Repossession

No. However, it is usually catorgized along with them.

Yes, they can be repossessed. This is a common trick many debtors try to pull. Switch the cars and the repo agent will never catch on is the thinking. Wrong. Finding cars is what these guys do. And, working for many of them are people called skip tracers who are very good at finding things. So you can try this, but it will only work for a short time. The car will be taken anyway, only you might lose a friend in the process.

This is commonly referred to in the industry as "Third Party Possess." Third parties have no rights in this matter. It is as if you loaned your property to someone else, they cannot alter it, or keep it--you loaned it to them. When the repo agency (when not if) locates the property, it will be taken. If the third party reacts in the common way and calls the police, they will do nothing, unless of course your friend gets out of control, then he may be accompanying the cops downtown.

A defensive driver anticipates the actions of the other drivers and is prepared to take evasive action. He or she is always on the alert.

yes

Depending on your interest rate and repayment terms there are many possibilities. There is an easy calculator here:https://www.grabillbank.com/calculators.html?CALCULATORID=PC09&TEMPLATE_ID=www.grabillbank.com_1

For 7 years at 5.5% with no down payment monthly payments would be $718.50

The primary and cosigner on a car note are equal owners. Neither has the "right of ownership" over the other. This is a common misconception. Both may not benefit from the transaction, but both will be negatively affected if the note is not paid.

Have they notified you in writing of possible repo? Check your paperwork, I bet it's in the fine print, chances are you're getting close, 3+ months 90+ days and it gets repo consideration. Your best option is to communicate with your lender and discuss your situation with a payment, and perhaps this vehicle gets you to the job etc. Either way they'll want their $$.

Yes, they can. And then they can have charges filed against the borrower, the most likely suspect in the theft. They can also file for a replevin, a court order for the borrower to surrender the vehicle, and failing to do so can result in the arrest of the borrower on charges of contempt of court.

Endorse it yourself, make a copy, and give it to a teller at the bank. If you are trying to get the money for yourself, don't waste your time. It isn't your money. The insurance company would not have made it out to you and the bank if there was no lien on the vehicle. The lien is there to protect the interest of the bank. If there is a refund due you, the bank will pay it to you directly.

There are two assumptions here: you know the vehicle is up for repossession. You either have seen the repo truck crusing around for it, or the repo agent has made contact with you. Either way, you know the name of the repossession agency, call them or make contact with their driver.

Or, you know the person and know they are late or defaulted on their payment. If you do not know the name of the lender, you can get this information from the DMV using the VIN from the vehicle. It will cost you, but stay tuned.

When you make contact with the lender or the repossession company, ask for a finder's fee before you give any information. Let them know you want half up front, and you will take the driver to the vehicle, where you want the other half. Settle for no less than $200.00. Give no information until you are certain you will be paid.

Collection agencies have sliding scales for costs typically. Say 100 accounts come into the agency on the first of the month. On these, 100 letters will be sent out notifying the debtors that the accounts are in collections. Of these, roughly 30% will pay immediately. These accounts usually generate 20% commission, that 20% of the amount paid goes to the collection agency. There are 70 accounts remaining. These will require a phone call. So, 70 calls are made, and of these another 30% will pay. That's 21 accounts, and these usually commission for about 33.3% or one third of the amount collected. There are 49 accounts left, and for one reason or another letters did not work or were returned for bad addresses, telephone contact could not be made, or the debtor just refused to cooperate, and the accounts were turned over for skip tracing. Once a skip tracer touches an account, the commission jumps to 50% or more, and this is where the collections agencies really start to mount costs. Skip Tracer activity results in a variety of actions. From simple location, to location of assets and property for the intent of legal action. Most skip tracers are competent enough to find people. The really good ones find everything.

Repossession costs are a variable amount. Most contracts are for a range of $300-$500. But additional efforts can cause those initial contract amounts to rise. If a special truck is needed (flatbed fees), if keys need to be made (especially for lazer cut keys - $250 +), if there are storage or impound fees, if there are secondary liens (mechanic's lien), if a replevin is required (court costs and legal fees). All of these add up, and all of these are transferred to the borrower.

You wait seven years from the date of the last payment. There is no other way to have it removed. Your credit report is a record of your past credit, your credit history. It will also show that you satisfied the debt, and you can add an explanation at the bottom of your report.

The lender can charge you interest on the LOAN, as long as it is not charged off. Once the loan is charged off, the account is essentially closed. It is at this point that they will begin legal proceedings and the big charges are added to the balance: court costs, legal fees, collections costs. And these do not stop mounting after the judgment is granted. It just keeps going.

Nothing, but my advise to you is that if your bank rupt you should sell the car

Yes it can. So long as the debt has not been charged off, intrest continues to mount. As long as there is a balance, and the lender has a hope of getting you to pay, he may leave it open. It also helps to get the balance higher so suing you becoems more feasible.

Then they are not a client, they are a debtor in default.

Send them a certified letter, restircted delivery, return receipt, listing the charges they owe for and the full balance. Demand in the letter payment of the balance within thirty days. Explain that failure to pay the amount owed or to demonstate payment of the amount owed will result in futher collection action. If they fail to pay the amount in the thirty days, contact a collection agency and turn the account over to them.

If this business in incorporated, good luck; recovery will be difficult. If the business is a DBA, send the letter directly to the registered agent of the DBA. You can get this information from the county clerk. If the business is neither incorporated of DBA, then it is not a business; it is a private citizen just doing stuff.

If you have co-signed for your son and he is not paying, it will fall under your financial responsibility to pay on time. Otherwise it will affect your credit rating as well. You can try to re-apply for another loan under you son's name only. There are few bad credit car loan providers out there in Toronto, you can try 1. http://www.autocreditfinancial.ca or 2. http://www.ontariocreditsolutions.com or 3 http://www.whitbymotors.com good luck.

by law they can repossess your car if you are 1 day late. However, your best option is to get professional help.

Well, that's a matter of interpretation. The lender has the right in most states to self-help in recovering secured property. In the vast majority of matters, the borrower signed a right to cure, or there was a right to cure clause in the loan contract. This is your permission as the borrower for the lender to send someone to pick up your vehicle when you default on the contract. When you are one day late with your payment, you defaulted on the contract.

You can refuse to turn over the vehicle, but in many states you can be arrested for hindering a lender in recovery. Even in those states that do not have these laws, the lender can secure a replevin that orders you to surrender the vehicle. In the event you refuse to honor a replevin, you go to jail for contempt of court.

I guess it depends more on how much difficulty you want in your life. Think about too what you would want to happen if you loaned something to someone and they did not return it.