Repossession

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.

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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.

Ask your employer to give you the name of the entity who is garnishing your wages--- is it an individual; the court; a company, etc. Most likely it will be a court. Get the case number of the court case and go to the court and look at the judgment and see how much was awarded in the judgment. Then add up how much you have paid over the years through the garnishment towards the judgment.

Then if you have paid the amount in full, and they are still garnishing you can petition the court to stop the garnishment and return any overpayment.

A QUICK WAY to find out is to just ask your employer for the total amount the ORDER OF GARNISHMENT instructed them to garnish. Your employer is responsible for garnishing only the amount in the COURT ORDER.

GOOD LUCK!

Some collection agencies are authorized by their clients to make payment arrangements. Some agency actually purchase the debt and will or won't make arrangements. It is up to the individual agencies and their policies.

Your best option is to contact the original creditor, explain why you fell behind, be very apologetic, and ask for payment arrangements. Legally, they are not required to accept payments once you fall delinquent. They do not even have to accept partial payments.

That all depends, was the person a tow driver, a repo-man, or just a common person randomly looking into cars? Was the car parked in a development where parking passes/stickers are used, or were the cars parked in driveways?

Many times a tow company will be contracted to these developments where parking permits are required or where assigned spacing is used. The purpose in this instance is to notify the police department. The VIN (Vehicle Identification Number) is used to identify that specific vehicle, so when it is reported stolen after being towed for being illegally parked, the police department can identify the car a having been removed legally, and not actually stolen.

When it comes to repossessions, however, these guys are a whole other type of creature. They are usually working with someone else, or will do a little scouting before repo-ing a car. They could either have a guy go out dressed in plain clothes, while another waits in the shadows somewhere for the confirmation that this is the car to be repo-ed, or go out dressed in plain clothes and come back in a short time with a truck to repo the vehicle. In this case, the VIN is also used by the finance company that ordered the repo to identify the vehicle. In the repo business it would be quicker to snap a pic of the vin and keep walking so as not to let the people who are delinquent on their payments know that their vehicle is being towed, In this case most towns will also require thw PD be notified during the removal of a repo-ed vehicle.

If the vehicle is a newer vehicle, there isn't really much a common thief could do with your VIN, but I have heard of duplicating VINs on older vehicles pre 1980's when it was harder to keep track of things, but everything is entered in a database that all registry's share and search through for such duplicates now. The only way a thief could possibly gain any benefit fron taking pictures of the VINs is if he were to do some heavy duty mettling in the works of the public transportation department. The VIN or plate number could be referenced through a local registry website, disk, or catalog and giving your name and address. Then they could access your driver's license and or your social security number if they were to cross reference the info, then they could steal your identity. But the chances fo that happening are highly unlikely, number one, due to the fact that this info at your local registry is priveleged info., along with the info on your drivers license. The chances of your common thief even thinking of this is highly unlikely anyway. Plus this type of action would leave a paper trail to catch up to the criminal. All websites containing any of this info asks for your name, log-in, password info. All disks are released to only qualified users who would actually need the info and those disks are registered to the user in order to track them back to the user. So it's unlikely that would happen.

Beyond these reasons it would be tough to say why anyone would actually want to look at anyone's VIN numbers and photograph it.

then that amount is due back to you....but be warned that rarely ever happens. usually it sells for much much less.

Seven years from the date of last payment, that is unless they pursue legal collections. In the event they do and obtain a judgment (and they will), they have ten years to find it, and another ten years if they file for an extension. I personally guarantee that it will not take 27 years (the original seven years, plus the ten for legal, plus the ten for the extension) for the repossession company to locate your vehicle. It will be found. Consider how much information you gave to obtain the loan. Take a moment and look yourself up on the internet at a site like Intellius, and consider that reposession companies have access to far more sophisticated software and resources. Do yourself a favor, and just turn in the vehicle. Consider also that the loan company does not need to repossess your vehicle to recover their payment plus a whole lot more. Once they take the account through the legal prossess, they can attach other asssets, they can garnish your pay, your taxes, and your bank accounts. They will win, how much you lose is up to you, and you will pay all fees related to collecting the original balance.

You have good credit. Your kid just graduated from high school. You gave her $500.00 for a graduation present. She just got a new job. She needs a car to get to work. She takes the money you gave her and some money she saved. She wants to use that for the down payment on a car. She has no credit. She puts the money down and you sigh the loan along with her. You cosigned the loan. She signed the loan. She will pay it. If she can not pay it, Then they will ask you for the money. If the main signer can not pay the loan, the cosigner is then responsible for the loan.

Very simply - a co-signer of a loan is responsible for absolutely everything as the "other" signer) who may be called primary signer). No difference.

EXCEPT that the cosigner frequently does NOT have possession or legal control of any property involved in the loan, so using it (say selling it) to pay for the loan can be much more difficult, if not impossible.

So whatever the responsibility, or recourse, (legal or financial) is for whatever action or lack of action required under the loan (and frequently under law too as many times you are considered the owner of any property connected with the loan), you are subject to also.

It is legal to reposes a vehicle under most conditions.

Why would you even think that a repossession would not be legal?

Pay the bill - and if you can't timely pay the bill talk to the people you owe; they didn't give you that vehicle for free.

It is legal to repossess a vehicle. I have been involved in financing for several years and know most if not all the laws involving repossessing in the state of California. For instance, this might be a federal, not a statute, that a BUY HERE PAY HERE Dealership is able to repossess your vehicle without the need to have a repossessing company. The only thing about that is, that we may do it if the collateral is parked outside of the property and that we have a duplicate set of keys. It's against the law to force our way inside said property and cause property damage to recover the vehicle. We may, in fact with your or any other tenants permission.

There is NO grace period in which we can take the action to recover the collateral. We may, if we choose; to recover the vehicle the day after the breach of contract. California also permits to repossess a vehicle if you do not have any insurance. It is against the statute to drive without insurance to begin with. So these are 2 of the reasons why we may take such action. If you have any other questions, just contact your Department of Consumer Affairs and they will explain your rights as a consumer.

Yes. Always read your contract. The area under default will usually specify yourlien holders right to take possession. You can be repossessed for more reasons than just defaulting on your payments. Again check your contract. You can be repossessed for not keeping your lender updated with your full coverage insurance. If you are using the vehicle for illegal purposes or if you are not taking care of the vehicle- your lender can repossess the unit. Read your contract.

Wait until Monday

yes

Yes, if you signed the contract that included it in the language.

Not likely. You will still be required to surrender the vehicle.

yes, they surely can

And it is your responsibility to pay this.

You should however contact the original loan holder and request in writing a complete statement of all charges and balances owed, with reconcilliation of all amounts paid or applied toward the original balance. Do it in writing, otherwise there is no obligation by the original creditor to provide this information. contactthe collection agency atthe same time, also in writing, and inform them that you are negotiating with their client, and that they should cease and desist all collection efforts.

Remember, do it all in writing. Send the letters registered, return receipt so you have proof of service, and keep copies of everything.

Not as long as the payments are current and have remained so.

Repossession letters are not required in every state. In some states, face to face notification of the repossession suffices, and when the driver came to hook up your car, if you had a conversation with him at all (even if it consisted of you yelling "Hey!" and him gesturing to you) you received notice.

Banks

Most people have loans against their houses. Such loans are called mortgages. Extremely few people can purchase a house without obtaining a mortgage. You sign a contract to sell a particular house. At that point, after the two of you have agreed to the terms and the money, then that gives the buyer the option to examine the property and check for any loans against the property. When and if the sale goes through, then the mortgage your buyer takes out will pay off the loan you owe. This will happen at closing when you hand over the keys. Closings are usually held in a bank or other business.

Yes, if they have or obtain a judgment against you for the outstanding balance of the loan, plus collection fees, legal fees, repossession fees, storage fees, auction fees, and any unpaid balance. Essentially, you could end up owing much more than the original loan, and if (when) they obtain the judgment, you will have no say in how they collect it. they can garnish your bank accounts, attach other assets with court order, and garnish your state tax returns as well.

I had the same question and just got off the phone with the IRS and they said yes and to read Publication 4681.

I would suggest if you have a bank account to deposit it and get a cashiers check for the total amount of the vehicle that you are willing to pay.

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