0
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
How do you be a recovery agent in Massachusetts?
Contact one of the larger recovery companies. There are several who work Massachusetts, such as Diversified and Renovo. Do yourself a favor and look at what is said about prospective employers in the industry on Repoman. They have a web site, the link is below.
What happens to a lease truck that has been wrecked?
The same as a purchased truck that has been wrecked. You will have been required to insure the vehicle. Contact the insurance company and file a claim. An adjustor will determine if the vehicle should be repaired or totaled.
Can your car be repossessed for late payments?
Yes, this is the common reason for repossession. It is in fact the primary reason for the existence of repossession agencies and repossession forwarding companies. It is also the reason the vehicle was used to secure the loan in the first place.
Confusing, but there are a number of scenarios where this might be possible.
First, if the lender is the lender on the vehicle, the ARE a lien holder. They may not have "perfected" the lien, that is registered it with the state, but that is an easy matter for them to rectify.
Second, if they are not the lender on the vehicle, and there is no other lien holder, provided they have a judgment, the court may order the surrender or sale of other property to satisfy the debt and the judgment.
Third, if you have two vehicles with the same lender, and you are defaulted on one but current on the other, the lender may choose to do what is called a"converson of collateral." If so, then the lender may repossess the vehicle you are current on due to the default on the other. They will take which ever vehicle is the esiest to recover in these situations.
Can you finance a vehicle to someone else if you are still paying the loan?
Yes, but in most cases the title will not be released by the original lien holder until the original loan contract is paid in full. In some states, the second party puyer may be able to register the vehicle in his name even. In some states, you may be required to obtain the permission of the original lender to sell the vehicle.
Is it against the law to repo someones car if there barely a day late?
This might help you to visualize this better.
Let's say the car payment was due on the 10th of the month. At midnight, you still have not made that payment, and at 12:01 am on the 11th, the repossession agent hooks up to your car in your driveway and drives away. No, it is not against the law, PROVIDED:
- The lender has contracted the agent to recover the vehicle.
- The lender has provided a legal order of repossession.
- And, the repossession agent has followed the repossession and collection laws of the US and the state.
It is not likely that this would occur though. The logistics of the situation take time. This is part of the reason most lenders have a five to ten day grace period.
The more likely scenario is that the payment was due on the 10th, was not paid, the five day grace has come, and the payment has not been made. During the five days since the 10th, the lender has contacted the repossession agency, has sent them an order for repossession (electronically), the account has been entered into the repossession agencies system, the account has been assigned to an agent, and at 12:01 am on the 16th, the repossession agent secured the car in your driveway and affected recovery.
Your car being repossessed is not the fault of the lender or the repossession agency in most cases. In the majority of cases it is the fault of the borrower, either from personal failure or unforeseen circumstance.
Can you repo a car if you have title?
When you purchased the car, you may have received a lien title from the state. This is not a clear title of ownership. The lender in essence still owns the vehicle, at least part of it. It is held in security for the loan.
If you are a repossession company or agent, you will be required to have an order of repossession. But, if you are a repossession company or agent, you should already know this.
Can a lender that repoed your car force you to sell another car you have so you can pay them off?
In the event the lender obtains a judgment against the original loan, has been unable to recover the debt or staisfy the judgment, and petitions the court for the sale or surrender of other real property, then yes. This is not common in most cases of judgment, but it does happen. Typically the balances owed are very substantial, as the courts are reticent to take such serious action.
What if they reposses your car and dont tell you?
Not all states require a repossession notification to be sent. Some require only that law enforcement be notified. Some states do not even require this much.
Once the vehicle is repossessed in these states that have no requirement of notification, it is assumed that you know the reason your car is not where you left it the night before. This is deemed notification enough.
How much is the storage fee a day for repo?
Fees vary from lot to lot and repossession company to repossession company. I have seen daily rates as low as $10.00 and as high as $150.00. Your best bet is to get the matter resolved as soon as possible and redeem your vehicle.
Is there any way to get a repossed car back without paying the loan in full?
In many cases yes, but it depends entirely on the lender, with an eye to the past history on the loan. Most lenders do not even want the car, it is their avenue of last resort. Their interest is getting payments on the loan. The longer they can drag out payments, the more they receive. Do not be afraid to call the lender and make an offer. Sometimes they may be willing to settle on a lesser payout, just to be rid of the car.
Can you picket a car dealership?
You may hold a demonstration on any public land, provided you satisfy all local and state ordinances to do so. Public land is the road easement outside the dealership.
Something else you might want to consider, is posting yourself outside the dealership on the sidewalk out front, by the main drive with a sandwich board sign listing your grievances. This should require no permits, as you have full and free access to all public property, PROVIDED you are not breaking the peace or causing a public nuisance. Keep in mind that most local jurisdictions have anti-loitering laws--provided you keep moving, legally you are not loitering.
Can you file breaking and entering repossession in nc?
The question is unclear. If the repossession agent broke into a garage or other structure to secure a vehicle, then he is in violation of law, state and federal law. This being the case, you would do as you would for any other breaking and entering situation...call the police and file charges.
Additionally, if this is the case, you would hire a civil litigator to file a claim in state and federal courts against the driver, anyone who was with him at the time, and the company that employs him for violation of the FDCPA (Fair Debt Collections Practices Act) and pertinent state laws. The federal law permits at least $50,000 in court cost, $50,000 in legal fees, and substantial punitive damages. Not to mention, a vehicle repossessed in such a scenario has been wrongfully repossessed and must be returned at no cost to you.
If the vehicle was simply repossessed because you failed to honor the loan contract, then there was no breaking and entering, and you have no recourse.
9568.30 (A++)
Yes. They have seven years from the date of last payment to repossess or recover the balance of the loan, plus all interest, fees, and penalties. The sad thing is, being a title loan, when it is repossessed you will likely not have the opportunity to redeem the vehicle. It will likely be a direct drop, meaning it will go immediately from your driveway to auction. Even sadder, the vehicle can only be sold for the amount of the original loan, so if it is worth more (has a higher value) someone is going to get a very good deal. This is especially true, because the title loan company may only put a price tag of $600.00 plus repossession and transportation fees on it.
Do they have to contact you before they repo?
In most states and jurisdictions, no. Most of the US is a self-help situation. That is lenders may contract to have vehicles repoed for loans that have been defaulted. Repossession is a game of opportunity; when the agent finds it, he will take it. Keep in mind also that repossessions is also a game of waiting; they will find it.
What is done with the tags of repossessed vehicles?
More often than not, repossession agent do like to be bothered with personal property and vehicle tags. It just creates a lot of extra paperwork, and takes away time that they would rather use looking for the next vehicle. So, often, the agents will make contact once the vehicle is secured on the truck hook, and give the borrower time to collect his belongings in exchange for the vehicle keys.
How do you know if your car has been repossessed?
Repossessors are supposed to notify law enforcement when they repossess a car.
What happens if a buyer takes a car back to the loan company?
Buyer's remorse.
Seriously, if the car is returned within three days (as is permissible in some states), it is a simple annulment of the contract. If the three days grace period has passed, this would be a voluntary repossession, or lease laydown (depending on the specifics of the contract).
you can sell the car and pay off the balance. or transfer the loan to a potential buyer or make arrangements with the lien holder for different payments but do not let your loan get behind you will lose your credit and the car and all you have paid on it good luck
Up until the vehicle is resold at auction, it can be redeemed...in most cases. If the lender has determined the vehicle is a "direct drop," that is it is immediately taken to auction upon repossession, then redemption is going to be unlikely. If you have paid the outstanding fees, and at least have arrangements with the lender, demand the return of the unit. Do not stall, do not wait for them to move.
If your rims got stolen and you wanted to report them stolen how would they be found?
Not possible to report them stolen unless they go jacked off in a car lot
Can the repossession or foreclosure company take your personal property?
Repossession companies are required by federal law, and the laws of most states to inventory and store personal property found in repossessed vehicles. As is permissible under most state's laws, the agency may charge a storage fee for this, and can require the payment of the fee before releasing it to the owner.
In the cases where the storage fee is unpaid, or the owner does not come to claim his property, the property is considered unclaimed, typically after thirty (30) days, and the agency may dispose of it as they see fit.
In the event a weapon or illegal substances is found among the property seized with the vehicle, typically the repossession agency will contact local law enforcement for confiscation. Recovery of such property becomes a mater for another category at this point.
Foreclosure is a different matter. In the event of foreclosure, the occupant of the home will be served an order to vacate. This can give you one week to thirty days to vacate the premises with all of your property. Anything that remains after the date on the order is the property of the home owner (the lender). The lender at this point may dispose of the property any way they see fit, typically it goes into a large dumpster.
