Repossession

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.

Type your answer here... Why is private property, and the protection of property rights, so crucial to the success of the market system?

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.

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.

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.

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?

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.

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

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.

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

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.