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Repossession

Seizure of property bought on credit for which loan payments are not being received. Please note that when asking a car repossession question, it is often useful to include the state that you live in. This will enable people to give you better answers.

11,694 Questions

How long does a vehicle need to stay in the inpound lot after being repossessed?

FTC Law States that the vehicle must be held for 15 days. But that is subjected to state laws and as you know are always subject to change. If you have cured the issue with the creditor you may get it back as early as same day or next day. Also worth noting is that according to FTC the vehicle must be sold between 16 Days and 6 months after repossession and the creditor must inform you of the time and place of auction or sale. But these are also subject to change at anytime and subject to individual state laws and statutes

What happens when a bank writes off a debt?

The debt is simply deducted from the bank's assets. The bank sets its own interest rates for lenders, and any debts they write off is balanced by an increase in the interest rate.

How do I get started in my own business?

you get started with your own business by first thinking of what you would want to do or sell in your business.

Monthly payment on 217000 30yrs at 4.5 percent What would the monthly payment be?

Want to know what our monthly house payment will be owing 217000.00 on a 30 year loan at 4.5%

What is a Buyers Order?

A Purchase agreement which indicates •Buyer details

•Vehicle Identification Number

•Details of •Selling Price, •Rebate, •Tax , •Processing Fee

•Purchase Date

•Down Payment

What is the right size for a 20 year old?

Male, or female, muscle mass, height, and body structure all play a part in this.

4'10-5'2 = 102lbs(46kg)-121lbs(54kgs) for a small frame, 109lbs(49kg)-132lbs(59kg) for a medium frame, 118lbs(53kg)-143lbs(64kg) for a large frame

5'2-5'9 = 108lbs(48kg)-142lbs(64kg) for a small frame, 118lbs(56kg)-153lbs(69kg) for a medium frame, 128lbs(58kg)-170lbs(77kg) for a large frame

5'10-6'0 = 132lbs(59kg)-151lbs(68kg) for a small frame, 142lbs(64kg)-162lbs(73kg) for a medium frame, 152lbs(68kg)-179lbs(81kg) for a large frame

What are the repercussions of an automobile repossession?

First off you will be required to pay the repossession fees unless you voluntarily turned the car in. Secondly you will be required to pay the deficiency. The deficiency is the difference in the amount the lender sells the car for and the amount you owe. Let's say you owe $10,000 and they sell the car for $8,000. That leaves you owing the lender $2,000. Thirdly this repossession will be placed on your credit report and will stay there for 7 years. Repossession should be the last resort after you have talked to the lender and done all you can to avoid this. Sell the car to another individual even if you have to sell it for less than it is worth, then pay the lender the deficiency out of your pocket to avoid repossession. Have someone take over the payments. Whatever it takes to avoid this.

My ex step mom is suing me for a repo that she co-signed for. Can she legally do that considering we haven't got sued by the lender yet?

A co-signer is the legal borrower of the money for a vehicle. You're only along for the ride in the hopes it will bring your credit up if all the payments are made properly. The car can be repoed if you drop insurance, make late payments, or otherwise don't keep the car in good condition while there is a loan on the vehicle. Pay your debts or surrender the property. That's the law.

Find a lienholder with a VIN?

Depending on the state the vehicle is registered in, most DMVs keep this information on file.

Can a car dealer refuse pymnt if your already behind?

Depends on your contract. But yes they can just take the car back.

What does impounding dogs mean?

It means taking dogs to the pound when they're found without collars, tags, rabies shots, or otherwise acting as a danger to the public.

Your mom is a co-signor on your car loan and is filing bankruptcy you have always made the payments and still owe money on the car What happens to the car Do you still make payments What happens?

(Depending on where you live) You can:

1. She can elect not to include the car, and retain property of it.

2. If you are 1/2 way finished of payments you can contact the lending agency and request sole responsibility of the lien

3.Return the car to the title company

If you keep the car, you will still be held liable for the payments. If you no longer want the car or to make payments, you will need to release it back to the title company.

Another thought too....your credit is tied up in this deal. Her credit will be affected by the bankruptcy but if you keep the car and keep the payments up you'll get the credit and benefit by doing the right thing by paying it off. You'll be much better off doing that. If you turn the car in I think it will hurt your credit. You still have to pay if you keep the car.

Can you keep a car that your name is not on loan but was given to you by the deceased?

You need to have the title transferred to your own name and notify the loan company of the change in ownership. Then you will need to pay the balance of the loan or renegotiate the loan with the bank. If you don't pay the loan the car will be repossessed.

If you do not have money to pay when sued will you go to jail?

no they will take the money from accounts, collage funds, or reposses your things 1 by 1 until your debt is payed

Can a repo agent trespass on clearly marked private property in wyoming to repo a vehicle?

In a word, yes.

In most states, as per the contract you signed when you got the loan, the lien holder or his agent are specifically authorized to enter private property in order to look for the collateral. In many states, the lien holder is allowed to seize the unit, also called a "self help" repossession, with no prior notification to the debtor. Some states do have a requirement that a lien holder notify the debtor with a Right to Cure letter, but this only has to be sent to the last known address and the bank is allowed to proceed with a self help repossession after the time period on that letter has expired.

Generally speaking, it's better to try to negotiate with the lien holder rather than allowing the account to get to a point where repossession is necessary. The lien holder will often work with a consumer to make payment arrangements or modify a loan to prevent it from going into default. In almost all cases, your chances of getting repossessed are reduced if you stay in contact with the lien holder, let them know what your intentions and your plans are, and are generally civil and helpful. Banks usually take a loss on a repossesesed vehicle, so their first inclination is to try to find a way to keep you in the car and making payments on the loan.

For more information, be sure to review the terms of your contract and then contact your lien holder to find out what their policies are.

What can happen if you hide a vehicle from the repo man in California?

the repo man will get angry because he can't find your car, and they will probably call you and send you mail repeatedly because you owe them money or the car. they might decide to get the law involved, but i don't think they are allowed to do that.

What cures Sciurophobia?

Treatment for sciurophobia, which is the fear of squirrels, typically involves cognitive behavioral therapy (CBT) and exposure therapy. This may include gradual exposure to squirrels in a controlled environment to help the individual overcome their fear. It's important for individuals with sciurophobia to seek help from a mental health professional to address their specific fears and develop coping strategies.

What happens if you no longer have the car the bank is trying to repo?

The lender can sue you in court and obtain a judgment lien. It can use that lien to sieze any other property you have to satisfy your car debt.

Im pregnant and have a car on finance i cant afford to pay the monthly instalements no more?

Your pregnancy has no effect on your responsibility to pay the bank. You need to negotiate with the bank asking it to take possession of the car and to forgive any amount you still owe after the bank has sold the car. The negotiations will be more fruitful if the car has been well maintained.