Repossession

The bank will show it as a recovery. The original loan was charged off to a allowance account for bad loans (contra asset). Banks fund this allowance by debiting provision expense (an expense item on the income statement) and crediting the allowance account (contra asset on the balance sheet). When a loan is charged off, the allowance is debited (reduced) and the loan balances are credited (reduced). When a recovery is recorded, cash is debited (assuming that is the form of payment by the borrower / guarantor) and the allowance is credited (increased). The loan is not rebooked once it has been written off. However, the bank records that the charge off has been recovered.

A co-signer is just as responsible for the auto loan as the signer is. If they did not pay then you were supposed to. That is what happens when people co-sign. The only way is to challenge the credit bureaus. You can get the directions from each of their websites.

Yes, There is no statute of limitations on financial matters. You can probably challenge it being on your credit report. But you still owe the money.

If you've already got bad credit the simple answer is DON'T BORROW, SAVE.

You may think this isn't very helpful, but trust me, it's by far and away the best possible solution.

Stop, take a big deep breath, and ask yourself 'is this car a good deal when I add 30% to the price' If the answer is no then DON'T BUY IT ON CREDIT.

Make do with what you've got, or buy an old jalopy and put the money you would be using to pay for your car loan into a savings account without access - You wouldn't be able to dip into it if you had a car loan. After just 12 months you'll have a few thousand that you can buy a half decent car with

AND IT'LL BE ALL YOURS you won't owe anyone anything, can you imagine how good that feels?

I can, after years of buying cars on the never never, I finally put my foot down. Four years ago I told the car salesman I wasn't interested in how low he could make my repayments, at the end of the three year term I wanted the car to belong to me, and not have another £8,000 to find ( so i'd have to trade it in against another new(ish) car and no matter how hard I tried I'd never actually own my car!). Sure it made making the payments harder for a while, but in the end the car was mine. When I finished paying for my car I continued making the same payments into a savings account. twelve months later I've traded my car in and used my savings to buy a newer car, and I effectively get 20-30% off the price, because I don't pay sub-prime interest rates.

I'm doing this with everything now, it's addictive. I'm actually looking forward to my washing machine breaking down, because I already have the money to replace it.

say NO to all forms of finance money lenders are EVIL

No its a crime for which you can go to jail.

It depends on where you are. In some states, you can just simply go get the car. In some states, repossessions require a court order.

It depends on the State laws. A private garage is supposed to be just that......private.

hriday THE HEART

Absolutely. If your car is in repo status, it can be taken, anytime, anywhere.

This is the same with every lender, and a common misquoted answer: Before your credit score will be affected by a late payment, you must be 30 days late on your bill.

Yet, there is one more caveat, you need to be working with a creditor that actually reports to the credit bureaus. Many creditors do not report to the credit bureaus and have then, a late payment will have no impact on your credit score.

That being said, do not assume that is normal, as most lenders do. Typically, creditors that do not report to the credit bureaus, are small banks, utility companies, cell phone providers, and the likes.

One point of caution, if you don't pay your small bank, utility bill, or cell phone bill, even though they do not report the payment history to the credit bureaus, they will send your bill to collections and ultimately, that will hurt your credit.

Obviously, the best thing to do is to pay your bills each month.

From my understanding the only way to break a lease is to pay it off or stop paying. The latter suggestion obviously has detrimental effects on your credit. The best way to "break" a lease is to pay whatever payments are left on the lease. Financially this might be a real good idea. If you are still under the mileage for the lease and it is cheaper to pay the remainder of your lease payments, rather than pay the mileage penalty.

Yes

It depends upon your state, and the contract you signed. The retail installment contract (long form) will have a paragraph/provision for "seller's right to cancel" and spell out how and when they must contact you. If they miss the time period listed in this provision, then they can not cancel.

Also, if they try to get you to put more money down, and/or change the terms of the contract, you need to make sure the contract shows the new date and not the old one (it's fraud if they backdate).

One way around this is to improve your credit - the dealership approves your financing based on their belief that they can get someone to purchase your loan. If they can't find a willing bank, they need to get their car back. If none of their banks will buy your loan, it means your credit is that bad.

Pay your bills and lower your debt.

You are still obligated to make your first payment even if your payment booklet has not arrived. Your paperwork should have included a form which stated the contact information for your lending institution in the event this scenario presented itself.

Buy a car, read the paperwork, understand the paperwork, then sign. Then go home and read/review the paperwork again.

If you're a child they can't take you to court and plus it would be stupid to if its only a little bit of money.

about 50 to 200 bucks a year depending on how many houses, where you live, and what company.

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This is difficult but not impossible. Depending on the time that has elapsed since the repossession, it can get easier.

Immediately after the repossession, you may have to go to a "Buy here/Pay here" dealership. Most of these are very willing to take a chance on anyone with a job. If you take this route, keep all receipts of payment, record all payments in a separate ledger, and make every payment on time.

Several months to several years after the repossession, most local banks will write a loan for you. Develop a relationship with a local, independent bank. Have accounts there, and if possible borrow small amounts and pay them back before you try for the auto loan.

Several years to decades after the repossession most prime lenders like GMAC, Ford Motor Credit, Nissan Acceptance, Toyota, etc. will not write paper. It is not impossible, but it is unlikely.

Yes, of course. Read your contract. A BHPH lot offers alternative financing to people who can't get financing otherwise. The terms are the same as any standard financing agreement. Bringing a car back, whether voluntarily or involuntraily is still a REPO. So, the dealer has the option to sell your repo at whatever price he accepts and sue you for the balance. This isn't Wal-Mart!

in England yes.

if anyone towed my car and there was no warning that it was a restricted area, it would be very bad, just make sure they haven't got details of the cars plate.

Not sure about other places in the world, but here in the good ol' US of A, all you need to do is call a wrecker if the automobile is blocking your driveway or is in an obvious no parking zone. It would be wise to post signs to keep people from parking there. Most of the time, a police officer will come by and issue the car owner a citation for parking in a no parking zone.

Of course you have to pay. It is not the finance companys responsibility. That is part of your maintance/repair cost. They will come back and repossess the car and sue you if you stop paying it.

You go to the bank and ask for a loan.

Yes! It will still be listed on your credit report as a voluntary return and you will still be responsible for the cost

no they are they can drive it when repod but it has to be taken to a car lot or impound yard and inventory items things in the car that's why its best to keep your car cleaned out and if you know its gonna be repod take it back to your financier you have a better chance to work out a way to get it back and poss. not lose it at all