Repossession

We signed the papers to finance a truck for my son. If I remember correctly, it was registered in his name, but we paid the bill. It has been a long time ago.

I don't think there is a statute of limitation on repossession of a vehicle anywhere as long as there is an overdue payment outstanding.

To make money.

It's a felony.

While I actually DO NOT know, I find it to seem highly unlikely to be a felony or a misdemeanor in ANY state because it is an entirely CIVIL matter under contract law; in other words WHERE IS THE CRIME? (failure to fulfill a contract obligation?)

The estate has to settle the title. The secondary person can be held responsible for the loan until it is resolved.

Yes. It is perfectly legal for the person who issued the check to put a stop payment on it. However, if the check was issued to pay for some goods or services offered by someone or for a loan, the receiving entity also has a legal claim and hence can file a police complaint against you for not making the payment. So, you need to talk to the person to whom you gave the check to settle the amount amicably before you issue the stop payment.

In some cases yes. If the vehicle was purchased using the same lender against whom you have defaulted with a different loan, and there is a remaining balance after the repossession of that property, then the court can order a Conversion of Collateral, and the paid off vehicle can be repossessed by that lender.

Additionally, if the court chooses, real property can be ordered liquidated to pay a bad debt.

Yes, you must pay the entire loan off.

I hope not...

It is possible, and very probable considering that it is a violation of military regulations for any service member to dishonorably indebted.

Some repossession agents have special permission to enter military installations from the commanders of those installations for the purposes of repossessing vehicles. In most cases, not that it matters for the answer, the agents must contact the Provost Marshall or MP/SF/SPs and notify them of the vehicle they are recovering; but, this is not always required.

Absolutely false! The lender (person who holds a lien against the vehicle) does not need the keys to said vehicle in order to enforce the terms of the contract. The vehicle can still me recovered, sold at public auction and the buyer will be responsible for any outstanding debt that remains. That would include the amount of the loan after the sale amount has been deducted, the cost of repossession and other such fees.

maybe you mean reserved price at a car auction? The seller set the reserve price he wants to really sell his car. The Buyers bid on that car till they achieve that reserve price. If the Buyer doesn't achieve the reserve price the car is not sold. It will be sold only if the reserve price is reached or higher.

I assume you mean other than your home address. But the answer is yes, it can be repossessed anywhere, provided they are not breaking and entering, such as a locked garage....

No, the repossession agency must return your personal property undamaged. Usually you have to go pick it up. If your property is damaged, the agency should have insurance.

if you dont pay usualy they will keep billing you until you do pay it or even you might have to go to court.

The first step is to contact your lender. They will have those answers. It usually involves making up past payments, and paying the repossession fee, and perhaps storage.

It depends on where you are. In most states, no there is no requirement for that, but they do have to let you come retrieve your personal belongings later.

The car will be taken to an impound and storage lot. That lot, depending on where you live and ordinances and statutes effective in that jurisdiction, may be run by the Sheriff's department, Metro police department, or some individual company. Again, depending on the local statutes and ordinances, you will have to pay towing and storage charges, and may have to produce the title to the vehicle and proof of insurance in order to reacquire the vehicle from the place of impoundment and storage. The best idea if you are attempting to reacquire the vehicle is to telephone the place of impoundment, with all pertinent information available (year, make, model, vehicle identification number, date of arrest/towing; location of arrest/towing) and ASK what you need to do.

no

my truck was impounded i sold it to my friend cause my drivers license was suspended and they released it to them thank you

The simple answer is yes. However you should read thru your contract to see if you are in default, that would trigger a repossession. For example, one way to be in default is if your insurance got cancled.

I don't hardly think so.

You state that they're trying to 'take your car'. By that statement you realize they're not trying to 'take your LIFE'. Perhaps you've been served notice that this might happen; or you yourself signed paperwork when you signed for the loan. No doubt this possibility was in the fine-print; therefore you agreed to it. You also realize that 'repossession' is NOT a CRIME; therefore they have a LEGAL RIGHT. So here they come with a tow truck, this makes it obvious that they're not coming for your 'life' but for your 'car'. Why would anyone think they might have a right to 'kill' someone who has the legal right to repossess the car, with paperwork signed by yourself. It just doesn't make sense.

The best way to solve the problem is to make the payments promptly; or perhaps sell the car before it comes to this, and purchase something more in your means.

Usually the Repossessors come in the middle of the night, while you're fast asleep. They don't want a problem such as the possibility you mention. They don't want a 'confrontation'. So they're trying their best to avoid such a scenario.

Often -- if a confrontation does happen, they may even let you 'win this round' in their efforts at avoiding a confront. Perhaps a week later, they may follow you to the Mall; and while you're inside, they might repossess the vehicle, thus doing their best to avoid a confrontation. Either way, it's going to happen sooner or later. Why sit in prison the rest of your life, for such a foolish act, as your question asks.

It is a felony if you take the car across state lines and you are no longer paying on your loan.