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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 vehicle be taken in Kentucky without warning if you are one payment late?
If you financed the car at one of those ripoff buy here pay here lots they can and usually will. Sorry.
Can a repo man come in your unlocked fence yard and repo your car in the backyard?
yes they are allowed on your property hide it in the garage if you have one
Who do I report location of a vehicle that is up for recovery and do they offer finders fee?
at the mind your own businnes,dude get a life,there is no such a thing as offer finders fee!!!! bah.
Can you go to jail for defaulting a title loan on a 1st payment default?
No, you can not go to jail for nonpayment of student loans. You can have your wages garnished and tax refund check withheld though.
There are only 2 ways to get out of default on your Federally Guaranteed student loans.
- Contact your collection company or student loan servicer and request to enter the rehabilitation program. Most people qualify, but I have seen some refused when the default is over 10 years old. In the rehabilitation program, you will need to make 9-12 on-time payments in addition to your garnishment. After the 9-12 on-time payments, they should stop the garnishment, but you will stay in a default status until your Rehabed loans are sold to a new lender. In the past, that was an easy process, but in these turbulent financial times, other lenders are not buying rehabed loans. So, with this option your loans will stay in a Default status for the forseeable future.
- The second way you can get out of default and have your garnishment lifted is to consolidate your loans. These days very few Federal lenders will consolidate defaulted loans and your lender will probably not release the loan for consolidation while in a garnishment stage. The good news is, there are a few companies out there that will help you get a garnishment lifted and find a Federal lender to consolidate the loans. One good example is Default Management Services, Inc. They are the cheapest I have seen and give a 100% money back guarantee on their services. You can Google the company name to get the phone #. Ask for Doug.
Can they come on private property and repossess your car in Kentucky?
Yes they can even though it is on your private propery since you have no longer been making the payments the bank owns it and it is their property and they have the right to retrieve it
Can an employer garnish wages for a debt owed to the employer?
No. Wages can only be garnished in very few situations and by the government-like for back child support. He would have to have a court order to garnish your wages for anything. else. The article below explains the instances in which wage garnishment is allowed more specifically.
What can you do if lender doesn't repo vehicle when you are in default?
Keep driving it. Keep it insured. Maybe someday they will figure it out; so make sure you have an alternate means of transportation. I have a car that was "repossessed " in 2004. Still have it. Just want to get rid of it now. That is a REAL question.
Is there any recourse a cosigner has against the borrower of a defaulted loan?
No, there is no legal recourse that i know of, but I do know of a way to help yourself if the loans are Federally Guaranteed student loans. Have the borrower consolidate the loans without you being a cosigner. Then, the previous loans will be paid off, and a new loan will be made. If you need help getting the defaulted loans consolidated, contact Default Management Services. Google the company name for a phone #. Ask for Doug, he is very knowledgeable.
What if my car was in the tow yard and the bank repossessed?
Then you don't have a car anymore. The bank will resell it and may in addition hold you responsible for the difference between the proceeds (or the fair market value, whichever is higher... they're not allowed to sell it to an officer of the bank for a dollar, for instance) and what you still owed on the car. They can also add in the repossession fees (towing, impound/storage fees, and so forth). If they sell it for more than you owed plus the fees, then you won't be charged for it but you also won't get the excess; they get to keep that. In many places you have the legal right to recover any belongings of yours that were in the car at the time (this normally doesn't apply to items which are considered part of the car, such as high-performance replacement parts) ... at least in theory. In practice, if anything turns up missing, the burden will be on you to prove the missing items were actually there ("No, Your Honor, I swear, I had five ninety-pound gold ingots in the trunk!") when the car was repossessed.
Unless the creditor agrees to it, which is not likely, you probably can't. That's the whole point of cosigning: it's not you saying "yeah, my friend is a great guy, you should give him a loan", it's you saying "my friend will repay the loan and if he doesn't then I will do it for him." Since in this case your friend is clearly already not repaying the loan, why on Earth would the bank just let you off the hook? Answer: they won't. Anytime you cosign a loan, you need to realize that you're taking the risk of having to pay off the loan yourself.
You will probably have to tell the creditor that you will not, or are unable to, pay the debt and that they will have to repossess the vehicle. It will probably reflect on your credit rating, however.
That said, there's no harm in contacting the creditor to inquire. The worst that can happen is that they say 'no', which leaves you in the position you're already in, no better, but no worse. (It might potentially get them to speed up repossession proceedings as well: "Hey, the guy who vouched for this deadbeat doesn't trust him anymore either, we need to get our property back as soon as possible.")
You do have a couple of other options:
- If you can afford to pay off the loan entirely, you could do that and have your friend owe you rather than the bank. Since the original loan no longer exists, you're no longer a cosigner. It won't completely fix the damage that's already been done, but paid off loans look a lot better on your credit report than outstanding ones that are consistently late/missed or a repossession. The disadvantage is that your deadbeat friend is not likely to be any better at paying you than they were at paying the bank, so you're pretty much going to be out that money.
- If you can't afford to pay off the loan entirely but can afford to make the payments yourself, start doing that and have the other person pay you instead of sending the payments to the bank themselves. Again, you may be out the money (at least temporarily) if they don't pay you on time, but at least the late payments won't be showing up on your credit report.
- If you can't afford even to make the payments, you might see if you can find some other bank that's willing to refinance the loan without you as a cosigner. If you can (admittedly not terribly likely), it will probably be on horrible terms, and your friend will likely end up defaulting and losing the car anyway, but at least the existing loan will be paid off and the repossession won't go on YOUR credit.
- If all else fails, have your friend do a voluntary repossession (contact the bank and make arrangements to take the car to them and hand over the keys) rather than having the bank send someone to come and get it. He and/or you will probably wind up having to pay off the difference between the amount owed and the fair market value of the car. This is not a great option, but it's slightly better than having the bank repo the car themselves (in which case the difference between the amount owed and the fair market value will still have to be repaid, plus the amount charged by the repo company will also have to be paid). Your friend loses the car, but that was going to happen sooner or later anyway.
Is concealing a car from repossession a felony in Georgia?
is concealing a car from repossession a felony in georgia?
Can you sell the engine out of a car that is going to be repossessed?
No, you must surrender the vehicle in the condition you received it in.
A man pushes a car up to a hotel and tells the owner he's bankrupt what is going on?
He is playing Monopoly
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What happens if car dealership files bankruptcy how do you pay for vehicle?
If a car dealership files for bankruptcy, someone will purchase the accounts receivable as part of the bankruptcy settlement. That person or company should contact you and tell you where to make payments.
Can a creditor garnish wages after the statute of limitations has pasted?
Usually, after the time the statue of limitations has passed, it is too late to garnish wages. However, there are exceptions. It will depend on the specific law of the specific jurisdiction covering the specific situation.
What if your cosigner of car and car is totaled?
Lenders require a financed vehicle to have full coverage. However, many times it slips through the cracks and a person who has poor credit (who needed a co-signer) will allow the insurance to lapse. A co-signer should always make certain the car is insured against loss. If the car is involved in an accident and is not insured the co-signer is fully responsible for paying the loan.
This is a common problem with cars, people with poor credit and co-signers who fail to get informed regarding their responsibility and liability before signing. It is rare that the primary borrower will pay off the loan for a wrecked car.
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