Repossession

In most states, you as the debtor have thirty days to redeem the vehicle after repossession. This can vary slightly from state to state, and most repossession agencies prefer to turn vehicles around as quickly as possible.

Most states do not have a cooling off period. Witch means that if you buy a car and then change your mind you are still responsible for making the payments. If you fail to make the payments your vehicle will be repossessed and sold to satisfy the lean holder. So no you will not get your money back, in fact you may have to make up the difference if the car sells for less than the loan amount.

Yes. The ability to legally operate a vehicle is not a prerequisite for ownership of one.

No, you signed, you are equally responsible for the payments, you are also equally responsible for what happens with regard to default. This is why the lender permitted you to sign as a co-securer of the original loan.

You don't. If the cobuyer has possession of the vehicle and is no longer making payments, you as the buyer may take possession and either take up and make current the payments, or voluntarily surrender the vehicle. Failure to do so will result in repossession, and will adversely affect your credit.

A "Cosigner" is a "Co-owner." Cobuyers and buyers are equally responsible for the note they signed.

Turning in a car prior to formal repossession activity is still a repossession. It differs only in the fact that it is voluntary and may not affect your credit quite as adversely. It does demonstrate a certain level of responsibility.

It will show as paid or satisfied.

Yes, but perhaps not as adversely as an involuntary repossession.

Receives. A payee is paid (an employee is employed). A payer pays (an employer employs).

I think VIN is not necessary to check the history of a vehicle. If you know the VRN of the car, then it's simple and instant. There are many top sites offering car history check for free. But everyone may not be genuine. Try Car Analytics. This site is an awarded one.

legal tender

In the event the loan defaults, and the lender obtains a judgment against you, AND the judgment is also defaulted on, the lender could petition the court for an order to sieze or liquidate other real property. The likelihood of this is small, and the occurrence of it is rare, but it is possible.

Two ways:

1). You will receive a notice from the repossessing agency notifying you.
2). You can call the local police to report it stolen, at which time they will notify you that it was repossessed.

In either event, you will undoubtedly be aware that repossession is the most likely scenario, considering you hadn't made a payment for an expended period on the vehicle note, and you had received contact from the lender advising you that repossession was the next likely avenue due to your noncooperation.

Yes. A repossession agent can secure the vehicle anywhere he finds it with some limitations, provided he has a valid order for repossession.

Yes.

NYC is one of the most online cities in the nation. There is a site (linked below) where you can check the balance owed for parking tickets and you can check on whether a vehicle was towed.

It is possible you may need to contact the precinct where the vehicle was parked to find out if it was relocated for some reason.

Repo agents aren’t allowed to ”break the peace”. By simply confronting or sitting inside your vehicle, they will be unable to tow. This doesn’t mean law enforcement won’t be called in which case you may possibly have to turn over the car, usually depending on your states laws.

All banks in Florida, Georgia, the Carolinas, Virginia--wait!--All banks in every state will garnish your wages for unpaid balances for which they have a judgment. This is a common practice in the collection industry. And, if they can locate it, they will garnish your bank accounts and other assets as well.

If you paid a six month balance to the lender in one payment, they would be giddy. The lender does not want your car. They want your money. They will take your car, but only so it can be sold so they can put that toward what you owe.

Yes, a repossession company can gather what ever information is necessary to recover a vehicle or to secure the loan for the lender. This can include and is not limited to your place of employment; locations you may frequent, your residential address; the addresses and phone numbers of any references you listed on the loan application; the phone numbers and names of your neighbors in any attempt to contact you or locate the vehicle; the names, addresses, and phone numbers of your family members in an attempt to contact you or locate the vehicle; and, any other information that progresses the recovery of the property. Additionally, they have the resources to discover your private cell phone numbers and numbers of unpublished landline phones.

Yes. As the comaker on a loan, you are equally responsible for its payment. In the event the other party defaults, you either pay the loan yourself, convicne the other party to, or if able file bankruptcy.

You will pay the fees or you will face legal actions and more fees in the attempt to collect the debt. Your best course of action is to pay the storage fees for your personal property--the speakers--and avoid accruing greater debt.

The lender may hire a repossession company to recover the vehicle. Attempts will be made to contact you, to give you the opportunity to surrender the vehicle. If this fails, repossession agents will be given an order to recover the unit, and you may walk out of Walmart or the Piggly Wiggly one night to find the vehicle is not where you parked it. Your ice cream will melt, your children will cry, and you will have to rely upon the kindness of friends or family to drive you around until you can convince another lender to write a loan for you.