Repossession

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

Yes, the lender may contract with a forwarding company who then sends the repossession order out to a repossession service, or a private service provider.

If you are asking if a vehicle you own can be recovered by another creditor entirely, then yes, if a court issues an order to liquidate or surrender other assets to pay an existing judgment.

Typically, one day past the grace period. Some lenders will only permit a debtor to be two weeks delinquent before starting the repossession machine.

If the vehicle is in your name, and the courts have issued an order to surrender or liquidate real property, yes.

It is possible. Contact the loan company and explain your situation.

Certainly. This happens quite often. Repossession agents have the means to pick the motorcycle up and place it safely on a flatbed.

Yes, and potentially more than was owed before the repossession due to accrued fees.

Your wife and anyone who signed as comaker on that loan.

Contact the repossession company. When the vehicle is received at the repossession storage lot, the contents are inventoried and secured. You may recover your personal items, but there may be a fee associated with this.

Just a heads up: do not attempt to pad your list of personal items, for instance: that original, long lost Picaso you were storing in the trunk; well, unless you can provide undeniable proof that you owned it, and it was absolutely in the trunk, you will not recover a dime for it when the repo company cannot produce it. And, more importantly, if you attempt this and it annoys the repo company sufficiently, they could bring attempted fraud charges against you. So, keep it real.

They have the right to enter any property to secure the vehicle provided it does not interfere with keeping the peace and doing so does not cause damage to the vehicle or other property. Keep in mind however that if you are the one making noise about them repoing the vehicle, they are not the ones notkeeping the peace, you are. As such, you could be the one arrested. Wouldn't that be insult to injury?

Yes. You signed a contract for a loan amount. That is the principle. The car only secured the loan. The loan is the only real value to the lender. They do not want the car. They only take the car to resell it to apply that payment to the loan. Any outstanding balance plus accured fees are yours to pay.

If you still owe money on the car they would need to send you an invoice for the amount you still owe.

If you do not pay that amount, they would send you to collections. At this time your credit starts downhill.

If you still do not pay, they will take you to court. They will need to get a judgment on you before they can garnish your wages. This will cost you dearly! They add interest, fees for court and the cost of processing the garnishment.

Your employer can also charge you for the paperwork. They can even lay you off for poor credit in some cases.

Depending on your income situation and asset situation, then they may attempt to recover ALL remaining monies owed. If they see they cannot get money from a stone and you have NOTHING to sell to make good, then they often count their losses and just take the car, damage credit, and have a collection company harrass you. If you have home and/or assets or other cars, they will seek the payment for remaining owed money.

An abandoned car is a vehicle that is left in one spot for several weeks/months. Often these vehicles have been vandalized or just have trash inside and on the underside of the vehicle helping you spot it to be abandoned. If you see a car you think is abandoned you should contact your local police so they can investigate it and not touch it. It may have been used on a crime or just left to rot.

Yes, why would you block a car in anyway? That is just foolishness!

Whom ever you are that gave such an answer -- maybe you should check your sources friend for your "answer" is foolishness.

The answer is no, unequivocally NO

Simply state in the letter that you wish to surrender the vehicle, list the loan number, the VIN, or any other way to identify the vehicle and the account with the lender. Notify them where the vehicle can be picked up, and where the keys will be located. And, have it there when the agents come to recover it.

No.

In most cases when the bankruptcy is over YOU have to reinstate either catch the default up pay the vehicle off or turn it back in. The finance company will in most case refuse to sign over a title on a secure loan you must give the property back. And from being a collector for a national bank you wont wait long to see a tow truck if you reinstate and miss a payment . one of my office rules call a debtor and they threaten bankruptcy I call the REPOMAN right away ,and get the unit picked up. Even in some cases people have filed bankruptcy and not included there vehicles in it and they have been repo'd . the bank will receive a letter and a court date

I am sevearl monthes behide do i lose the car or can i pay an stll keep it

Go to the state DMV or Secretary of State and file the required papers.

The comaker of any loan is the rightful owner of a vehicle as much as the maker. You are equally responsible for the payments on the vehicle, therefore you have equal rights to the vehicle. Have your copies of the signed loan papers ready when you go to take possession, and you may have to present this to the probate to recover your property.

It is generally up to the finance company but they usually proceed with court action; which destroying a secured form of collateral is punishable in a court of law. If found guilty & you think "they can't get blood out of a turnip", like the old saying goes; just to let you know, all civil judgments stay against you for 10 + yrs so if you ever have income; they may/can collect against you.

This is how I understand it in the state of TN anyways!

No, GAP Insurance covers the difference between the market value of the vehicle the insurance company pays you after a total loss and what you owe to the financial institution.

You should deliver the car to the dealership when the bankruptcy is signed. Clean it up and deliver it in good shape. Ask for a receipt.