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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 the repo man take your car with cars behind it?

This can only be interrpreted that you are asking whether it is legal to hinder the recovery of the lender's property. The answer is no. In some states, if you actively or even pssively attempt to hinder the legal repossession of a vehicle for which you have not paid the loan, you could be arrested and charged criminally.

Now, literally, provided the agent is able to secure the vehicle, does not violate any federal, state, or local laws, and maintains the peace, yes.

What happens if you are in chapter 13 and your car gets repossessed?

If neither the lender or the repossession company is notified that you have filed, and they proceed in good faith, your car can be repossessed. If either knowingly violated the stay, you may be able to redeem the vehicle, and the bankruptcy court may fine the agencies who acted in violation.

What to do if something is stolen that you still owe on?

Notify your insurance company and file a claim. Failing this, you will pay the balance owed on the loan. The property that secured the loan, that which was stolen, only acts as security for the lender.

What are people who work on cars called?

Mechanics. Or "Automobile Repair Specialists" if you want to get fancy.

Is it illegal to take the emblems off your car?

Only thing you have to leave on your vehicle is the VIN# (vehicle identification number) which is located most likely on top of your dash board on the drivers side corner. There should be one located on a decal on the inside of your drivers door also and you can remove that sticker if you wish but I would recommend leaving it in place because it has alot of other information about your vehicle you may need. Any other emblems or decals on your vehicle can be removed as you wish.

In Utah can your wages be garnished for a car that was repossessed?

You do not owe money for a car if it has been repossessed, so your wages can't be garnished for that reason.

A car moves how?

You turn the key, the car has energy from the petrol that makes the wheels move, this movement turns the tires and then the car moves, slowly at first but then it makes a move by using the petrol. This is CO2.

Who does repo agent report to once car is repo'd?

I would hazard a guess that he contacts the finance company first.

Can I get sued for car payments made on car in my name after I repo it back from friend that stopped making payments on it car was being financed through dealer N only my name was on the loan title?

Short answer is Yes.

Your name is on the title. Your should consult a lawyer and go through the agreement you signed.

If you still have the car, you must pay the instalments. If you cannot afford to continue the instalments, you should try to strike a deal with the finance company to return the car and pay off any outstanding balance to that date of return. Arrange a realistic repayment scheme based on your current income and necessary outgoings - rent/mortgage, insurance, heating, food, taxes, etc. Beer and chips for Monday night football are not necessary outgoings, nor is pay-per-view cable.

If you had a written agreement with your friend to pay the instalments then you can sue the friend for the money you have had to pay out on their behalf.

How do you get rid of your time share?

Selling a timeshare requires understanding how the timeshare was actually sold to the consumer in the first place, an article explaining the tips for timeshare resale on ezine article reads

When trying to sell a timeshare in the resale market there's a few key points to consider. First of all the major resort developers are selling millions of dollars in timeshare properties every year, a lot of that has to do with the way they market their units. If Wyndham all of a sudden decides that they will sell timeshares only through their websites and other online marketing soon enough they wouldn't be considered the largest resort developers in the world. Developers like Wyndham spend millions in marketing revenue like giving away free vacation deals for anyone that attends a Timeshare presentation.

They will also start pricing the unit well over Fifteen thousand Dollars when they can easily sell the same unit for under Eight Thousand Dollars, Giving customers a price break makes them feel like they are getting a great deal while making it easier for the agent to make the sale happen.

Giving prospective customers a "Free Weekend Getaway" at the same location also helps greatly to sell a vacation property, usually when someone buys a new car they like to take it on a test drive and letting the prospects try out the unit, enjoy all the amenities the resort has to offer in reality has the same effect. The idea is to make the customer fall in love with the Resort.

Selecting the right company to get the job done can turn out to be the difference between selling your timeshare in 90 days or not selling your timeshare at all. Companies with ethical and logical marketing practices may be hard to find but are well worth the trouble.

A few key questions to ask before selecting a company to handle your resale are:

Do you charge Money upfront to sell my timeshare?

Do you offer In house presentation for prospective buyers?

How many units have you sold recently?

Do you offer free trips to the resort for prospective buyers?

Do you offer title and finance services for the buyer?

Do you offer any guarantee?

Sell or Rent out Your Timeshare with No upfront Marketing Fees.

Who has the right of ownership of vehicle Owner or coowner?

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.

You got a loan for 16000 you still owe 2800I am 2 months behind can they rep?

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 $$.

Can a lienholder report a car stolen in Arizona if it can't find it in 30 days?

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.

How much is the average monthly payments for a 50k dollar car?

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

How do you get your car loan bank to endorse a check made out to you and the bank?

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.

What to do when car is repossessed by financial company when payments where never in default and made to car dealer?

You are are describing a "Driver here, Pay here" situation. DHPH dealerships are notorious for doing this. And it is illegal. It is wrongful repossession. Here's what you do:

  • Take you proof of payments to the dealership, cancelled check, money order receipts, or payment receipts from the dealership.
  • Demand the return of the vehicle or one of greater value immediately if the other vehicle has already been resold. This under the same, existing contract.
  • If the dealership gives you any difficulty, or stalls in any way, notify them that you are going straight to the prosecutor's office with your proof.

Do Not, give them your copies. Provide copies for them, but show them the originals. If you must go to the prosecutor, do so immediately after leaving the dealership. Be prepared to contact your local television news agency too.

Who can you contact to turn in a name and address of a car that is being looked for for repossession?

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.

How does a collection agency make money?

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.

What if a client owes money and is non responsive?

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.

Can you get arrested if you don't pay a debt collection agency?

No, there is no debtor's prison in the US. If a collection agency has called you and has made this threat, contact an attorney and consider filing charges against them in federal court for violations of the Fair Debt Collections Practices Act. Be open to settling out of court, but do it for nothing less than ten times the balance they were attempting to collect.

If it was a repossession agency that was contacting you and you are hindering the lender in recovery of their collateral, then you could be arrested in some states. This would not be for the debt but for the crime of hiding the vehicle (hindering) or refusal to surrender it (theft or contempt of court).

Had signed car loan for son who is not paying on time how to have him finance a loan even though he has bad credit?

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.