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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

Can a repo man come into your garage with the door down to take a car?

No, not legally. However, if the door is up, and the vehicle is clearly visible, many repo drivers will reach in to hook the vehicle and drag it out before hooking it; this is a gray area. Entering to secure a unit without permission is trespass at minimum and could be construed ans illegal entry or breaking and entering (if damage occured to the structure).

If there is an attempt to repossess and you decide to keep the vehicle can they legally charge the customer for the repossession fee?

In most states, yes. Provided the repossession company made a good faith effort to secure the unit, especially if their efforts motivated the borrower to make good on the bad debt.

How long does a loan company have to put a garnishment on your bank acct for a reposession?

They can begin the garnishment when they have court order. It won't end until they get all the money owed, you settle the debt with a buyout agreement or it is included in a bankruptcy.

Can a loan company file a judgment in Texas?

Any creditor who is owed money and for whom the contract has not been honored by the borrower can file for a judgment in Texas and every other state of the US. Whether or not the creditor will receive that judgment is a matter up to the courts, however the judgment typically goes in favor of the creditor.

Can a car repo prevent from buying a house?

Any repossession negatively affects your credit rating. Negatively affected credit ratings will affect your ability to obtain loans, typically in a negative way.

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).

What if your car got reposed and you filed bankruptcy do i have to pay storage charges to the repo company?

Typically, when a car is reposed the financing company is responsible for all fees incurred in repossessing your vehicle. If you added the reposed vehicle in your bankruptcy and it was discharged with your other debts, you owe nothing to the bank or any of its' subcontractors. It is the financing company's responsibility only to pay its clients. If the repo. company is harassing you for the storage charges they are out of line. They must seek restitution from the financing company only. If they continue to call and pursue, call your local attorney general and state government banking association to file a complaint against the repo company and the bank. After a bankruptcy is discharged it is illegal for a creditor to call you for any financial restitution of a federally discharged debt.

What happens to your credit if you give your house back to the bank?

The bank will put up the house for auction and recover the money loaned to you. Residual balance of the liability, if any, standing against your name post auction will be returned to you.

Can you stop paying on a auto loan because your vehicle has mechanical problems?

The answer to that is no. They can still take the car if you don't make the payments or keep it insured. The best bet is to call the lender andlet them know you're going to be late on your payments. Lenders would rather use repossession as a last resort.

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

Can you sue car company if you have recall?

In most situations, unless you and prove damages, and prove the company acted negligently and caused these damages willfully, you can not sue.

Can a lender report repossession of a discharged auto?

If they repossessed it as part of the bankruptcy (and you didn't get it back), probably yes. However, the bankruptcy itself is a bigger black mark than the repo, especially since it can stay on your credit report longer (up to 10 years after filing, though some bureaus remove Chapter 13 after 7 years; repos only stay for 7 years).

How do you know if you have a bank lien?

Go to your states court website and do a public records check, in order for someone to put a lien on your accounts they must have first been awarded a money judgment against you and once it is obtain they can enforce it.