Repossession

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.

They will want the money from the co-signer. In my case, my car was repossesed and my mom was my co-signer and she had to file bankruptcy too. The lender will sell the car in an auction and your co-signer will be responsible for the difference between what you owed and what is was sold for. Got it?

Gap insurance will not cover repossession in any state or territory of the US. Repossession is not a valid claim for insurance. In fact, it is possible your insurance could be cancelled as a result of the repossession, making you high risk.

You could check the want ads in your local paper. Many people find running vehicles on sites such as Craig's List. Still more people find them sitting for sale in yards and at the sides of roads. You are probably going to have to pay cash. The likelihood of you getting a loan for a reasonable rate any time soon is limited.

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

Google it first please :D

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.

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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.