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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 long do judgments remain on credit report in South Africa?

Three (3) years.

It is possible for one to retain the services of an attorney to remove the judgment from the credit records, however, the individual will need to prove that they did not owe the money in the first place. Any other circumstance (including paying the debt) will guarantee that the judgment will remain for the entire three (3) years.

If a couple cosigned on a car loan and they break up - who is the vehicle owner?

I am afraid if ownership is given in joint names. Even if it is so, once the couple break up , each has their proportionate ownership. This is my only logical answer and not in legal terms.

In the movie The Marine in what year was the police car made?

I think its a 2002, but it has an ls1 motor in it. 2002 SS Camaro's were stock with ls2 motors. ls1's were in the 2001 Camaro's not 2002's. so I'm not exactly sure, but I'm pretty positive it's an 02.

Can your dad cosign for auto loan?

Yes, if he's willing and his credit will support it. But don't let Dad down . It's a one-time thing if you default on the payments.

Can car payments be taken over when someone dies?

Best way to do this is to talk to the place that holds the note on the car. They will usually work out something. If someone has power of attorney it would help out. They could just simply do a take over payments on the books.

Who does Canada owe money to?

We would owe nothing if if we never signed free-trade with the Americans and if we taxed corporations, illiminated tax breaks on advertising we would be able to buy the USA like China is doing.

What not to do if car gets stolen?

1st don't freak out 2nd Call on-star or the police give them your license plate number and wait

If you make partial payments can you still be foreclosed?

Typically yes, failure to make the payment required as specified in the mortgage note is usually written in as a default.

You recently bought a car from a friend and I just found out she has lienholder on it at a title loan place what can i do?

1st shes not a good friend and you learned something.

You would have to get "her" to get the release from whatever place has the lien on it and if theres any money owed on it then it would have to be paid first of course. you could possibly be using a car that she hasn't made any of the payments on and the loan place is now looking for!! I wish you luck and lots of it.. sad about that kind of friend too

Can you buy a car that is repo from a friend?

Provided the lender still holds the lien on the vehicle, it will still be repossessed and you will find you have a problem with a former friend.

What is a final balloon payment on a car payment?

A "balloon payment" is a final, usually quite large, payment on a loan. Essentially what you're doing in such a loan is taking a (slightly) smaller monthly payment in exchange for having to come up with a large lump sum of cash at the end.

Generally speaking these aren't such a good idea for a typical borrower. The question to ask is "If I don't have the balloon payment sitting in my account right now, what reason do I have to think I will have it when it comes due?" If you can think of a very good reason (such as "By the time the balloon payment comes due my house will have sold/my bonds will have matured/I can use the money from my Certificates of Deposit without the Substantial Penalty for Early Withdrawal") then maybe the balloon payment loan does make sense. Otherwise you're probably better off avoiding them.

How long can a bank hold title after you pay an auto off?

I've heard that many banks will hold title for up to 30 days until checks and/or credit cards clear. Apparently, Credit Cards can be disputed up to 30-90 days, so they get nervous about taking credit cards for payment and having you come back and challenge the charge. If you pay off in cash or cashiers checks, they are supposed to release the title quickly (5 working days I think).

What happened to the Saturn car dealerships?

Well I feel sorry for the owners of the dealerships but not really. Terrible products sold by a "fair" dealership with an overlay of hype. Again American mentality focusing on the next quarter results. Maybe OK for shareholder returns but no way to run a long term business. Did GM EVER have a long term plan?

Product: How many names has GM had for its products over the last 30 year - 300 maybe - can anyone relate to any of them? Look at the truly successful brands like Toyoto or Honda. In 1969 I bought a Corrola Sprinter, in 1976 I bought a Honda Civic. I can still buy these same brands today and KNOW that they have been improved in longevity, performance and in every way and I know I will be able to totally depend on the vehicle. Look at GM - Cavalier with offshoots for Pontiac, Buick, Oldsmobile with only badging and interior choices of fabric to tell one from another. What they all had in common were antiquitated engines, poor transmissions that soaked up 20% of the engines power, horrific assembly quality, the cheapest of cheapest interior materials that wore off within 2 years of owning the car.

I remember buying a Chevy Beretta with a 5 speed trans and a V-6 engine and being trounced at a stop light with a 2.2 liter Honda Accord with an automatic transmission and then having the door panel fall off the car in the first 6 months. Oh and don't forget the door hinge recall that if you didn't have them replaced the door hinge pin would snap and your door would fall off. After years of repeated problems like this GM/Chrysler and to some degree Ford just never learned their lesson and expected us to accept it. I wish GM would have just gone away - look at their new ads - same old baloney based on "the(false) deal" and hype. Get $10k off a new Siverado - obviously its $12 over priced.

From fooled too many times - so I have moved to another American made car-Ford

If you are gifted a car in a will that is not paid for how long does the estate legally have to give you to pay off lien?

If you inherit a car that is subject to an outstanding car loan you need to keep up the payments with the LENDER according to the terms of the original loan. If you default on the loan payments the loan company can repossess the car.

Where are cars are kept?

I keep mine in my driveway. Other have garages, warehouses, parking garages, the side of the highway, etc;

What does reserve off mean in a car auction?

The sellers have the option of placing a protective price on the car. If the bidding doesn't reach that price, they are under no obligation to sell the car.

What do you call the person who repairs your car?

The person who repairs your car is called a mechanic.
machinate

Why is it important to make payments on time?

If you fall behind on payments you may often receive late charges.

Is Car insurance required if you have no car?

No, it isn't usually required. But when you buy a car you have to do an insurance first. So that you can't face any problem in future. Nowadays, there are so many insurance companies available like mymoneycomparison.com. But you have to choose the best one who provides you best policy based on your personal circumstances & budget. Thanks.

You have just been told you are going to made redundant from 01 Jan 2010 you have recently bought a car in September on finance and your 3rd payment of 36 will be made this month can you send it back?

Generally the news is bad: The lender is normally not concerned about your financial situation.

However you do have a few options:

1. Try it, they can only say no, in which case you've lost nothing.

2. Check out your financial agreement, you may have insurance coverage for retrencment. In some countries and with some institutions it's a standard. Some banks actually insure your income when you open up an account so it may be worth your while speaking to your bank.

3. Check with your innsurance company, they may hav a coverage clause as well, although it's ot standard practice it's worth a shot.

4. Ask what price you will get from a trade in. It may be worth trading/selling the vehicle and then working out a payent plan, with your lender, for the remainder. The sooner you do this the more the car is worth and the less you wil have to pay back.

5. It may be worth you while advertising it in order to sell, but as with the point above, you generally lose anything from 20-30% of the value the moment you drive the vehicle out of the shop!.

6. The lender, as a last resort, will repossess. They will then auction the vehcile off. But remember your vehicle will be one of many hundreds and won't fetch a hihg price. This means you will still have to pay back the difference between the amount you borrowed and the ehicle auction price. So it's better to try to sell the vehicle before they repossess.

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