answersLogoWhite

0

💰

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 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.

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.

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.

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.

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.

You work for a finance company that reposseses a car that was in default of the agreement this morning The customer then came and stole the car back you called the police but told that it was civil?

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.

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.

Can a repossession agent call the police?

Thay can, and in many jurisdictions it is required before repossession is performed. In others it is only necessary to notify police within 24 hours of recovery.

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.

What is the peace keeping role of police called?

police main role to protect of peoples life dignity,to investigate crime and prevent crime and main function is enforce the law or implement the law

Can someone go to jail or be charged if you dont turn in your car if its in the repo process?

In most cases no, it is a civil matter between you and the bank. They have to serve you then have a sherriff come out to get the vehicle. Duck the process server, and your in the clear. They have to go through a lengthy legal process to get to the point where they can arrest you. If you catch the repo man in the act, he has to drop it by law no matter what bullcrap line he gives you, he must drop it, so if you catch him, call the police fast and say someone is in the process of stealing your car so they respond fast, then get in your car and hold the brake or whatever it takes to keep the car on your property. When the cops come, they will send the repo man packing, but he will be back. I am a former repo man so take what I say as fact. Remember, repo men lie their asses off and say you will go to jail and etc... they will say anything to get the car cause they dont get paid if they don't get it. If you buy a car from a dealership and they "roll" you the car before the deal is funded by the bank and then they can't get it funded and wan't you to bring it back and you run, they can report it stolen, because technically, it is still their car. I hope this helps somebody keep their car a little longer till they get back on their feet.

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.

Trending Questions
I am a private party that sold a car to an individual. After 3 days he returned the car because he said he couldn't afford the repairs. He stated he had 72 hours to change his mind. Is this correct? When were breach loading guns introduced? When a car is purchased from a private seller and it develops faults soon after purchase can the car be returned to seller? Where does Carly Patterson live? If your car is charged off how should you handle it if you don't have the money? What happens if a dealer goes out of business and the buyer still does not have the title and can not contact the dealer? Does a Police car have a video camera recording in it? How do you prove that you own your Home? What do you do when some dies with a will and small estate and there is a balance on a car loan? How can the cosigner be soley responsible for a repossesion of a car? How do you become a licensed adjuster in TX? Is it harder to buy a car or a house? If your property has a gate and it is secured can a repo person enter to retrieve a car? Can a car be repossessed AFTER chapter 13 filing in Missouri? If your car was repossessed and then you paid it in full how can you get the credit report to reflect it as paid instead of a charge off? How much money do you owe if you received a 1099-Misc form and were compensated 3000 in 2008? Can a loan company file a judgment in Texas? Can a repo take my car out of my garage? How much faster is a jet than a plane? How can you get a refund on a moneygram money order that I sent for payment and it was sent back to me because of over payment?