Repossession

That is a voluntary repossession...not a good idea in the long run. The bank will wholesale the vehicle at an auto auction, apply the proceeds (less selling expenses) to the loan and you still owe the balance. Plus it goes on your credit report. If the car has a retail value in excess of the loan balance, you will be far better off selling the car yourself and paying off the loan. You still have no car...but no car payments and no bad credit report. Even if the car is worth slightly less than the loan balance, you'd come out thousands ahead if you sell it and find the rest of the money to pay off the loan.

We give up. Should that nonsensical sequence of things happen, you'll have to tell us.

Pay off the loan. Ypu may even take out a new loan in your name, and use that money to pay off your father's loan and get the title.

Yes, of course the dealer can take it back and they do. A growing number of dealers will allow you 3, 5, or 7 days (with mileage limitations) to drive the car and you can return it if you are not satisfied. Good, customer driven dealers, will take a car back if the customer has a compelling reason to return the vehicle. Certainly the immediacy of the return is critical as is the condition of the vehicle.

bring it to there house then call a cab

A large padded center of the steering wheel is a indication, but it should have a symbol showing it is air bagged equipped. Also starting in the early 1990s, air bags became standard on all new vehicles. You can always know that the driver has one, at minimum. Now there are air bags for driver, passenger and are also found on the sides of certain cars.

Sure if you want to ruin your credit and end up paying the difference between what the car eventually sells for and what you owed on it. Don't do it!!! If the dealer is not the lender then he is not envolved with this in any way whatsoever. Talk to the lender and work something out.

That would be a good question to ask your B/K attorney. You have paid her/him so let them earn some of it. If that's not possible, get another attorney to send them a letter. BUT, did you include the lender in the B/K? The lender will have to have some reason to want to do so. Good Luck

i would start with car fax. or motor vehicle, do a title search. however it might not be in the condition that you want.

Give the buyer a notarized bill of sale and state on the bill of sale that the title will be forwarded when received from the issueing entity (the state)

This sounds like a good story, and I'd like to help you out with an answer, but I need some more facts.

True auctions require that you be an auto dealer to get in. Being a dealer usually requires a license and bond and often a business address.

No. U-Haul trucks are under 26,000 lbs. GVWR... the only way you would need any type of CDL to operate a U-Haul truck is if it were hauling a sufficient quantity of hazardous material that it was required to display placards, which is more than likely going to be a practice prohibited by U-Haul.

The best way (and, really, only feasible way) to obtain your CDL is to attend a truck driving school. Most community colleges have them, and many transportation companies host their own driving schools, as well.

You can adjust the rear brakes with the rear brake adjustment bolt. The rear brakes should adjust automatically every time you back up and use the brake.

The phone # of any Mitsubishi dealer can be found in your local phone book. No way can I tell you the answer because I do not know what particular dealership you are referring to.

No. Unfortunately, once you sign the papers, you are bound to the car. There is no 3 day rule for buyers remorse. If you drive off the lot and it breaks into 2 peices, then you own both peices. At least that is the law in Washington State.

It would not be possible to give an accurate answer to such a general query. A car dealer in Los Angeles would sell many more cars than one in New York City. Citing a specific locale would aid in finding out the information desired.

No, you cannot just return it to the dealer. The dealer has nothing to do with this unless the dealer is also the lender. You must return it to the entity who loaned you the money to buy the car in the first place. It is their car until you pay for it. This is called a voluntary repossession. You will be required to pay the deficiency. That is the difference in what you owe on the vehicle and what they sell it for at auction or private sale. Your credit will also be ruined for 7 years. You will save repossession fees by turning it in voluntarily.

First of all you call the repo company. After that keep trying to call the bank. As long as they don't sell the car you can still get it back by paying the reinstatement amount. * A repossession agent/agency is contracted by the lender, they have no authority to release a vehicle unless the lender orders them to. The lender has no legal obligation to reaffirm the vehicle loan or make any other financial arrangements for the person to recover the vehicle unless state laws allow a time limit for redemption or other applicable remedies.

yes you can but ou will still have to pay the outstanding balance so you might as well keep the car and pa for it

When you buy a used car off of a car lot and they do not fix what is wrong with the car and it quits completely. Can a person back out of the deal and get their money back. And it has not even been a month when the car quits compeletly. What are my rights in this matter.

Residual. This is the difference between the price of the car and what you have all ready paid. Let's say the car price was 30,000 and you paid 15,000 with the lease. You still have a 15,000 balance so that is what you will pay to keep the car. If you don't the dealer will resell the car for that and a bit more to make the money out of the car. Take the car for a check up to your mechanic before you turn it in so the dealer can not say you have to pay for repairs. I had a dealer try this and he wanted to add several hundred to the cost of the car above what I owed. The week before I had it in and checked out and that was the only way I could prove the dealer was trying to cheat me.

I have sold two cars with owner financing. In both cases, I collected 15% & 10% as a down payment and charged 20% & 24% APR respectively. I structured the deal so that I was able to make my initial purchase price through their initial their down payment and 18 monthly payments. However, the term of their loan was 30 months, so I was able to collect a full year's worth of payments as pure profit. You have to understand that you are doing this to make a profit of 50% more than what you would normally collect by selling for cash. If the numbers don't make sense then don't do it. But if the numbers are there, and you don't have anything to lose then why not try it. Anyone that tells you its a bad idea are speaking from FEAR and not from FINANCE. I used a Automotive Loan Servicing company to collect payments for me. On my second deal, they even offered to by my note but they only wanted to give me 70% of the note value. In addition to handling payment, they checked the status of insurance every quarter. But I later learned that you can send a directive to the insurance company to notify you if they ever lapse. Then you have grounds to repossess but it has to in your Retail Finance Agreement. There are a lot of people that can't get financing for a decent car. You can provide financing for a vehicle and net a good return on your assets. And...

Anytime you arrange owner financing, then you are earning income that taxable to the IRS. So, obviously it is important to understand that you have to both report and pay taxes on the interest that you've earned. Although I have a personal accountant, any tax preparation firm can prepare a 1099-INT for you to report the interest portion of the payment that you receive. By charging the buyer interest, I acted like a finance company so I paid tax on the interest income. It's no different than paying tax on the earnings of a stock dividend.

Almost certainly the answer is yes. You'd need to check the law in your area, but you've pretty clearly defaulted on the terms of the loan and generally the lienholder doesn't have to be as nice about it as this seller has already been.

Not only that, but the seller has every right to charge you the difference between the amount remaining on your loan and the fair market value for the vehicle (if they sell it at a used car auction, the FMV will normally be whatever they get for it at the auction).