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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 the dealership keep keys to my car?
They can, but they don't really need to. They can make keys for the car by looking up its VIN and seeing what key pattern is associated with it. For that matter, most people who repossess cars are only briefly slowed by not having keys.
How do i find out if a car as still got finance still owing on it?
You must be aware of a vehicle's finance status before making a purchase. In the case where a car has outstanding finance and the person responsible for the debt defaults on their loan after you've bought the vehicle, the finance provider can seek to repossess it from you.
Although you can't inherit the loan of the debtor, you would risk being at the total loss of the money paid for the vehicle. So through full car check at car analytics website, you can get the financial details for your car.
Yes, but my bank will charge me for stopping the stop, anyways...
What is the statute of limitations in Georgia for repossession of a vehicle?
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.
Why do car dealerships offer voluntary repos if you still have to pay?
The "voluntary repossession" allows the purchaser who has defaulted the loan to avoid having to pay a repossession fee of a few to several hundred dollars. That is the ONLY advantage to the purchaser.
The dealership has the vehicle back in it's possession and can unload it at an auction without having to pay a repossession fee to a repossession agent (because the purchaser "voluntarily" surrendered the vehicle).
Once a car is repossessed, voluntary or not, it is (at least in most states) sent to an auction to be sold and the proceeds applied to the outstanding debt of the borrower.
Usually, there are specialized auction houses dealing solely, or nearly solely with repossessed vehicles and the vehicles NEVER (that I'm aware of) bring anywhere close to the amount of the loan.
This is true because first, it is (1) a dealer only wholesale auction, (2) the vehicle is a "repo" and (3) the "retail" price previously paid by the purchaser/borrower is an amount greatly inflated over and above the actual "wholesale value" of the vehicle.
Can you have the finance in one name and the car be register to another person?
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.
Is it illegal to take a car up for repo to another state?
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?)
Does a car have to be fully insured if it's paid off?
No. Just have to meet your state's minimum requirements
What is a reserved bid at a car auction?
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.
Can a car be repossessed at another location?
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....
Is it legal to put stop payment o a check?
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.
Can a repo agent damage personal propery during a repo?
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.
Can a paid off car be seized for debt?
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.
Can a car be repossessed from a military base?
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.
The estate has to settle the title. The secondary person can be held responsible for the loan until it is resolved.
Can a car be repossessed if i owe less than 10 percent of the loan?
Yes, you must pay the entire loan off.
Do you have redress if the vehicle is taken because the police say it is a stolen vehicle?
I very much doubt it. in england when the clampers take your car it doesn't matter how legal you are, unless you pay to get it back, you aint getting it back! its basically legalised theft.
A2
No. If it is proven to be stolen, you loose everything and you could be done for receiving stolen goods.
The only possible redress is, if you had the vehicle checked out by a company, like HPI, and they said it was OK. If it then turns out to be stolen and you loose everything, they guarantee to reimburse you. Check it out Before you buy.
What happens after your car gets towed because of an arrest?
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.
What happens if you get your car repaired and don't pay?
if you dont pay usualy they will keep billing you until you do pay it or even you might have to go to court.
Can you get your vehicle back after repossession?
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.
