Repossession

If you know the lender, you can call them and report it. Do not just call the customer service number. Contact someone in Collections, specifically speak to a supervisor. Before you give up the location of the vehicle, ask about a finder's fee. It is not uncommon that repossession companies and lenders pay a fee to those who disclose the location of a hidden vehicle.

No, unless that dealership is of the buy and driver variety. Dealerships are that, a dealer in vehicles. Dealerships do not typically provide financing; this is typically the venue of the finance company. In the event the dealership is a buy and drive, then yes, they are a secured creditor. That is, of course, they are lax enough to not actually secure the vehicle they sold in the loan contract.

Repossession fees are variable for all auto lenders. Repossession fees are real costs that are accrued in the repossession of a vehicle, or based on these costs. Fuel, number of visits, wages, insurance, etc. are all taken into account. So the repossession fee on one vehicle may be vastly different, greater or less, than the fees on another.

It is possible that you could cosign an auto loan after you filed bankruptcy. It is not likely though. It would depend on a number of factors, not the least of which is your current credit number.

All payments are considered when you stop paying on a loan. However, when you default on the contract, it is the contract on which you are paying. The collateral only secures the loan, and if there is collateral, it may be secured (repossessed) to be sold to be applied to the balance. If you only owe $2000 on a $15,000 loan, the collateral could be worth a substantial amount. The lender may choose to sell the property for only the owed amount and fees. If so, you are out the remaining value of the property. If the lender wishes, they may choose to sell it for its fair market value, and anything in addition to what is owed should be returned to you.

Vehicles are put up for repossession in self-help states only after the loan has been defaulted upon. Provided you have made all of your payments, and these payments have been on time per the contract, then no. However, if you have ever been late on a payment, and you fall behind at anytime, the contract in most cases has been defaulted, and repossession may proceed. That a lender does not repossess every time a borrower falls behind is a testament to two things: one, it is an expensive and complicated process to repossess a vehicle; and two, they understand that people fall behind and are willing to allow people to pay current. Their interest afterall is the contract. They do not really want your vehicle; they want the payment.

Arizona repossession laws are quite simple. Once the vehicle is put out for repossession, the repossession agent will attempt to locate it. Once the unit is found, he will secure it on his truck. He may, if he is kind, contact the borrower and offer to let him retrieve his personal property in exchange for the keys. He is not required to do so.

He may not move other vehicles to unblock a vehicle.

He may not open a closed structure to secure the vehicle.

He may not knock on your door after 9:00 pm or before 8:00 am. He may contact you at work 24/7 though.

He may not enter reservation land to secure the unit UNLESS he has specific permission from the tribe to do so.

He may not secure the unit from federal land UNLESS he has the proper licensure to do so.

Finally, after the vehicle is sold at auction, the purchase price will be applied to the outstanding balance of the loan. This in most cases will not pay the balance, therefore you will need to pay the unpaid portion, plus fees and repossession costs. If you fail to do so, the lender will likely seek judgment against you and then for the next ten years afterward you will have little choice in how the outstanding balance plus court cost, legal fees, and collection cost is recovered.

Yes, not only may they, they likely will. When personal property is found in a repossessed vehicle, provided it is not illegal substances or firearms, the repossessing company must take an inventory of all property. They are required to store it pursuant to the individual laws of every state, Ohio is no exception, and they may charge staroage fee for that property. It is unlikely that they will release it to you until that amount is paid, and they may not release to anyone but the registered owner of the vehicle.

In some states but not all. Each state has its own requirements. Some require a license to repo. Some require a collections license. Some prohibit previously convicted felons from obtaining licensure or certificates to do repossessions. Some reuire only insurance. Contact your states licensing bureau for details in your individual state or the states in which you hope to work.

In the event (as I believe you are asking) you received the vehicle in the divorce settlment, and then the vehicle was repossessed, AND your exhusband was on the loan as the primary or cosigner, AND the lender has gone after him and secured some sort of payment (either voluntary or by garnishee), then yes. You contracted to pay the note. You received the vehilce by civil judgment (the divorce), that fact does not negate your responsibility on the original note, and if he has suffered damages due to your failure, then he can sue you and win.

Appear on the date of the summons. If you fail to appear in court on that date, the plantiff (the party suing you) will obtain a default judgment. Whether or not you show, the plantiff is still likely to get a judgment against you.

You would actually be better off trying to make a settlement with the plantiff before it goes to court. This will save you the added expense of legal fees and potentially court costs as well.

you can buy it back from the repossess depot thinger yeah but you have to pay all your payments on it

The above answer is correct, but does not answer the question actually being asked; i.e., the guy/gal wants to go grab the car from the repo guy or car lot where the repo was delivered to.

My answer is YOU BETTER NOT TRY. That would be auto theft, grand larceny or theft over x hundred dollars. Why? Because you do not own the vehicle. Your grab-it and run plan would be the same as taking any car parked on the street.

Sometime, and in some states, collection agencies may purchase debts from lenders. In these cases, they buy the debt for pennies on the dollar, and work very hard at recovering the balance. This is actually a difficult and dangerous way to do it. As long as the debt remains with the original lender, the options are more open.

In most cases, collection agencies contract to collect the debt for the loan originator, the lender. The industry standard is payment of 33% of the recovered amount, or 50-75% on accounts that require the work of a skip tracer or legal action.

In the state of New York, provided there is a legal order for repossession, once the vehicle is located, it may be secured and recovered.

The repossession agency has 24 hours to notify the registered owner of the repossession, but they are only required to do so by mail, and may do so to the address of record on the registration.

They do not have to notify anyone at the time of repossession other than local law enforcement of jurisdiction.

They must inventory and secure any property contained in the vehicle, and may charge a storage fee for that property.

You can, but the more likely scenario is that you will be listed as the primary and the person who can pay will be the cosigner to secure the loan. If you are hoping to secure the loan for another party as their cosigner, it is not likely to happen. Unless you are fabulously wealthy, and can provide evidence of this to the lender, you will not be accepted as a cosigner.

In some cases yes. In a growing number of states, no. Florida was one of the first to pass this new law. In the state of Florida, if you have a single vehicle up for repossession, you may not be able to register ANY vehicles you own.

A credit report is a record of all transations on a reported account. In the life of a vehicle loan, many things can happen. Over the typical four to five years, the vehicle may have been repossessed and then redeemed and paid off. In these cases, yes, repossession and settlement can show on the same vehicle, on the same credit report.

BOA's lending rate is determined by several factors. Not least among them is the potential borrower's credit score. The higher the score, the lower the rate. Likewise, the lower the score, the higher the rate.

yes she is.

If you have never been delinquent or defaulted on your vehicle loan, and it is repossessed, it may have been wrongfully repossessed. It must be returned to you, at no cost to you, ASAP.

It is not uncommon for this to occur. So many similar and like vehicles are out there and VIN numbers can be so close that confusion occurs. More often than not it is a simple mistake. Go ahead and ask the lender for a concession due to the inconvience it has caused you. They may give you nothing, but if you are friendly and understanding, they very well may.

Ouch! If your vehicle is up for repossession and you have moved from any state to Florida, you may find it difficult to register it or any other vehicle in Florida until the repossession matter is settled. Additionally, you can be criminally prosecuted in Florida if you attempt to hinder the lender in securing their collateral. Further, the repossession agents in much of Forida are among the best in the country, and the ratio of camera cars is pretty high; your vehicle will be found, and they will take it, probably at the most inconvenient time for you.

Short answer, yes. Even though you are on the property jointly, she is a responsible party on the cosigned loan. As such, she owns the cowned property same as you. If you own a car together, for instance, she owns as much of the car as you do. It is her car. It is still your car, but for the purposes of securing satisfaction for the eventual judgment on the other loan, she owns the car.