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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 is the difference between the buyer and co-buyer?

Nothing. They are just two people saying they will be responsible for the loan. The difference is where you sign on the contract. Legally there is no difference. The co-buyer by signing is saying that they will insure the loan gets paid. If the loan does not get paid the co-buyer can have wages garnished and basically get the wrath of someone else not doing what they are supposed to.

How long can a repo company keep personal belongings?

They cannot hold your personal belongings. They might have a time frame of when they have to get it to you though. When a car is repossessed it is brought to the repo yard and then inventoried for belongings.

There are usally several hundred cars at any given moment in a repo yard. All vehicles must be inventoried.

Who do I contact to turn in someone who is hiding a car due to repossession?

If you know who there finance company is you can call them directly. Or you can call the repo comapany. Some finance companies and repo companies actually give a reward for contacting them and telling them where it is.

Bought a car and stop paying for it over a year ago will you go to jail?

You cannot go to jail unless your are hiding the vehicle where the bank cant get it then they can report it stolen and if you still have you can go to jail.

Do you need to register a car that is already registered in the same state by the previous owner?

Yes you need to put the car in your name other wise the last owner well get hit for no insurance and you need to take on the responsibility of the car.

How long does a car dealer have to write a check if they owe change?

That depends on how the vehicle was purchased. If you financed the car, all of the finance paperwork would have to be completely finished prior to their issuing a check for "change." This may take a few days. Smaller car lots frequently run everything like that through their accountant, so that may take some time. I would say you should have the check no more than one week after your purchase.

Now, having said that, I would strongly urge anyone who has "change" coming back from a car purchase to tell the bank to apply that directly to the principle amount. Otherwise you're basically just getting a loan for the "change" and that's never a good idea.

Suppose you had a trade-down and you should get change on the deal. For example, you have a 2009 impala worth $18,000 and you trade for a 1999 S-10 worth $3,000. You'd be looking at $15,000 change. You should NEVER leave your vehicle with them until you get the money. That check should be part of the completed deal.

Can your car be repossessed by the car dealership if you never gave proof of income?

If you are not making the required payments to the finance company that holds the lean on you car it may be repossessed. Proof of income is not required or relevant.

Drugs found in repossessed car who is at fault?

You should discuss this with an attorney, but the investigation will likely center on the person it was repossessed from.

How can I find out if I am due a pension payment from Sweetheart Cup Company Inc?

To find out if you are due a pension from Sweetheart Cup Company, please send a letter to Solo Cup Company with your name, address, phone number and location that you worked at. They will respond to you to verify personal information (SSN, Date of Birth, etc.) and let you know if you have any retirement benefits available through Sweetheart Cup Company.

Address is below:

Solo Cup Company

150 S. Saunders, Suite 150

Lake Forest, IL 60045

ATTN: Benefits Department

Can a lawyer draw up a letter for another person to take over a personal loan?

Yes, this is possible - as long as all parties are in agreement. Otherwise, this type of issue, if adversarial, would need to be adjudicated in a civil court of law.

What is the time frame for contacting a lender to contest an error on a billing statement?

You have sixty days to dispute an error on a billing statement. It is better served to do it in writing. Never send them your original document, always send copies. Also, send it via certified mail so that you get confirmation of receipt.

Can a lien be placed against your wages?

Yes. A garnishment is a court order to an employer to withhold all or part of an employee's wages and to send the money to the court or to the person who won a lawsuit against the employee. That's usually the first thing the creditor does after obtaining a judgment against you.

How long do have to pay once your car is reposed?

The bill is due immediately after the finance company sells the vehicle and totals the cost of reposession.

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