Repossession

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.

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.

expropriation means seizure of private property by the government after paying compensation.

confiscation is similar as expropriation, but confiscation does not involve such payments.

Depends on where you live, some states, yes, others, no.

Google it first please :D

hi

The car is paid for over a long period of time.

Yes, it certainly is. In fact, they are required by law to hold your personal property for you to be able to claim it. It is ingenious that they keep it in the vehicle. It is common practice that they will not release it to you until the storage fee is paid.

I'll take a guess, since you posted this under reposession: It's hiding a vehicle so it would be repossessed, done sometimes when people are behind in their car payments.

The simple answer is, yes!

Let's go from the standard cause and effects. At the day you purchase your car, you sign a contract agreeing to pay a certain amount of money monthly of a period of time. If during that time frame of that contract you either voluntarily surrender the car or it is repossessed for non payment, the standard contract agreement states that even if the car is surrendered or repossessed, you must pay the remaining amount of the contract.

Each style of contract is a little different. If you are in a lease contract for an example of 36 months, and must pay $1000.00 a month. The total amount paid over the length of the contract is $36,000.00 if it is completed. But let's say you turn the car in after the 26th payment. That would leave $10,000.00 remaining owed. The finance company can pursue you for that amount, as well, any additional fee's IE: Lawyer fees, court fees, collection fees, etc, etc.

Now if you were going to purchase the car and had a 72 month contract. The final price of the car once you signed the final paper work on the agreed price was $30,000.00. After making 50 payments and paid $22,000.00 so far. You surrendered the car; the finance company will auction the car at the standard Automobile Wholesale Value. You owe the finance company $8,000.00 still. But the car only sales for $6,000.00 in auction, you will still have to pay the $2,000.00, as well any additional fees. Now let's say the car sales for $8,500.00. The finance company must return to you any overage amount it receives. Keep in mind they still will take out the fee's there.

contact the bank and advise them of the situation. Ask them if they will work with you on catching up the payments. Do not offer to pay more than you reasonably can. If they still refuse your offers, offer to surrender the bike and offer to give them the location of the motor.

They may, however they may not until after you are delinquent on the loan. Contact them now and ask. They are not obligated to do anything not laid out in the original contract, and they do not want the car, they want the money you promised to pay. Contacting them now, though shows good faith on your part, and they may be willing to work with you.

Yes..If they paid you for the vehicle it now belongs to them..Other than that if you're paid up then the car belongs to you.

If you were married at the date of service for a necessary bill and are found unable to pay and yet the spouse has the ability to pay then Yes the spouse can be held responsible.

Wages cannot be garnished for credit card debt in South Carolina. They can be garnished for unpaid taxes and child support.

The contract should include the applicable terms in case of a repossession. If there are no specifics as to the action, the laws of the state in which the vehicle loan was granted apply.

One day soon you will wake up, walk out to your driveway with your travel cup of coffee, and your keys, and you will find that your car is not parked where you left it the night before. You may automatically assume it was stolen, so you will grab your cell phone and dial 911. When the operator answers, she will take your information, pop that into the computer, and transfer your call to another department where you will be told that your vehicle was repossessed.

It is possible that you will take the kids grocery shopping one hot summer night. While at your local Winn Dixie, you will not notice the tow truck that has been tailing you for the past five blocks, crusing the next aisle over. But, when you exit the store with your ice cream melting, and the kids cranky and screaming, you will see your car being towed from the lot by a guy with a baseball hat in a two truck, smiling and waving at you.

Most generally the agent must not breach the peace. There are specific laws pertaining to repossession agencies that are different in different states. However, for the most part, as long as the peace is maintained, and it is a self-help state, there is nothing more the agent must do.

In some states yes. In some state the lender is not required to give any notice at all before or after. In some states, the lender is only required to give you notice after the vehicle has been repossessed.

If you still owe, then yes. If there is any unpaid balance remaining, the lender can sue you once you default on the contract. keep in mind though that you will have an opportunity to speak in court, and if you show that you have continued to pay, and it is the limit of your ability, it is very possible the judge will agree and set what you have been paying as your new payment schedule. It is also possible he will deny the judgment and dismiss the suit.

Perhaps it is. That's a maybe. Some loan contracts have a clause in them that defaults the car to the lender in the event the contract is breached. In these cases, the lender will pick up the car as soon as the borrower becomes delinquent in payments. Many of these lenders will not return the vehicle either, preferring rather to sell the car at auction, and collect the remaining balance through other means.

The vehicle will be repossessed in all likelihood. There is an entire national industry dedicated to locating and securing vehicles with defaulted loans. The people who work in this industry are very good at locating your car, your home, your family, your friends, your place of employment, your bank, and all of your other assets. Save yourself the grief, give it up or pay it current.

Legally, no. This would fall under wrongful incarceration or kidnapping. The repo agent can block the vehicle in until that person gets out and then hook the unit. If the person re-enters the vehicle afterward then all bets are off. If the police are called in this situation, someone is likely to go to jail for breach of peace, and the repo agent has a legally binding notice of repossession.

Not at the time the lender seeks repossession of the vehicle, but if it is found that fraud has been committed (vehicle hidden, sold, etc.) them criminal charges could be applicable.