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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

How long does car ins have to pay a claim on burned vehicle?

The insurance company will run an investigation as to its cause, particularly since they do not want to pay for a vehicle that someone has burned the car to fraudulently avoid paying for the car or who is in the midst of repossession.

What is the difference between absolute auction and confirmation auction?

In an absolute auction, the highest bid wins the item or real estate, there is no minimum bid requirement. In a confirmation auction the highest bid has to be confirmed/approved by the owner or bank, sometimes also referred to as a reserve price.

Should homeowner pay for tree crushing car?

A home owner is responsible for damages caused by trees growing on his property, even if they fall outside his property line.

Is muthoot finance is recogniged company by RBI?

Muthoot Finance Limited is a Non Banking Finance Company functioning under licence from the Reserve Bank of India.

Can a person take over payments on a RV?

Yes, there are several ways to do this you can assume the payments after qualifying with the current note holder on the RV. You can also look to buy with seller financing from an owner that owns the RV outright and has Title to the vehicle. Some owners will use a Payment guarantee company to help service and manage the RV for them.

When does repossession become theft?

I'm a bit confused by your question. However, I will hazard this as an answer. If you have honored your obligation to the lienholder of said vehicle and paid the loan in full and then it was repo'd, I would think that would be the only way it could be labeled a "theft". Good luck!

Is it legal to make a stop payment to a check?

It depends:

1. Yes it is Illegal if - you owe someone money and used the check to pay them for that. If you issue a stop payment the check will not be paid and the person to whom you issued this check can legally sue you for that

2. No it is not Illegal if - you have lost the check and want to ensure that whoever finds it cannot cash it without your approval

Can a storage company auction off your stuff?

Yes, if you do not pay your storage bill, they will place a lien on your stuff and auction it. They are required to auction because it is more likely to bring fair market value. If they auction your stuff and it brings in more money than you owe, they are supposed to write you a check for the remainder.

Can a repossession man take your car with you in the car?

No... That would be very dangerous plus you can steal the car by braking. (or starting the car.) You have to get a taxi.

What happens to auction cars that are not sold?

They can renew their auction any time they want...Untill they have a final bidder who will win the car!

Can you a sue a title company if they did not give clear title. They are willing to pay up to the coverage limit but the actual damages asre twice that amount. It's a catch-22 for me?

The policy limit is the policy limit. You paid for an insurance policy based on the amount you paid for the property. As far as I remember, Owner's Policy's are never issued for more than the amount of the contract price paid for the property.

If the owner was not involved can the police have a hold on an impounded vehicle?

Yes, if your car is related in an accident or crime it can be impounded for being part of it.

Can a mechanic repossess your car in Texas?

Yes a Auto Mechanic can repo your car in Texas. Just call a Repo company, they will give you a form to fill out called "Letter of Authorization". You send the "letter of Authorization" form to the repo company along with a signed work order that Mr. Customer should of signed when they dropped off the vehicle approving you to work on there vehicle. I use the old school basic work orders to check a customer/vehicle in and have them sign it. I also made my own "Letter of Promise" forms that I have them fill out if I agree to give them a credit line (which I try to avoid), just for extra measure. Thats all there is to it. Then if they write you a insufficient check, or agree to "pay you later ;);), and fail to follow through,, just send the paper work to the repo company with a check (usually cost $250-$400 depending on geographical area and location of vehicle),, a good repo company will have the vehicle the next day. Then you charge the customer for the repo fee and add yourself some administration fees, pain and suffering fees, mental anguish fees, dont think i'm rich just because I own a business fees...you get the idea..plus what they owed on the bill or bad check. Most important thing... make every customer sign a work order.

How much would a jet plane will cost?

Entirely dependent on the "jet". The latest military jets can cost in excess of a billion dollars but a small private jet (new) wouldn't cost much more than several tens of millions of pounds.

Can you stop payment on a check that is clearing the same day?

It Depends:

Yes - If the check has just reached the bank and the banks is still processing the payment. If so, you can issue a stop payment and the bank will not pay for the check

No - If the bank has already processed the check and released the payment to the payee customers bank account.

Can my car be repoed because I don't have driver license?

No. Repo (or repossession) occurs only when payments are not made on a car loan, or if a collateral conversion is done by a lender with whom you have another unpaid loan, or if the courts permit a collateral conversion in the event of an unpaid judgment.

How do you find the owner and address of a car if you only have a video?

Presumably you mean a video of the vehicle. If the video shows the registration or any other unique characteristic of the vehicle then it may be possible, otherwise you cannot

Why is a pink slip called a pink slip?

Disclaimer: Using Analysis of history and my understand if it I came up with this. In short this is my best guess.

The slip was most likely printed in triplicate (1 for the IRS, 1 for the employer and 1 for the employee). The original was white, second copy was yellow and the employee copy was pink (should of been sky-blue for a calming effect).

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