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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
If you pay finance on a car but the car is not in your name who has the rights to the car?
The person who the car is registered with. You are paying for a car you don't own.
When can a lender repossess your car?
Each lender will have different time periods they will allow before they send out an order for repossession, and their terms will usually be stated in the contract which you signed for your automobile loan. Technically, they could send out an order for repossession the moment you're declared delinquent on a payment, but most will usually wait at least a month before they take this course of action.
What if you stop paying for your car lease?
They Will reposes it and sell it them make you pay the difference any way.
Can they repo your car for being 1 month behind?
Apparently they can my car was repo'd yesturday after being late 1 month
How long does a loan company have to repossess your car in Maryland?
Legally, your car could be reposessed after one missed payment. The terms of your contract cover default. Most will not repo your car after just one missed payment, but they could. I would certainly suggest attempting to work something out with the bank.
What is the process after your car is reprocessed?
1. They hold the car at some repo lot or other storage lot until they hold a car auction to sell it off.
2. Once the car is sold, the proceeds from the sale are applied to the balance of the car loan. Most of the time, they will not be enough to pay off the car loan, and you will then legally owe a deficiency balance. Oftentimes storage fees and auction fees are also tacked on to the deficiency balance.
3. The auto lender can now go after you for the deficiency balance, initiating any and all collection activities all the way up to a lawsuit. Once they start a lawsuit, they can get a judgment a few months later and start attaching your bank accounts, garnish your wages, etc.
If your vehicle has been repossesed then your best option is to no longer make payments until this vehicle has been resold; which takes place through an auction.
Once vehicle is sold you will receive a final bill for the remaining amount that was left over. The final stage of this process is to settle for 30% or less on the remaining balance.
Can a repo man enter a vehicle before verifying the vin?
No. because not verifying the vin could lead to a misrepo of another vehicle for which the repo company would be sued.
Can a used car lot take you to court for non payment in Texas?
If you have bought a car from them, signed an agreement and have not paid then yes they can.
Yes, it is a civil matter.
Who owns the car is a matter of the contract between the purchaser and your finance company.
The whole concept of "repossessing" is shaky, as in theory, they should civilly sue the purchaser for breach of contract. However, by taking the car by stealth or bluff, they put the burden on the purchaser to sue them for breach of contract.
However, in your case, the unbelievable happened. Your company failed to secure the car after having got it back. It is difficult to feel sympathy, as it was your company's error.
You may sue him for it back, which will mean the very civil suit you sought to avoid before. Or you may try again. If you do, try and hide the car next time, or transport it to it's terminal destination at once.
If you cosign for a mobile home are you liable for lot rent?
If you have co-signed as a tenant on the lot then yes you are.
Reasons for starting your own business?
The main reason to start a business is freedom, financial and temporal freedom, period.
1. Freedom to do what you like most.
2. Freedom to work whenever you like.
3. Freedom to work from wherever you are.
That's for people who are employed and want to leave their jobs.
For the ones having not enough money for their living and not being able to find adequate jobs it might be a sheer necessity.
Is it theft if a friend doesn't return your borrowed car?
That depends on how long it has been in their possesion and whether the car was yours or a rental. If it was a rental you had no right to give your friend the car. If it was your car and your friend has been in possesion for it longer than you expected, then yes, it is theft.
Are lenders required to notify borrowers of intent to foreclose before filing in court?
In some states, legal procedures regarding mortgages do require lenders to inform borrowers of the intent to foreclosure. And if the bank is required to follow the FHA preforeclosure process, they must attempt to work with homeowners before foreclosing.
Other jurisdictions, though, allow the bank to file the foreclosure lawsuit and let the filing of the suit and its delivery to the borrowers serve as notice. From the time the foreclosure lawsuit is filed, owners have a period of time to answer the complaint.
How do you get your car out of impound if it was repossessed?
Pay the company for the car, like you should have during the time you had it.
Pay off a repossession does it get removed from your credit report?
Paying off a repossession will not generally get it removed from your credit report. If you have a good faith basis for disputing the deficiency on your credit report, you should do that. Many consumers have very good arguments as to why they do not owe the deficiency they are being charged by lenders. In addition to disputing the deficiency on your credit report, you want to be sure to defend any deficiency action brought against you by a creditor. Do not default on these lawsuits. When faced with a competent defense, most creditors, debt buyers in particular, cannot prove their case against you. Winning the case is court certainly goes a long ways toward providing you with a sound basis to dispute the alleged debt on your credit report.
Can you sell your car if you still have finance owing on it?
i doubt it
No, you must pay it off and get the title first
