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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
eBay is the leading online auction service provider. Recently, Beckett Media launched its own Auction service. If you want to auction yourself, you may need to have knowledge about the local rules and regulations to set up one.
How can you find someone with their last known address in nyc?
You can hire a skiptracing agency to investige what matter it is that requires you contact the person and locate where they currently reside.
Can a repo man take some type of legal action against a person in order to repo an automobile?
Yes. He can file charges of theft if the vehicle is in the possession of someone other thant the debtor or codebtor. He can have the lender file charges of hindering repossession. He may be able to file charges of breaking the peace if the party holding the vehicle does not quietly turn over the keys and cooperate with surrendering the vehicle.
Can a lender report a vechicle stolen while trying to repossess in the state of Florida?
In the event that the possessor of the vehicle is not a contracted party, or if the contracted party is actively seeking to hinder repossession, then yes, the lender can report the vehicle stolen.
It is quite common in Michigan for lenders to seek judgment against a defaulting party in tandem to pursuing repossession of real property. Think about it this way:
Say you are $1000 behind in payments. If the only balance is that $1000, it could become a much greater amount after the vehicle is recovered, stored, transported, and stored again before auction. If the final amount at auction is only $1000, you could still be help responsible for the remaining balance owed.
Another way to look at it is this:
Balance owed on the vehicle: $1000
Recovery costs added to the balance: $500
Legal fees added to the balance: $1500
Collection fees added to the balance: $500
Post recovery storage fees: $450
Transportation fees to auction: $200
Preauction storage fees: $400
That original $1000 balance became $4050.00. Now, at auction, the vehicle was sold for $2000.00. There remains an unpaid balance of $2050.00, and the vehicle that originally secured the loan is gone. The lender must have a way to recover what is owed to him. His only recourse is to seek judgment. In the state of Michigan, a lender with a judgment may recover owed debts by any or all of the following:
- Garnishment of bank accounts
- Garnishment of wages
- Garnishment of state tax returns
- Liens on other real property such as homes and other vehicles
- Liens on other forms of income such as produced goods, farm sales, livestock
- Liquidation of other real property: stocks, bonds, Certificates of Deposit, homes, vehicles, or other goods.
Can Repo Investigator Charge me with Felony in Ohio for not finding my vehicle?
As a repossession investigator and agent liason, I can tell you that yes, in fact, I know of several instances of felony charges being filed against an individual for hindering repossession of a vehicle. Your lawyer's response may have been motivated more by the fact that he felt confident that he could successfully prevent prosecution, but nothing will prevent the vehicle from being repossessed aside from the destruction of the vehicle. In the event the possessor of a vehicle under repossession were to destroy a vehicle to prevent that repossession, he could then be charged with malicious destruction of private property and hindering a lender.
Attempts to repossess any vehicle must take in to account and respect the "Maintaining the Peace" clause of the Federal Fair Debt Collections Practices Act. The definition of use of force however is not solely yours. The recovery agent may not in the recovery effort:
- Damage property
- Damage the unit
- Physically assault or threaten to assault any party
Does wage garnishment stop the day you file Bankruptcy?
It should, but only for as long as the bankruptcy is active, and only so long as the debt is listed after the bankruptcy is discharged. More accurately, the garnishment must stop when the plantiff in the judgment has received notice that there is a bankruptcy.
How can Ifind out how much your car sold for after repo at the auction?
Contact the lender or the repossession agency in writing and request a copy of the report of sale.
How many payment can you miss on your car with flagship credit corperation?
Before you default on your loan and they put your vehicle up for repossession? It only takes one. Once you have passed the grace period, if you have not contacted your lender, you have defaulted on your loan contract. Regardless of whether or not you become current on your outstanding balance or not, you have defaulted on your contract.
The contract is critical. The lender does not want your car. They sold it to you. They want you to have it and to continue paying on it. It is entirely possible, despite what you might hear from others, that your vehicle can be put up for repossession the day after the grace period of your payment schedule.
If you are behind, call them and make other arrangements. They are likely to work with you, especially if you have a good record to this point.
Because, and this is critical, if you fail to honor your contract or do not make a good faith effort to remain in contact with your lender, when you least expect it, when it is likely to be the most inconvenient time, a repossession agent will find your vehicle, pull it onto the the back of his truck or hook it up, and he will drag it away. You might realize what has happened when you walk out to your drive at zero dark thirty in the morning to go to work and find an oil spot where you left your car, or you may be left standing in the parking lot of the Piggly Wiggly with your ice cream melting and the kids crying.
I know that may seem harsh, but repossession is an entire industry designed to do nothing but to find vehicles whose owners have not lived up to their commitment, and separating the two.
I know, because I used to find those vehicles, and no one ever got away with hiding one.
How long after defualt before car repo?
Depends,if you mainyin open channels w/loan dept.,you can make remedial payments for quite some time. i repo bikes & have seen them p/u in less than 6 weeks to as long as 6 mo. CONTACT,CONTACT,CONTACT! They do not want your car back!
I made a agreement of payment by this Friday can they still repo me?
Yes, as long as an active repossession order exists, the vehicle will eventually be recovered. If it is seen in towing position by a recovery agent, he will take it. Keep in mind that many repossession agencies have spotters who do nothing but stake-out wanted units, or look for them in public locations where recovery agents may secure them. Any attempt to hide the vehicle or prevent the recovery could be prosecuted. Repossession is a time game, an inevitability. Hundreds of thousands of vehicles are repossessed in the US every year. Less than 1% of 1% of the vehicles up for repossession are successfully hidden for any significant time. And, some states are passing laws that will prevent parties who have active repossession orders against vehicles registered to them from registering any vehicles in that state. If you have active arrangements with the lender, hope your payment reaches them before the recovery agent is able to secure the vehicle in question. Be certain to contact the lender and get their assurance that repossession activites have been cancelled once the payment is received. Your best course of action is to take the payment to the lender, and while there have them call the repossession agency who has the active order and witness them cancelling the order.
Can you reopen a car loan account that has been charge off to pay it off in a payment plan?
No. Once the loan is charged off, it is technically off the lender's active books. It is still advisable to pay off the charged off amount so as to correct any issues it may have created for your credit rating. Be advised however that if you do not have a signed agreement with the lender, they are not required by law to accept any partial payments, and can refuse anything less that payment in full.
Can someone give you a car and put themselves as lien holder when no money is owed?
If you agree to it, then yes. In some situations, the selling party may file a lien to prevent the vehicle from being sold to a party with whom he does not agree. Additionally, if the original agreement is that the vehicle will revert to the original owner rather than be sold, the seller may file a lien to prevent the sale and ensure the return of the property.
What is the time frame that a lien holder can repossesse your car in Alabama after bankruptcy?
Federally, ten years from the date of last payment in the event the lender has obtained a judgment, seven years without. The lender cannot actively seek contact with a debtor during the bankruptcy stay, but the stay also suspends time on the recovery of the vehicle.
Repo how long will it take to get on credit report?
If your vehicle is already up for repossession, it is already on your credit report as a delinquent or defaulted debt.
Can a bank repossess a vehicle that is not used for collateral?
If the bank has an order from a judge to liquidate or surrender property to satisfy a judgment, then yes, they may.
How do you get a pay off quote on a vehicle?
went to a car dealership where I bought a car because I had a accident the insurance pay off the car but the dealership will not give me my payoff
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Contact the loan company.
Will they garnish wages after car repo in New Mexico?
They can choose to if they first obtain a judgment for the unpaid balance.
How many days do you have to get back your car after it has been repossessed?
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.
Can you cosign for a car if you do not have a license?
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.
How do you get a co-buyer off of a car loan if they are in default?
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.
How do you know if you are a cosigner or co owner?
A "Cosigner" is a "Co-owner." Cobuyers and buyers are equally responsible for the note they signed.
