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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

What is a car made out of?

THE body is made outta sometimes plastic or aluminum and rims are made out of aluminum that's mostly new cars the older cars and trucks where heavy metal and didn't bend as easy

Can a person go to jail for scrathing someones car?

Not likely. It would be a minor thing, worthy I should think of just a fine.

Who is at fault if a car is parked at the edge of a driveway and a car from the driveway backs into the parked car?

The person backing up can be held accountable, since he is responsible for knowing what is in his line of backing. However, you can also be held responsible for blocking his driveway, this is considered a safety hazard. Most city ordinances have laws against parking on sidewalks and blocking private entranceways and driveways. So, you both could be in trouble but the car blocking the driveway will be cited with stiffer fines.

Note that most states have some form of comparative negligence in analyzing cases like this. It is likely that the vehicle blocking the driveway would be assigned some level of negligence for blocking the driveway. However, it is probable that the majority (if not all) of the negligence would be assigned to the person backing out of the driveway, because his vehicle was in motion and he is supposed to be aware of its direction and speed of travel and any potential hazards it may encounter in its path. If I had to make a guess, negligence might be assigned 90/10 or 80/20. Depending on the jurisdictions form of comparative negligence, any damages would be split accordingly.

Can you sue for wrongful arrest in Indiana?

Anyone can sue for wrongful arrest anywhere including Indiana. It is best to get an attorney that has been successful in the past with these types of cases.

What happens when you pay off a judgment?

Generally, the judgment holder will give back a document of some sort that gets recorded in the same office as the judgment was recorded. In NJ the document is called a Warrant of Satisfaction. It acknowledges that the judgment has been paid in full and been satisfied and that the judgment may now be removed as a lien. In other states the name of the document may be different, but the process is generally the same.

In North Carolina if you have cosigned for an auto loan and the loan is in default and the auto is damaged is the cosigner responsible for the damage?

No - just the loan. BUT! The seller may repossess and sell the damaged car for $500.00 to apply to the loan rather than maybe $2000.00. So it's about the same anyway. You lose.

How many points is a phone on your credit?

You do not get point for your phone. It may be best to get a good understanding how the credit score system works.vI like Phil Turner's Credit Bible for information on increasing your credit score but here is some information for you. Here is an excert: Paying a collection account can actually reduce your credit score, here's why: The credit scoring software looks at the date of last activity on the credit report to determine what effect it will have on the credit score. Collection agencies will update your credit report to say "Paid Collection" whenever you pay a collection. This will in turn make the date of last activity current and the credit scoring software sees it as recent collection activity and lowers your score as a result. This is a flaw in the scoring software that is unfair but it is something you have to work around when trying to maximize your score. The best way to handle this problem is to contact the collection agency and tell them that you are willing to pay but you want a letter from them stating that they will delete the account if you pay it. Some collection agencies will do this, some will not, but getting the account completely deleted will increase your score and is definitely worth the effort. Past Dues destroy a credit score. If you look on your delinquent accounts showing on your credit report you will see a column called "PAST DUE". If you see an amount in this column I suggest paying the creditor the amount that shows. Credit scoring software penalizes you for having accounts with an amount in the past due column. Paying a charge-off or a lien won't help or hurt unless it occurred within the past 24 months. Charge offs and Liens do severely effect the credit score, but after the charge off or lien is more than two years old paying it will not effect the score dramatically. If you have limited funds available I suggest using it to pay past due balances first, then pay collection agencies that agree to delete if you pay them. Below is a way of interpreting your credit score. Given the current credit score stats, how does this relate to your own personal score? Generally, if your score is higher than 660, you will be considered a good credit risk. If your score is below 620, then you might have a tougher time getting a loan. The following ratings explain the impact of the different score ranges: * 720-850 - Excellent - This represents the best score range and best financing terms. * 700-719 - Very Good - Qualifies a person for favorable financing. * 675-699 - Average - A score in this range will usually qualify for most loans. * 620-674 - Sub-prime - May still qualify, but will pay higher interest. * 560-619 - Risky - Will have trouble obtaining a loan. * 500-559 - Very Risky - Need to work on improving your rating. If you want to learn more about credit scores and how to improve yours: Take a look at Phil Turner's Credit Bible. You should find valuable information on fixing and improving your credit.

To get back an impounded car how much will it cost?

It's highly variable. You'll need to pay towing and storage, and depending on why the car was impounded you might have to clear that up as well. Your best bet is to call the number you were given on the notice that your car had been impounded and ask. If you haven't received notice yet (maybe you noticed the car was missing and called the police, and that's how you found out it was impounded rather than stolen), then the police should have given you a number to call; call that.

What action can a lender take after a car is repossessed against the borrower?

After the sale of the vehicle if there is a difficency balance the lender can file a judgment for the difference. Depending on the jurisdiction of the judgment the process used to try to collect on the judgment varies. First you must determine what assets the person has if any, and then that will determine your course of action.

If the person has no assets then you're just wasting time and money although they may obtain assets in the future. In some jurisdictions you must renew a lien or judgment every two years.

How much would it hurt your credit if the car you co-signed for gets repossessed?

Just the same as if it was your car repossessed. Legally, you hold the same liability as the primary buyer.

If my credit is bad can I get a car loan with money down or a cosigner with bad credit?

You CAN get a decent car loan, even with bad credit. I've done it, but you'll have to look around. That's one of the BIG mistakes people make...just taking the first offer that's given to them when they go to the dealer. Be smarter than that.

WARNING: DON'T GO TO BUY A CAR WITHOUT HAVING THE LOAN FIRST. The auto dealers will eat you alive and give you a crappy rate. Shop around with lenders who specialize in bad credit car loans. It's a better option, you don't have to take what they're offering if you don't want it, and it's better than dealing with the car dealer's people.

There are usually some nationally based car loan companies who specialize in bad credit car loans.

What is a good for payment check?

Hello,

This is G.N.Raju from vizag, Andhra Pradesh. Good for Payment check is a 100% legal.

I'm going to write one letter format in this forum, Cheque(with banker signature and stamp) and one bank letter head(which format i was write in below) these two things are enough. You can get the good payment from it.

(ON THE LETTER HEAD OF THE BANK)/ BRANCH LEVEL- VERIFICATION

TO WHOMESOEVER IT MAY CONCERN

Date:

Ref No:

Dear Sir,

Sub: Undertaking towards Customer Cheque No: ________that it would be honored on its due date in the A/c XXXXX.

This is to confirm that M/s ____________________________________having current a/c No: _______________________with our bank branch is in the privilege customer category.

As per the request of our customer M/s YYY, we are issuing the undertaking along with the customer Cheque No: _______________Dated: ______for an amount of Rs X, 00, 00, 000 (_____________ Crores Only) issued in your favour.

The mentioned Cheque will be honored on the mentioned due date irrevocably & unconditionally on presentation to our Bank branch with full responsibility and co-operation and without any notice to the customer.

We do confirm not to honour the instructions of our customer _____________ to stop pay against the above cheque and we confirm that this conformation is in full force till the realization of the above cheque can not be revoked under any circumstances by our customer.

We hereby confirm to facilitate the verification of Cheque No:______________________________& this letter through __________(Bank Name).

Phone : +91-

Fax : +91-

Thanking you,

Yours faithfully

Signature

Manager / Assistant Manager

Emp Code : Emp Code :

BANK Seal

Who is responsible for a leased vehicle when the person dies?

Logic would tell me the person that is in charge of the dead person's estate. On the other hand it would be a real good idea to read the contract with the lease company first, sometimes when the lease contract is made their is an insurance policy built into it. You might also want to look at the dead person's auto insurance policy to see if there is anything about what happens when the owner of the policy passes away. Does the person who passed away-did they have a life insurance policy. It might be easier to hire a estate lawyer to do this, and to ask them all your questions.

Can a lease be broken for marriage?

If you mean a car lease, no.

If you mean an apartment or house lease ... probably not, but you'd need to check the terms of your specific lease to see what it says. Also, you could at least try asking your landlord ... they may be willing to let you out of the lease early. Landlords in places where demand is pretty much constant are more likely to let you out of a lease than landlords in places where demand is highly cyclical (college towns, some vacation spots). Unless you just happen to be getting married during the high demand period when the landlord thinks they'll have no trouble re-renting the place.

Finally, most lease contracts are for a specific period of time, but after that it's fairly common for them to go on a month-to-month basis, meaning that after you've been there for a year you may not be required to give the landlord more than 30 days notice. Again, it depends on the specific terms of your lease.

How long do you have to wait until you can get another car after repossession?

It usually depends on a used car companys policy but most will go ahead and let you apply on line for another vehicle right away.

How does letting a car go back to the lienholder affect your credit?

It is a blackmark on you credit for a number of reasons. Each month that the loan is in force there is a record listed to the credit bureaus for each payment made on time or late. So if the car is going back to the leinholder there is generally late payments that will significantly affect your credit rating. Also once a loan is listed as a voluntary repossession as in this case it will show the negative information as well as a balance that is still owed. This is very important to know. The bank (lender) will more then likely sell the car at auction after they take it back. So say your loan is still for 10,000 and the bank sells the car for 7,000. You are still responsible for the 3,000 and they will come after you to collect that even though you no longer have the car. All of that will also be reflected on your credit reports assuming that they report to the three major credit reporting agencies.

Car was awarded in the divorce lost title. Must I apply for a duplicate Will the dmv remove the ex-husband's name will he have to sign the form to obtain the dup title or will the dmv just issue?

Most likely the DMV will issue the registration in your name, just show th divorce decree and that should be enough.Bring all substantiating paperwork. This link may help if you are in California ,http://www.dmvsmart.com/california/changes-license.html

What are car door panels made of?

Car door panels may be made of a number of different materials. Most of these panels are made from metal or plastics.

You owe money on a repossessed car but the car was refinanced to someone else do you still owe?

I believe you would owe the difference. If you owed 10,000 on the vehicle and it was repossessed and someone else bought it for 8,000 you would owe 2,000.

What is a car rim?

The outer edges of the wheel. The wheel is what the tire is mounted onto.