Repossession

It will show as paid or satisfied.

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.

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.

They can choose to if they first obtain a judgment for the unpaid balance.

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.

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!

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.

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.

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.

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.

This is a unique scenario, but not totally uncommon. If both vehicles are financed through the same lender, then that lender may do what is called a conversion of collateral. When this is completed, then yes either vehicle may be repossessed for default on either loan.

Try this, if the repossession agent/hauler arrives at the home to find the debtor present, and hands him a copy of the Notice of Repossession, that is long enough. The problem you may run ito is that if the home is being occupied, you may also have to serve a Notice of Eviction as well. This can get complicated. It can take up to six months (in some cases a year) to legally evict in some states.

If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?

This is on a car, and you are not paying the balance of the price of the car in full, then yes. You are buying on installments. It is common financial practice and has been for about the past three thousand years to charge interest. Legal, ethically, and morally they can charge you interest. Where it becomes still legal but less ethical or moral is the amount of interest they charge you.

Any unpaid loan will remain on your credit record for seven years from the last date of payment. In the event the lender obtained a judgment against the debtor, it will remain on the record for ten years past the date the judgment was issued. In some cases, if the lender obtains a judgment, the account is not paid, and the lender obtains an extension, the record will remain for an additional ten years past the first ten.

I'm trying to get this straight: if the son is on the account, and the son has an outstanding debt, and Chase has a judgment or the account is a Chase account, then yes. It does not matter if there are thirty people on the account that never signed for the loan. The fact that one person did is enough provided that person is indebted to Chase.

In most states someone else can register a car besides the titled owner if the proper paperwork is signed by the owner. The title will need to be filled out and signed by the person who will own the car.

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.

Yes, if they obtained a judgment in the processes. No employer will release wages to a third party without a valid order of garnishment however.