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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
What happens if you stop paying insurance on a paid off car?
Depending on the state the DMV can suspend the registered owners drivers licenses.
There is no specific law, and there is no need for one - the repo company has absolutely zero legal authority to compel you to do any such thing. If you informed them of where they can find the vehicle, you've done all that's required of you - getting the vehicle is the finance company's problem.
Absolutely they will want a police report. Not only that but they will also insist that you press charges unless you decide that you did give him permission to use the vehicle. If you gave him permission the accident will count against you and your policy. If you press charges, then it will not count against you.
Can a buy here pay here resell a repossesd car?
Yes. It's their vehicle, they can sell it as they please.
Can you file a lien on own car to prevent another from filing a lien on your car?
You cannot file a lien on your own car to prevent another from filing a lien on your car. If you owe someone money they may be able to put a lien on your car so that they are paid in full.
Can the repo company take your car out of the county you live in?
Yes they can take the car were they need for safe storage. Just FYI if the repo company has the car it's no longer yours.
Can a debitor make you wait 5 days to recover repossessed car?
If you pay by cheque, yes he can make you wait until your payment "Clears"
Every State and Provence has the repossession rules posted on the net, check yours carefully, it is likely he is actually selling your car and keeping the extra to cover the shortage on the note. And that might be fraud.
What happens if your car is stolen and you still owe on the loan?
If the vehicle is/was encumbered by the original loan then it should be insured. If there is no insurance or the insurance does not cover theft the purchaser is still responsible for the full amount of the loan. The issue of the vehicle being stolen does not affect the legal responsibility of the buyer to honor the loan contract.
Can your vehicle be repossessed if you are awaiting to be paid by the federal government?
It depends on you locatily, but in general, yes, if you are behind on your payment, your vehicle can be repossessed.
How do you get a new vehicle after a reposession?
You will not be able to using credit, but if you have the cash you could go into a shop and buy one.
Can lender sale car repo without knoledge in tn?
If you have failed to make payments on time and they repossess the car then you have no legal claim to the car. They can sale their car when and how they choose to recover their investment.
Is it illegal to reposses a vehicle outside the stste?
No it's not illegal to repossess a car outside the state. It is illegal to leave the state with the car that you have defaulted on the loan.
Can you be arrested for an unpaid car loan if i did not return the vehicle?
It's possible, but a bit unlikely. However, if the repo agent comes to you, and you claim not to know where the vehicle is, then they can assume an unauthorized person is in possession of the vehicle, and might report it stolen.
How do you stop automatic monthly payments?
It depends on the service you're talking about. What website or company are you talking about?
How does a buy here pay here car dealership work?
Basically, instead of going through the process of getting a loan from a bank, the dealership holds the lien and lets you pay them directly against what you owe.
How does a buy here pay her car dealership finance their cars?
Depends on the car dealership in itself and where the lady signed the contract from
Are the park owner responsible for the pipes under your mobile home?
If you own the home then I would imagine that's your responsibility. I own mine and have been under and made certain my pipes are in good shape and insulated for winter. The park would have no access to that, so I can't think how they would be responsible.
What is better self surrender a car or have it repossessed?
Neither is very good, you lose your car either way. However I would recommend waiting for it to be repossessed because they may not take it. If you know for certain that they are going to take your car you should surrender it because it might make them slightly happier with you.
The type of loan would need to be a consideration but the down payment would be about $200.
