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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
How do you get Proof that your car was repoed?
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.
In North Carolina can a repo man repo your car from a repair shop with a bill that is still owed?
Yes. A repossession agent can secure the vehicle anywhere he finds it with some limitations, provided he has a valid order for repossession.
What do you do when repo man is here?
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.
What are the rights if a person is in jail and cannot pay a personal loan and want to get back car?
In this scenario, you have the right:
- To remain silent.
- To speak to an attorney and to have an attorney present during questioning.
- If you cannot afford an attorney, you have the right to have one appointed to you by the state.
- while incarcerated, you have the right to 680 square feet of personal space
- Access to clean water for the purposes of hygiene and health
- Access to suitable quality and quantity of food
- Access to suitable health care facilities and professionals
- And, before or during trial, you have a right to face your accusers and present testimony and evidence in your defense.
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 do you find your car it was impounded by police in the Bronx NY?
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.
Is your home in jeopardy if you cosign a car loan?
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.
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 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.
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 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.
Turning in a car prior to reposession?
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.
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 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.
It will show as paid or satisfied.
Will a voluntary repossession from your spouse affect your credit?
Yes, but perhaps not as adversely as an involuntary repossession.
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.
