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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 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.
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.
What do you do when you cant fix your car and you still owe on a loan?
You still pay the car note and enjoy the lawn decoration
Is it legal to go onto private property to repossess a car?
No, they are allowed to come and take it away.
Can you legally open a security gate on private property to repossess a car?
It is against state law to open a locked gate.
How long before repo or finance company gives up and just writes it off?
If you don't pay for the car it has a lien on it, and can never be sold. You may not be able to get new tags for it if it is flagged.
If you cosign for someone and they dont pay?
Co-signing is never a good idea, you are totally liable if they do not pay. If the property is repossessed the repossession will go on your credit records and you will be sued for any deficency in the loan. This means you will pay everything that the other party did not pay.
Very simply - a co-signer of a loan is responsible for absolutely everything as the "other" signer) who may be called primary signer). No difference.
EXCEPT that the cosigner frequently does NOT have possession or legal control of any property involved in the loan, so using it (say selling it) to pay for the loan can be much more difficult, if not impossible.
So whatever the responsibility, or recourse, (legal or financial) is for whatever action or lack of action required under the loan (and frequently under law too as many times you are considered the owner of any property connected with the loan), you are subject to also.
In theory, yes, but it would be expensive for him to do it. Depends how much you owe and how bad they want it.
Which cars are long lasting diesel cars or petrol cars?
Cars that run diesel are long lasting than petrol cars.
Can they come on state property and repossess your car?
When you signed the contract to buy "your" car, you are also giving written permission for an agent to enter your private property and take back the bank's car. Read before you sign!
What to do if someone doesnt pay their loan?
Ha, I'm having the same problem. What I've done so far is get their email and tel. number and bug them every other day lol. Bug everyone in their company if you have to
What should you have in your car if you get stuck in the car?
You should have a few things in your car. Water and some kind of energy bar is always good, just make sure whatever food you decide on can be eaten cold, warm, and make sure it can't go bad. if you live in a cold climate, or have harsh winters, blankets are a necessity. snow chains or tyre mats are good too, but tyre mats can be improvised by using the floor mats. Tyre mats are useful if your car has little to no traction, which is most likely why you are stuck in the first place. First aid kit is useful in a crash, and flashlights are an excellent idea. hope this helps!
Can they come to your work place to reposses your car and if the car is not with you?
If you don't make your payments, the lien holder has right to take the car any time.
How can you locate your repossessed car?
Your car was probably repossessed by the lender who owns the car until you pay for it.
Call your lender and they will be able to tell you how to locate your repossessed car.
It usually depends upon the repossession company who repo'd the vehicle. In most states, the repossessor has the right to charge a daily fee for storage of personal property so the sooner you can pick it up, the less you will have to pay.
What if you are a co signer on a house that is in foreclosure?
The lender can go after you for any deficiencies and the foreclosure will be reported on your credit record. As a co-signer you are equally responsible for paying the mortgage.
Can estate take car away from buyer if co-buyer dies?
No. Not if both names were on the Certificate of Title. The surviving co-owner would own the car.
