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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
Can a car be repossessed over having liability coverage insurance instead of full coverage?
If the lender required full coverage (to protect their interests) as a condition of the loan and you drop it and replace it with a liability only policy, then you have breached the terms of the loan. The lender now has the right to declare the loan in default and demand immediate payment in full of principle and interest. Failure to pay as demanded then gives them the right to repossess the car and have it auctioned. If the auction does not get enough money they can sue you for the difference!
Can you go to jail for hiding your car from being repossessed in Texas?
If a court order has been issued (A 'Writ of Replevin') then you must turn the car over. If you purposefully hide it after this (Concealment) then this is an offence that you can be charged for, and prison is certainly one outcome.
Can an auto repair shop sell your car due to nonpayment?
Yes.. though you can dispute charges in small claims court. A mechanic can get a mechanics lien and file for a salvage title and sell your vehicle to recoup charges.
Can a repo truck tow a car from a private businesses parking lot?
Yes in fact a repo truck can tow a car from a garage as long as the door can open. At that point in time the car's original legal owner has forfeited their right as the legal owner by lack of contract compliance. Plain and simple, they no longer own the car.
Is there any way to get a repossessed car back in Maryland?
You will have to contact the holder of the loan and make arrangements to get current and pay the penalty
BUT
They can refuse anything less than 100% payment with additional fees because they had to spend the money to repo it.
How far behind in payment can you be before reposession is legal?
It probably varies from state to state, but in some states, one day past the due date is/can be considered delinquent. However, most companies won't repossess at that point. Most companies wait until at least 30, and if you have called and kept in contact with them, they won't actually start repossession proceedings until 60 or 90 days.
Does gap insurance protect you if your car is repossessed?
yes, because it is so stupied that it is how i think
Can a bank repossess a boat if the payments are broughtt current?
Short answer is yes.
Here's the thing. When you buy a boat or anything else on credit, you are not actually buying the property, you are buying a contract. The property only secures the contract (that is, it can be taken--repossessed--if that contract is broken). When you default (fail to pay) the contract is broken, no matter if you were late by only one day. Once the contract is broken, the penalties in the contract are enforceable. The most common penalty is repossession. If you pay current and sign a new agreement with the creditor, you may be permitted to keep the property (the boat) that secured the first contract. What you are doing is reaffirming. You are making a new promise.
Most lenders will not begin the penalties phase of a contract until 60-90 days past due. Some primary lenders, like Chase for instance, may begin repossessions within a week of the missed payment. Once they take though, they are not obligated to give it back. they are obligated to sell it and apply the payment toward the debt. If they choose to sell it back to you (reaffirm), that is their choice to make. It is usually easier for the lender too, because when they reaffirm, they will demand all of your current information to make a second repossession easier, and the attachment of assets much simpler.
Not denying your claim, but that would be difficult, nearly impossible to do successfully. Why: to take out a title lone, you need the title. To get a title you do not have, you need at least two forms of ID (not impossible to obtain) and the vehicle registration (again, not impossible, but more difficult). Then you will need to apply for a replacement title, pay the fee (as low as $25 to as high as $100). And then take the title, the registration, and that ID you got to the title loan office and apply for the loan.
Now I've said all this so I can say this: the average amount of a title loan is about $500. The maximum I've heard of is $1,000 to $4,000, with the majority topping out at $1,000.
My point is, it is not likely that anyone is going to pay a couple hundred dollars to make back only about the same amount.
What is more likely to have happened if you took out no title loan is that your vehicle was mistakenly or wrongfully repossessed. It happens.
Contact the repossession company and notify them that your vehicle was wrongfully repossessed. Let them know you are in contact with the creditor. Then call the creditor and inform them of the wrongful repossession, and request a full reconciliation (full accounting) of the debt. Let them know that you are following up your request in writing to make it official, and to give them some lead time to prevent the wrongful sale of your vehicle. Then follow up the call by writing the title company a letter requesting a reconciliation of the debt and the return of your vehicle. Send this letter, registered restricted delivery so that you receive a signature card showing it was received. If for any reason either or both the repossession and title companies fail to cooperates with you, report the vehicle stolen and give the police all of the information you have on who took it, when, and where it is.
Can an individual repo their car back?
That would actually be called grand theft auto. See, the car does not belong to you. Once the vehicle is repossessed, the lender has taken possession of the property that secured the loan. Taking it back, outside of legal proceedures is theft, and would likely involve breaking and entering to get to it.
Can a bank report the car stolen if you dont give the car back?
Sort of. In many states hindering repossession is a crime. It is not exactly grand theft auto, but it is comparible. More often than not, the lender would obtain an order of replevin, a court order for you to surrender the vehicle. When the repossession agent returns with this order, if you still refuse to turn over the vehicle, the law enforcement officer accompanying the agent will arrest you and take you into custody, and then you will surrender the vehicle or remain in jail.
Can a person who was bankrupt can get another car loan?
No because if they have no way to pay off the loan to start with. because they have no money to not be bankrupt. If it was for a business opportunity or something they may get some money back on, they might've but for a car they will never get their loan back with the amount of V.A.T. put on to things these days.
Can a car be repossessed if its being repaired?
Yes. there have been several instances when I located a vehicle at a repair shop and sent a field agent to secure it. Often this requires the agent show the order of repossession to the shop owner, and potentially paying any outstanding costs for repairs, but these are transmitted to the existing debt, increasing the balance owed.
How do you stop a repossession in process?
Pay the past due amount on the loan or pay the loan in full. In the event you are able to do this, it is a good idea to have the lender contact the repossession agency to cancel the repossession while you remain on hold. If you fail to do this, it could take several hours for them to notify the repossession agency, and your vehicle could still be taken.
How long can a repossession stay on your credit report?
This is tricky. There is no actual listing of the repossession on your credit report. There is a notation in relation to the debt owed.
For example: say you borrowed the money for your car from ABC Bank. ABC Bank will then show as a credit action on your report. Next to that will be the balance of the debt, potentially the length of the contract, and a month by month code of your payment history in terms of thirty day payments. If the loan is defaulted, this will be noted. If the vehicle is repossessed, this will be noted as well.
If no judgment is obtained, the notation will remain for seven years from the date of last payment. In the event of a judgment, it will remain for ten years.
How much money does the us owe itself?
None. The US owes other countries, like China, money that they have loaned to us.
Why would you get a refund for overpayment on a repossessed car?
When a vehicle is repossessed, it will eventually be sold at auction. Occassionally, the amount received from the sale is greater than the balance owed. On these occassions, the excess is sent to the debtor.
Yes, provided he has a valid lien. Often, in the event of unpaid vehicle repair debts, mechanics can obtain a mechanic's lien. Repossession can be a means of enforcing a mechanic's lien.
How long before you don't have to pay off a car that was repossessed?
The lender will pursue collections for any unpaid balance for seven years from the date the car was sold after being repossessed. If the balance is large, they may pursue legal judgment. Obtaining this, they will have ten years from the date of judgment or last payment.
Can repo company repossess a boat while it is on a trailer that is not in the repossession order?
Yes. The trailer is considered personal property, much like that rod and real you left in the boat, or the motor that was not part of the loan. You will be permitted to claim your personal property for thirty days after the boat is repossessed. You will be charged for the storage of it though.
Can a co-signer wages be garnished if they live in Texas?
There is a common misconception that cosigners are not responsible for payment. However, the purpose of a cosigner is to guarantee payment of the loan. The cosigner, comaker, cobuyer, coguarantor or a loan is equally responsible for payment of the debt. So, yes.
Is it a crime to hide your car that is in repo in IL?
Yes, it is called hindering a creditor, or hindering repossession. It is not likely that you will be arrested for such, but it is far more likely that the creditor will obtain an order of replevin. If such occurs, the repossession agent is likely to return with this order accompanied by a law enforcement officer who will order you to surrender the vehicle. If you refuse you will be arrested, and you will have to surrender the car to secure your release.
Can your parents take away your car if you are 16 and it is paid off?
yes. parents are only required to provide you with food, water, shelter and one shirt, two shoes and one shirt.
