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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
Statement of what is owed on loan?
My name is Linda Phillips, Wyndham Rewards issued a credit through your bank for $3800. I do not have my acct. # but it ends in 2649. I live at 1401 Chicago Ave., Egg Harbor City, NJ 08215 I haven't received a statement since I made the first payment of $100 by phone since Oct. 2011.
Can you help me.
How many days late can you be before your car can be repossessed?
It depends on where you are. Some states require that a default notice must be sent, and the borrower must be given at least 11 days to "make good' on the payment. Others don't require any notice at all, and theoretically a lienholder could repossess the vehicle the day after the payment was due.
No lender actually would do such a thing; repossession is a pain in the rear for them, too. But you can't count on 60 days, or 90 days, or whatever. The best thing to do if you know you're late on your payments is to talk to the lender; they're more likely to "cut you some slack" if you're communicating with them than if you appear to just be ignoring the fact that you're behind on your payments.
It's also a lot easier to negotiate with the bank before they've gone to the hassle of actually sending someone out to take the car back than it is afterward. By the time the car is repossessed, the lender has more or less given up on the hope of getting paid any other way.
Can you repossess a vehicle if you are the sole owner on registration?
Yes you can repossess if you are the soul owner. If the person whom your repossessing the car from gives you trouble, have the police meet you to witness the repossession.
You are still legally obligated to pay the balance of the car note regardless.
Can my wages be garnished to pay the balance of my auto loan after my car has been reposesed?
That depends on if the lender uptained a judgment againt you. They would have sought a judgment if the value of the car exceeded the balance of the loan at the time it was reposesed. Some peole are stupid enough to intentionally make their car worthless if it's going to be reposesed. The differanc between the value of the auto and the loan is what the lender will go after.
Can you get your old license plates from your car and put them on your new car?
I'm sure it depends on the locality, but in my state, yes. You can transfer plates from one car/truck to another as long as both vehicles are registered to the same person.
Can a cosigner take the car if you lose your job?
When a person co-signs a loan, they take on the obligation of the loan. The co-signer should also be on the title to the vehicle. If not, the co-signer could acquire title by filing a lawsuit against you for not paying and the court could transfer the title to the vehicle by a court order.
A BK is an abbreviation for a book, or a bad kid, a term used in video games to refer to a new player.
It depends on the contract you have with the storage garage. Some storage facilities require that property stored have no liens. Some state in their contracts that if a lienholder produces proper paperwork, they (the storage facilities) will allow them access to the liened property. In AZ, if you store property with a lien on it and refuse access to the lienholder, it is a felony ( ARS Title 13, Section 2204). But to simplify the answer, no, a repo company cannot pick, break or remove a lock to repossess a vehicle without a court order. They can open a gate if it is not locked. The Uniform Commercial Code states that when you sign the finance contract, you are authorizing the lienholder or it's agent (the repo company) to enter your property.
Functions of mortgage banks and explain?
Function of mortgage bank is to lend for purchasing, reclaiming land and discharging old debts. They mortgage 50% of the land. Mortgage Bank commands its capital through deposits and dealing in shares and bonds. The period of loan usually ranges between 15 to 30 years.
If you can't afford car payments anymore will they put a lien your my house?
Don't think so , unless you used your house for collateral when you bought the car. Generally they will repo (take it) it and you may be responsible for the remaining balance that is owed.
What is the back thing of your car called?
the back thing of a car is a boot or often know as trunk. Also on top of the trunk is a thing called a spoiler
What happens after your vechicle is auctioned?
If your vehicle is auctioned off you will have to pay the difference from what the vehicle was sold for vs the actual loan amount left over. Plus the towing fees and auction fees.
Why are rules protecting private property some of the most important rules in a free market system?
Individuals need to own resources in order to make free choices.
How do you find out someones class on their license?
In Wisconsin - On the license face is a class designation like (D,M, ect)next to the word "class". On the backside of the license is an explanation for that class letter that was found on the front. I would think that other states have something very simular.
A nice man/woman called a recovery agent will come and pick it up.
It varies greatly on the type of job you have. However on AVERAGE it is about $6,000 a week for a middle aged adult with a college degree and a decent job.
That figure is way-off. That's over 300k a year which is in the top 1% in the US. The real average income depends on location, job, experience ect. The median income in the US is 57k annually or just under 1100 pre-tax weekly.
An Authorized Recovery agent working on behalf of the lien holder can repossess the vehicle from the lessee. It is Illegal in the state of Indiana for someone who works for/ at the car lot or for the lien holder to repossess a vehicle under the car lot/ lien holder's company name. The duty of repossessing a car must be hired out to a recovery agency.
How long can a garnishment last in mi?
Typically garnishments last as long as the debt remains unpaid. Check the documentation you received from the garnish presenter and you should see your total indebtedness and subtract the payments you have made from it.
What does regulated company mean?
Regulated companies were associations of merchants banded together for a common venture
requires the company to have a licences and there are regulatory bodies that govern such company (government bodies that look after that industry) for public safety reasons. Jobs that require a licence are called regulated occupations. Regulated occupations include nurses, doctors, engineers, teachers, accountants and electricians. You need special education and experience before you can get your licence to work in most regulated occupations.
In Oklahoma can you be arrested for hiding your automobile from a repo man?
Yes it is considered as grand theft auto
