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.

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.

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.

They always wonder, that is those who have experienced a repossession always wonder. There are a number of ways this is accomplished. Some lenders rely on credit reports and information from other creditors. There are databases available on the internet that provide huge volumes of private information for a fee. Many skip tracers use these. Some of the more old school rely on crossreference directories, your friends, and your neighbors for information. Some will call your employer. Personally, I like to call family, exspouses, and angry sons and daughters are absolute gold mines of information.

Most people have no clue to how much information is available out there. You just have to have a knack for following the "blood trail."

Lenders are the banks and finance companies who contract loans for the purchase of vehicles, homes, and other property.

Borrowers are those who contract for the loans so they may purchase vehicles, homes, and other property.

Although you did not ask, dealerships and realtors are those who act as the agents of the lenders to put borrowers in debt.

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.

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.

Yes they can as a matter of fact. Let's see, you defaulted on your car loan. You failed to surrender the vehicle when you could no longer pay for it. You caused the lender to send someone out in the night to find your car and recover it. You negligently left your stuff in the car, knowing you had defaulted on your note and it was likely to be repoed. You should probably have some responsibility in the matter, and pay the storage fees charged to you for keeping your property safe and undamaged.

Cotact the lender and ask for a copy of the bill of sale, and a reconciliation of your account. The reconciliation should show the application of the purchase price. If not, demand they correct it. It can take perhaps up to thirty days for the lender to comply, and they may require you make your request in writing.

Yes, and very often you will be. Storage fees are the right of the repo agency. They are keeping your property for you, and it is taking up space on their property. Not to mention creating the situation where they have to protect your property from theft or damage. If you want you property back, you will have to pay the fee. There is no choice. It is possible you could wait thirty days for them to determin it is unclaimed, and perhaps they will throw it out. You could pick it out of their trash then. If there is anything valuable though, I doubt it will make it to the trash. Likely as not it will be sold to cover the cost of your negligence.

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

One day. Typically it takes the lender a week or more, usually a month before they send out the order of repossession. If you are trying to figure out the float on how long it is safe to be delinquent, don't bother. Once you have gone into repossession, the lender can still have your vehicle picked up, even if you pay current. You breached a contract, the penalty of that is the surrender of the secured property, the car. Do what you have to to pay the note, or be honorable and surrender the vehicle.

First, (this is the most important part) you HAVE TO report the incident to the police. Then, they will track it by GPS inside your car.

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.

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