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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 does the clock starts on debt collection statutes of limitations?
It begins on the date of the last activity of an account. Any action such as a partial payment or payment agreement by the debtor negates the time the SOL has been activated and the time status will begin over at the next DLA.
Please be advised, the SOL is not an automatic defense against a civil suit for debt owed. The debtor must present it as such with valid documentation to support his or her claim. In most US states the presiding judge can determine whether or not an SOL can be tolled to what extent and for what reasoning.
Car is under someone else's name but I'm paying for it can they take it away?
My friend took out a car on finance for me which i have paid from the outset. However not long after this my friend was diagnosed with terminal cancer so we wrote to the finance company explaining the situation and giving all my details. They took all payments from my account they didnt state there was any problems & i was receiving correspondence to my address. All we were told was that the agreement could not be transferred to myself but they were fine taking all payments from me and accepting i was liable for the car. This was all done approx a year ago. My friend died in november and to be honest i never gave the finance a second thought as i was paying it anyway. When i went to give new direct debit details a couple of days ago & by the time i explained who i was & the situation again & that my friend had died everything changed. Now they are saying what i was doing was wrong & as the car was in my friends name they should be taking it back. They said they would try looking to see if i could get seperate finance to keep it but i was made bankrupt a few years ago & cant get credit. I have paid £2500 to this car & we notified them of the situation & circumstances over a year ago. Can they just take the car or do i have any rights.
What is the speedometer in a car give the car's?
Speedometer can determine a car's normal and maximum speed.
In Mississippi how long do you have to be on your car loan before they can repossess?
You have to be behind on payments for 3-4 months before the bank will do anything usually.
3-4 months is the industry standard, but every loan is different. A bank can put stipulations of any type on any loan, within the law. So the answer would be it depends on your loan.
It can be transferred to a co-signer only. If their is no co-signer on the note, then your answer is no.
How importer can be benefited by Forward Buying?
Purchasing retail inventory in quantities exceeding current demand, usually when manufacturers, or other suppliers, offer temporary discounts. When the promotion period expires, the retailer can then sell the remaining inventory to consumers at regular prices, earning a bigger margin of profit. In some cases, an authorized dealer who receives a substantial discount might resell the merchandise to other retailers. Diverted units may end up at "dollar stores" or other less-than-selective retailers to which manufacturers do not sell directly. Those retailers can sell to the public at a discount the authorized dealer is not allowed to offer. Retailers who use aggressive forward buying and diverting practices may make as much profit through these buying practices as they make through nonpromotional sales to consumers. Manufacturers offer discounts to retailers assuming the retailer will pass the savings on to consumers. The discounts also can quickly move a large amount of inventory when the manufacturer needs to reduce stock. As more retailers employ the forward buying strategy, manufacturers such as Procter & Gamble are switching to edlpstrategies instead.
Read more: forward-buying
Can you report your car stolen even if the person with the car owns it with you?
Whoever's name is on the registration is the legal owner. If the person is co-signer on a loan, your spouse, guarantor on the loan, or named on the registration or insurance policy, then you might be charged yourself with filing a false report. You may be able to report the incident as "unauthorized use of a motor vehicle" instead of theft.
That's not how it works. You owe the bank the outstanding balance on the car loan. The only event that will save you from having to pay that balance is bankruptcy. Typically, a bank will insist you have comprehensive insurance on a car which is the subject of an auto loan. If the insurance company agrees that the car is a total loss, they will offer you a settlement. The amount they give you will be less than the purchase cost of the car. (They will figure in depreciation based on the age of the vehicle.) Even if the accident is not your fault (i.e., if your parked car was hit by someone else), you can be sure of this: (1) the bank will not let you off the hook; (2) you will be required to pay the remaining balance of the principle and applicable interest; (3) the bank will not act to replace your car; (4) your only relief will come from insurance settlement or from suing the party responsible for the wreck.
Can a co-signer be charged with vehicular manslaughter if he was not driving the car?
No, but there may be other liability if you are a co-owner of the vehicle. You should consult with an attorney.
No, but there may be other liability if you are a co-owner of the vehicle. You should consult with an attorney.
No, but there may be other liability if you are a co-owner of the vehicle. You should consult with an attorney.
No, but there may be other liability if you are a co-owner of the vehicle. You should consult with an attorney.
What is a manifestation of full payment?
A manifestation of full payment is typically evidenced by a receipt or a confirmation document indicating that the total amount due has been paid in full. This documentation serves as proof of the transaction and may include details such as the date of payment, the amount, and the parties involved. In legal terms, it can also release the payer from further obligations related to that debt or obligation.
Can you go to jail for hiding a motorcycle from a creditor?
Yes because that is called vandalism and hiding (sabotage) someone else's property/ anything they own. Unless it's a joke and the other person doesn't sue you.
How do you get a title when you bought the car with no title and the bank has the title?
its possible when the owner died and part of the family or the care giver never sold the car to me with a simple. i pay the tag without even registered to my name at time and the cost of saling the truck to me it was aggrement.
Can they repo a car once you have paid up to date but still owe 7000?
If you are up to date with your repayments then the finance company are unable to repossess your vehicle. If you have defaulted on your payments then they are able to repossess the car, the number of missed repayments which qualifies for repossession will be stipulated on the agreement you signed when you first purchased the vehicle.
Only if you start missing payments. They have no business knowing your source of income once the loan has started. Should a payment be missed, they may start (at their discretion) repossession proceedings.
Failure to show your source of income for these payments is not a reason to call your note.
Can a repo company charge you with theft by deception if you hide the car?
This is actually based on the state law. I know that you can in Alabama, and maybe KY. If you bank with a national bank they are less likely to pursue this because of cost of having a lawyer know the law for that state and file for them. However, a local dealership, bank, or loan company will pursue this if the state allows.
What happens if you don't finish paying off a car in TN?
The car is eventually taken away, if we assume it has a lien on it. The cost of processing the legal work, the cost of repossession and interest will continue to be accumulated. The car will be sold to pay for these expenses and the rest of the money will still be owed, Typically the loan company will take you to court and receive a judgment for this debt. (These costs will also be added to your overall debt). The next time you have a job, a garnishment will be placed on your salary.
If there is any way to pay the debt, pay it before they take the car. You will be MUCH further ahead.
Do you have to pay the whole vehicle off if it is repossessed?
Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.
Is it legal for a repossession company to move a car that is blocking the car they want?
When the tow truck makes contact with another vehicle it is in possession of that tow/repo company. If they connect to another vehicle to "move" it they are in possession of that vehicle without cause or permission. This is technically a stolen auto at that time.
It is NOT legal to move other vehicles to get to another. A good repossession agent with proper use of his tools can get a vehicle out of even the most tightly squeezed places. Before you accuse a repo agent of "stealing" a vehicle, make sure he actually did!!!
You need to bring a lawsuit and ask the court to order the title be transferred to you. You need a copy of the note that you signed and proof you have been making the payments and for how long. The lender must be in possession of the Certificate of Title. You will need a court order to transfer the title to your name with the help of the lender and it will be up to the judge.
You need to bring a lawsuit and ask the court to order the title be transferred to you. You need a copy of the note that you signed and proof you have been making the payments and for how long. The lender must be in possession of the Certificate of Title. You will need a court order to transfer the title to your name with the help of the lender and it will be up to the judge.
You need to bring a lawsuit and ask the court to order the title be transferred to you. You need a copy of the note that you signed and proof you have been making the payments and for how long. The lender must be in possession of the Certificate of Title. You will need a court order to transfer the title to your name with the help of the lender and it will be up to the judge.
You need to bring a lawsuit and ask the court to order the title be transferred to you. You need a copy of the note that you signed and proof you have been making the payments and for how long. The lender must be in possession of the Certificate of Title. You will need a court order to transfer the title to your name with the help of the lender and it will be up to the judge.
Can your car be repossessed by an auto repair shop if you owe for repairs?
not in the U.S. don't know about other countries
It can't be repossessed as far as I know, but the mechanic can place a mechanic's lien on the car in most, if not all U.S. states.
Can you take some one to court after you lease a car to them and they bring it back not working?
If the lease had as part of it a statement or clause that the lessee must keep the vehicle in a suitable working order, then, yes, you can take them to court. If the lease has no such clause, then you must be able to prove that it has been detrimental to you for being returned damaged, and that the lessee caused the damage.
Which state's auto repossession laws apply?
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I resided and registered the car in WV. I bought the car in PA. The finance company was out of Ohio. The lien went to a collection agency in CT, and I currently live in Alabama. Which state's laws would apply to my situation?
