of a car quickly.
This is a really really bad idea, and I don't recommend it. However, if you are in an emergency situation and you can have two or three people cooperate with you, providing they have good credit, they could spot you the money for a down payment by taking out small personal loans, as long as you can agree to pay them back. It's legal, but these people would have to really trust you and you'd just create more monthly payments for yourself.
What happens when you stop making car insurance payments?
It varies state to state, but usually you have a 30 day grace period; meaning you can pay one month behind at a time. After being 60 days late (2 months), they cancel your policy. In states where car insurance is obligatory, you have to pay a lapse in insurance fine, which varies state to state. In extreme cases, they will come and remove the license plate from your car.
Can a car dealer report your car stolen if you default on your payments?
yes they can rejester if your car is stolen or not. please dont try that but
Can your truck be repossessed if you are using it for income?
Yes, your truck can be repossessed even if you are using it to earn an income, however, you can tell your creditor that you are earning money with your truck, and that if the creditor does not repossess the truck you will use that income to make payments on your loan. Of course, if you are not making payments, and spending all of your income on other things, then the creditor has no motive to let you keep the truck.
What if repossessed truck doesn't sell at an auction?
then you still owe on it. you (as the debtor) are responsible for any remaining balance. when you don't pay that, you'll end up with a judgement and wage garnishment.
Is the cosigner responsible for tickets for the car?
Absolutely not, unless they were the driver. It is the driver's responsibility.
However, the co-signer may be realizing they are in a difficult position. The car may become impounded if the tickets are not paid. The impound fees will accumulate and the primary borrower is likely to abandon the car. Bang! Unless the co-signer pays all those expenses the loan will go into default and the co-signer's credit record will be ruined. Co-signing carries huge risks.
What is the law for the state of mississippi on repossession?
The Lien holder can repossess the car any time the owner has violated the contract. Violations could be but not limited to:
- Late or missed payments
- Not insuring the car as agreed in the contract
When repossessing the repo guy can not trespass nor use intimidation or threats. But you need to give up the car immediately as once you are officially notified the lender can take further legal action and possibly charge you with theft.
What can happen if you hide a vehicle from the repossession agent in NewYork?
after a legal process the lender can both sue and have you arrested.
Is it against the law to hide a car from repo man in NJ?
Yes, there is a law in most states called, Hindering a Creditor of mortgaged property. However, it is very rarily used and can only be filed by the creditor, not the repossessor. The repossessor can not even use the threat of prosecution. Usually what will happen is the creditor will file for a Writ of Replevin where the local Sheriff will be ordered to pick up the vehicle. In the long run this will cost you more money because getting the replevin is expensive and along with the sheriff"s charges are all taxable to you. An additional thing to keep in mind, if you hide the vehicle the lender does not have to let you reinstate the loan to get the car back. Most states have specific laws calling for you to be able to retrieve the car after repossession by paying the past due payments and expenses of re-taking the vehicle but hiding it will negate these rights.
Most lenders do not want your car, it is a losing proposition for them so they will go to great lengths to keep you in the car so make the call and talk to them.
How can you hide your car from repossesion agents?
Stop driving it and store it at an address that you have no documented connection to. Be aware that late fees and penalties will continue to pile up.
What to say when you want to do a car repossession?
If you are giving up your own car for repo then you tell who you financed the car with you want a voluntary repossession. It still looks bad on your credit, but not as bad as a regular repo does
