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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
The creditor is the person who provided services, goods, or credit.
What happens if you have your car repo?
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What happens when you have your mobile home repossed an you still owe money?
do you owe money for a mortgage with a bank. if so then that is why the bank repossed your property in the first place, and the sale at auction will be at a price where the bank sells your house for the amount of the note you have with them. if you owe money to credit cards you are still liable to pay . any other bills you have no matter for whatreason you owe them, the only out you have is to declare bankrupcy and all your bills will disappear, if you want you can reapply for credit cards after 2 years and start all over again.
Can they cancel your registration on your other car when you have a car voluntarily repossessed?
no, unless you owe the same bank money for both cars
Tye only people who can cancel a registration on a vehicle is the registered owner or the Department of Motor Vehicles for violation of one or more of their rules and regulations.
What happens when your car is stolen?
Well to be honest the thief drives is like it was stolen and usually wrecks it
Sometimes they strip it for all it's useful parts and sell them
What if you are under age 18 and have two traffic violations on record?
Unless you have gone through traffic school to clear the points issued, those tickets will remain as part of your active history for about 39 months. During those 39 months, your insurance rates will most likely be higher, than if you had no tickets. You are now an "at risk" driver with those traffic violations. If one has to speed to get somewhere, then it just isn't worth going to ... Slow down ... the life you save might be your own.
During foreclosure can private possessions be taken as collateral?
No only the house is the item that is being foreclosed on unless it is a federal tax lien or certain other foreclosures.
How can you get your sons car from the impound when he is still in jail in Michigan.?
If he used the car as part of the crime you can't get it. Like, to escape after a robbery. Or, if they found drugs in the car. If he is in jail for a lesser crime (not involving the car) like assualt & battery, the police can release the car. You need to talk to them.
What type of license do you need to start a repossession business in Texas?
According to the websites, below, no license is required to run a repossession business in Texas, but there may be a need to get a basic business license within the specific community, especially if the business requires parking and/or fuel facilities, and/or the use of arms and weapons, etc., not to mention a towing license, assuming you intend on executing the repossessions, rather than just doing the investigative end of it. Consult the Texas Department of Transportation and your local Chamber of Commerce, Town Hall, or similar government offices.
What do you need to do to claim an abandoned vehicle in NH left on your property?
To claim an abandoned vehicle in NH left on one's property, the police has to be notified first. Once police cannot locate the owner, there will be 3 months waiting period before the vehicle can be claimed.
Can police confiscate a ATV if you are on a public road and have a revoked license?
You bet they can.
If you are smart you will take the car to the lender and turn it over to them. When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car. Talking with Your Creditor
It is easier to try to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you'll be late with a payment. Many creditors will work with you if they believe you'll be able to pay soon, even if slightly late. Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may refuse to accept late payments or make other changes in your contract and may demand that you return the car. By voluntarily agreeing to a repossession, you may reduce your creditor's expenses, which you would be responsible for paying. Remember that even if you return the car voluntarily, you're responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report. Seizing the Car
In many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a "default." In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are allowed on your property to seize your car without letting you know in advance. But creditors aren't usually allowed to "breach the peace" in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace. Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property. A creditor usually can't keep or sell any personal property found inside. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can't account for articles left in your car, talk to an attorney about whether your state offers a right to compensation. Selling the Car
Once your creditor has repossessed your car, they may decide to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold. In either of these circumstances, you may be entitled to buy back the vehicle by paying the full amount you owe, plus any expenses connected with its repossession (such as storage and preparation for sale). In some states, the law allows you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession. The creditor must sell a repossessed car in a "commercially reasonable manner" - according to standard custom in a particular business or an established market. The sale price might not be the highest possible price - or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable. Paying the Deficiency
A deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $2,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing. In most states, a creditor who has followed the proper procedures for repossession and sale is allowed to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract. Depending on your state's law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only opportunity to present any legal defense. If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment. Remember this repossession will stay on your credit for 7 years.
No. First you need to read the contract you signed. By not making a full payment on time you have defaulted on the loan agreement. When you default on a loan agreement, the next step is usually repossession. You should have contacted the lender immediately when you knew you could not make the full payment. When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car. Talking with Your Creditor
It is easier to try to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you'll be late with a payment. Many creditors will work with you if they believe you'll be able to pay soon, even if slightly late. Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may refuse to accept late payments or make other changes in your contract and may demand that you return the car. By voluntarily agreeing to a repossession, you may reduce your creditor's expenses, which you would be responsible for paying. Remember that even if you return the car voluntarily, you're responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report. Seizing the Car
In many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a "default." In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are allowed on your property to seize your car without letting you know in advance. But creditors aren't usually allowed to "breach the peace" in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace. Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property. A creditor usually can't keep or sell any personal property found inside. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can't account for articles left in your car, talk to an attorney about whether your state offers a right to compensation. Selling the Car
Once your creditor has repossessed your car, they may decide to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold. In either of these circumstances, you may be entitled to buy back the vehicle by paying the full amount you owe, plus any expenses connected with its repossession (such as storage and preparation for sale). In some states, the law allows you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession. The creditor must sell a repossessed car in a "commercially reasonable manner" - according to standard custom in a particular business or an established market. The sale price might not be the highest possible price - or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable. Paying the Deficiency
A deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $2,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing. In most states, a creditor who has followed the proper procedures for repossession and sale is allowed to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract. Depending on your state's law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only opportunity to present any legal defense. If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment. Remember this repossession will stay on your credit for 7 years.
How do I repossess an item sold privately?
If you have a written agreement that specifies certain payments are to be made at certain times and for a certain amount, then you might have a chance with getting the item repossessed. Do not do this on your own ... seek legal counsel and make sure you have the law on your side. Best to hire a professional repossession person. Alternatively, if the item was less than $2500, you can go to small claims court. To prepare your case, go online and look at the suggested scripts for presenting a case and prepare your pictures and documents accordingly. You will need copies for yourself, the other party and for the judge. Be matter of fact and do not speak out of turn, and you will do fine. (We won ours against a landlord).
When can the bank repo your truck?
When you've missed a payment or two or three - they can usually do it legally after one missed payment, but they don't want your silly truck, they want their money. So they hire a repo man to get the truck back and sell it at auction as fast as possible to get SOME cash back...
How would RV repo hurt credit rating?
How could it NOT hurt your credit rating?
I'd say that you could easily slide 200 points having an RV repo on your record, and it could take years to recover from it.
Does gap insurance cover a repossession?
Gap insurance only pays if the vehicle is totaled in an accident or stolen and not recovered. It does not cover the deficiency balance after a repossession sale.
Karl Benz has created the Mercedes Benz . The car are from Germany !
Repossession of a leased car in ct?
YES LEASED VEHICLE SCAN BE REPO'D, YOU NEED TO READ YOU LEASE AGREEMENT AND CHACK LOCAL AND STATE LAWS.
Do you need a license to repo cars in New York?
Depends on who you work for here, theres 2 or 3 repo companies that hire anyone off the street and give their guys cases to find the cars, you drive around in your own car and when you find them you boot it and block it in and knock the door and try to get the keys. It isnt the real recovery agent job, but it is a way for you to get an idea of what we do. I worked there and it wasn't too bad, but you are basically called a spotter.
Now to be a REAL Recovery Agent, you need a towing endorcement, and once you have that, most repo companies (listed under towing and recovery) will hire you out of the gate.
In New York's eyes we are nothing more then bill collectors, In other states we got badges and were respected and we were licensed by the state. I think its because of these 2 or 3 companies having 50 kids running around pretending to be repo agents.
Good Luck on your search, If you need specific tips email me at totallywirednyc@yahoo.com
Can a sheriff reposses a car in California?
Of course, it is called a "writ of replevin" and happens daily. I will cut and paste information on this subject:
In creditors' rights law, replevin, sometimes known as "claim and delivery," is a legal remedy for a person to recover goods unlawfully withheld from his or her possession, by means of a special form of legal process in which a court may require a defendant to return specific goods to the plaintiff at the outset of the action (i.e. before judgment). In other situations, a party seeking relief may elect to adjudicate the right to possession prior to obtaining immediate relief to obtain the property in question. In such cases, replevin actions are still designed to afford the petitioning party a relatively speedy process for obtaining judgment, as compared to typical lawsuits. The summary remedy afforded by replevin statutes can be thwarted by defendants who contest the claimant's right to possession, by contesting the plaintiff's complaint, and insisting on traditional litigation involving discovery, and in some cases, trial by jury.
Replevin actions are often filed by secured creditors seeking to take possession of collateral securing loans or other debt instruments, such as retail installment contracts. A common example is where an automobile finance company initiates a replevin action to gain possession of a vehicle, following payment default. Replevin actions are usually employed when the lender cannot find the collateral, or cannot peacefully obtain it through self-help repossession. Replevin actions may also be pursued by true owners of property, e.g., consignors seeking return of consigned property that the party in possession will not relinquish for one reason or another.
Can a lien be put on your home if auto repossessed?
In most states the answer is no, they cannot put a lien on your home. They can however garnishee your wages.
what is the law in tn
