How long do you need to wait to buy a car after repossession?
Nancy, you can buy one as soon as you find someone to finance you. You will probably pay a higher interest rate and need a bigger down payment,but the choice is yours. Good Luck
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Here is a variety of advice: . If I were you I would check out your county for repossessions to be sold they generally sale for 2/3 of the loan value. . I would NOT buy a car that has been repoed. Simple logic tells me that the driver was NOT doing ANY repairs or even oil changes, before it got …pulled away. In my years of experience doing vehicle repos, (yes I do know what I am talking about here) the number of outright clunkers was higher than 75 percent. . Junk on wheels is what we used to call them. Run to death and barely able to be driven. Buyer beware is what I say . . What if my truck worth 15k is repoed because I quit paying on the 20k loan. Then I buy it at auction because I know I took care of it? Heck, I could even dirty it up inside a little first so it will auction for less. . It won't work. If it was repo'd by a buy-here-pay-here lot, they'll put it back on the lot and certainly aren't going to deal with you. If it was taken by a bank or manufacturer's finance company, it is going to a wholesale auction where you need a dealer's license to bid. Some smaller credit unions or finance companies will sell their repo's in their parking lot, but that's just like the BHPH place - they aren't going to talk to you. Besides, you STILL OWE the difference between the loan (plus repo fees) and what it brings. It's cheaper to make your payments. . It's fine to buy a repo car if you take someone with you who knows a bit about cars. Where repo cars are sold is different from place to place. Try Googling your city and car auctions or else looking up auctions in the phone book. . Call your local Credit Unions and ask them if they have any vehicles for sale. Most of them do these days. These are high quality cars for good prices and you are buying from a reliable source. Credit Unions will also give you good financing terms to get the cars off of their books. You could search online or just open the phone book and start calling. (MORE)
Answer . Mike, that depends on how great your credit is. A repo on your record is NOT going to help. Any interest rate you get will be HIGH because of your credit rating.\nWith a decent down payment you can always get a ride at a buy-here-pay-here car lot. Good Luck.
%DETAILS%. Answer . Proof that you are you and MONEY to the lender. Plus any inventory fees for counting the mickey D's cups..
There are none. As long as you remain delinquent on payments, or until other arrangments can be made with the seller, the vehicle is still theirs. And they can come and get it anytime they want.
How long after your car is repossessed can you get finacing for another vehicle without a large down payment or going to a buy here pay here place?
This question can not be answered in months, days and hours, it depends on several things. How much do you consider LARGE,ect. how well you do at rebuilding your credit rating, how well you know the loan officer. Could be 6 months or 6 years.
The lender has to sell it in a "commercially reasonable manner". they may be waiting for a better season to sell it, prices vary by season. this might be in your best interest and it might not. Call a local attorney for state/case specific advise,
If you are trying to buy a specific car, you can contact the bankor whoever holds the lien on the vehicle for more information. Youmay also start online with a free directory search for banks andother financial institutions who are selling repossessed cars. There are also other alternatives. You ca…n go to either offline oronline public auctions. Even though these auctions are attended bya high number of car dealers, you can still find very good deals,particularly since you're buying for yourself ( not to resellafterwards ). Besides public auctions, you might also consider government carauctions. They're repossessed auctions where a government contractwas involved in the original purchase. They're pretty safeenvironments and you can save up to 90% or more by attending theright auction. Just find as many as you can in your area ( so thatyou increase your chances of finding one with few other bidders )and familiarize yourself with the local rules and codes. Beforebidding, always have the vehicle inspected by a mechanic and get avehic (MORE)
Answer . \nCHECK THE LOAN PAPERS. SOME 30 DAYS SOME ARE LONGER. IT ALL DEPENDS ON YOUR LOAN.
There is no time limit to purchase a car after closing on a house.As long as the lender for the car agrees to a loan or a person paysin cash, a person can buy a car whenever they choose.
O' yea, that is a brilliant idea. If you can afford to buy another car, then you can afford to pay for the one you agreed to pay for. Make the payments on the car you now own, and your problems will disappear. Stop being stupid and trying to work the system. They loaned you money in good faith. You …signed a contract to make payments each and every month. Be a man of honor and do what you said you would.. When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car.. Talking with Your Creditor It is easier to try to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you'll be late with a payment. Many creditors will work with you if they believe you'll be able to pay soon, even if slightly late.. Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may refuse to accept late payments or make other changes in your contract and may demand that you return the car. By voluntarily agreeing to a repossession, you may reduce your creditor's expenses, which you would be responsible for paying.. Remember that even if you return the car voluntarily, you're responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report.. Seizing the Car In many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a "default." In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are allowed on your property to seize your car without letting you know in advance.. But creditors aren't usually allowed to "breach the peace" in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace.. Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property.. A creditor usually can't keep or sell any personal property found inside. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can't account for articles left in your car, talk to an attorney about whether your state offers a right to compensation.. Selling the Car Once your creditor has repossessed your car, they may decide to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold.. In either of these circumstances, you may be entitled to buy back the vehicle by paying the full amount you owe, plus any expenses connected with its repossession (such as storage and preparation for sale).. In some states, the law allows you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession.. The creditor must sell a repossessed car in a "commercially reasonable manner" - according to standard custom in a particular business or an established market. The sale price might not be the highest possible price - or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable.. Paying the Deficiency A deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $2,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing.. In most states, a creditor who has followed the proper procedures for repossession and sale is allowed to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract.. Depending on your state's law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only opportunity to present any legal defense.. If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment.. Remember this repossession will stay on your credit for 7 years. (MORE)
Answer . depends you should receive a notice in the mail from the lender as to the auction\ndate and place.
The lender can legally take the vehicle one day after the payment is due. That is, on the day the payment is late, the lender can begin repossession efforts. The day the payment is late, the contract is void.
After you buy a repossessed car does it stay marked as repossessed as long as it is driven even though it is paid off?
Answer . The car isn't damaged, the debtor's credit rating is. There is no permanent record of the car as a repossessed vehicle like there is for a salvaged title.
No one can answer this question. It depends on many factors. Here is a thought. Call the lender and ask them.
After your car gets repossessed and you pay the outstanding amount how long do you need to wait before they give you your auto back?
\n. \n. \n. \n Answer \n. \nDepends on your state. In AZ, they cannot liquidate the collateral for ten days after repo. If it has been longer than 10 days, they can sell it and you would still be liable for the amount due (minus what they made off of the sale of the vehicle).
Answer . \nYes, you can. My father did this. The thing is, you get a really high interest rate. You could try to have someone co-sign to get the interest rate down a little.. Answer . Yes but why would you want too??save your money and buy a used car outright.Then\nthere are no car payment…s or paying full coverage insurance.Think of the money\nyou will save. (MORE)
Bad credit says on your account for 5-7 years. If you wait 3-4, then you may be able to get another car with a co-signer or with high interest. You may be lucky to get one after 2 years. The more attempts you make to inquire on your credit report to get a car, the worse it looks. You must go to a cr…edit counselor or the credit beureau to inquire on your credit account without any negative impacts. Certainly there are lenders that MAY give a loan to someone with bad credit, especially if there is a down payment, etc. theyalways charge a much higher interest rate, and hence the loan may not, or should not, be something you should want to encumber yourself with. Which brings us to the real answer for "how long". You should only consider trying to get another loan after you have corrected whatever caused you to default before and have gotten your finances under control so that you can actually abide by the terms and promises you would agree to. (MORE)
Untill the re-po man finds you, could be a day, could be never if you're good. But usually the bank wont send a re-po man until you have become very very late, few months give or take.
No. Unless you go to one of the dealers that offer a little box on the dash board that requires payment to run. Total rip off. A repossessed vehicle will stay on your credit record for 7 years. Due the recent economy no one will get you a new car loan or lease. Your best bet is save mnoney and pay c…ash for a used vehicle. (MORE)
Answer . \nIT DEPENDS IF IT IS BUY HERE PAY HERE OR A BANK REPO BANK REPOS YOU HAVE 15 DAYS TO PAY THE CAR OFF IN FULL AND 30-60 DAYS TO RETRIVE YOU BELONGINGS OUT OF THE CAR. BUY HERE PAY HERE LOT WILL GIVE YOU YOUR CAR BACK AS LONG AS YOU PAY THE REPO CHARGE AND YOUR BACK PAYMENTS
When is the best time to buy a car? In summary the best time to buy or trade in a car will be as below: End of Year End of Month Monday to Friday
Answer . \nThe time frame depends upon the lender.\n. \nRegardless of whether the repossession is voluntarily done by the borrower or a forced repossession by the lender the consequences remain the same.\n. \nThe borrower will be responsible for any deficiency between the amount that the repos…sessed vehicle is sold for at public auction and the remaining balance on the loan agreement including added fees and penalties.\n. \nThe respossession will also remain on the borrower's credit report for the required 7 years.\n. \nBe advised, a lender has no legal obligation to recover the vehicle but can instead file a lawsuit against the borrower for the entire amount of the loan plus legal and other associated costs. (MORE)
Answer . \nThere is no time restraint on purchasing anything after bankruptcy. In fact, as it is "after", barring something like intentional fraud by using undeclared resources that were available at the time of bankruptcy, your actions after filing have virtually no effect on or from the bankr…uptcy. In the pure sense, even if you won the lottery the week after filing bankruptcy, that wouldn't effect the pre-filing situation.\n. \nGetting financing for the car may be a different matter. A lender will look at you entire credit profile, and they historically frown upon someone with a, especially recent, bankruptcy on record. However, some lenders have special programs for just tis situation, although at a higher interest rate. (MORE)
Wisconsin is a voluntary repo state. You cannot legally repo w/o the following: Wisconsin Consumer Act (WCA) prohibited creditors from repossessing collateral or goods without first obtaining a court order, unless the consumer voluntarily surrendered or abandoned the goods. The law was changed in …2006...in Wisconsin they only need to send a letter ceritified or registered mail giving you 15 days to tell them they need to sue you in order to repossess. If they don't send the letter, there's only a $25 fine. I'm finding a lot of info on the old WCA but if you go to the state website under ch 425 it states clearly the new rules. The old law required a court order-the new law isn't highly publicized. (MORE)
Answer . No. There are other options available to the repo man. Most of the time they will just tow your car, no key needed. Other times they will take the car by slamming the ignition or whatever is required. When the automobile is dropped off at the lot, they will just replace the locks if n…o key info available. (MORE)
Answer . No. There are other options available to the repo man. Most of the timethey will just tow your car, no key needed. Other times they will takethe car by slamming the ignition or whatever is required. When the automobile is dropped off at the lot, they will just replace the locks if no …key info is available. (MORE)
Answer From a Texas General Agent . When financed, contractual obligations generally require full coverage before you take possession of the vehicle.. The legal requirement for liability or Financial Responsibility starts the moment you or anyone you authorize to drive gets behind the wheel.. A…ll vehicles operated on public roads are required to meet the financial responsibility requirements of your state. (MORE)
Answer . Every company is different..collections start the minute a payment goes past due. Usually the repo starts after 3 pmts are due maybe sooner if there are no communications with the customer or maybe later if someone has managed to stall off the repo.
Answer . It usually will take up to 2-3 months, they will call you with several options to see if there is anyway to figure a way for you to stay in the car.
It usually depends on a used car companys policy but most will go ahead and let you apply on line for another vehicle right away.
You can buy a car right after your car has been repossessed. Itwill however, depend on whether your credit is stable enough toqualify or if you have the cash to pay out of pocket.
you have ten days from the original date of purchase to have insurance and have the car / vehicle registered in your name. you have ten days from the original date of purchase to have insurance and have the car / vehicle registered in your name
Yes. But you might have a difficult time getting a loan for it. If you just go pony up for a "beater" to get around in, you shouldn't have a problem.
The biggest turn-off when buying Repossessed Car: As you already know, Repossessed Car Auction is a great way to buy your new car or other types of vehicle (boat repo auction, RV repo auction, ...); however, it seems almost too good to be true, because the price is very low. The catch lies in the… fact that Repossessed Cars were taken from their previous owners by the government, so they are basically used cars. Therefore, you must take all the steps necessary to find out about the history or the damages of the repossessed car yourself. Why you should still go for Repossessed Car: The easiest answer is: because it is very cheap. Normally, you can find one at as low as $200. Furthermore, even though repossessed cars have been used, they were taken away because their owners couldn't pay the bills, not because they were damaged or got into accidents. Thus, most of the times you will find very good repossessed cars that are perfectly normal and usable. Still, remember to check its history and VIN number! Also, remember to visit websites like www.vehicleshq.com to prepare your knowledge before going to a real repossessed car auction. (MORE)
Repossessed cars can be purchased directly from Banks and Credit Unions. Many larger Banks and Credit Unions will simply send the vehicles off to "dealer only" auctions, but most of the smaller Banks and Credit Unions will offer these vehicles for sale on their websites to the general public. If you… view the "related links" section on this page there is a website which is a free repo finder tool that lists direct links to Credit Union repossession across America. You can browse local repossessions in your area and then contact the individual Banks and Credit Unions about purchasing the vehicles. (MORE)
This would be determined by the terms of the loan agreement and the applicable local laws. Within the loan agreement there should be reference to the action that can be taken to repossess the car should non-payment arise.
It depends on what part of state you were in. You can ask a divorce lawyer how long it takes before you become free for being married. In California at least from 1 year to 1 and half, depending who wants to get what, called "property" In Texas it can only takes 6 months as long as the spouse doesn'…t fight it. You search a lot on this one, but a little warning, make sure and be smart.. (MORE)
When a vehicle gets repossessed it either goes back to the dealer who leased it, or, and more commonly, it is auctioned by the reclamation company. You would need to attend one of these auctions to be able to bid on one, and even then, a lot of times you have to be a licensed dealer to participate…. Check on the local regulations and restrictions on the auto auctions in your area. (MORE)
I will assume you mean a repo guy/ gal. You need a tow truck, clients and big balls. I don't mean to be funny by saying it that way but it's true.
You can repo your own car but you cant start a business without a license.
Depending on the paint manufacture(ppg, sikkens, dupont,) usually 24-72 hrs. Also if you baked the paint in a booth, or just air dried. The reason you wait is to let the paint gas off. What that means is let the chemicals evaporate and let the paint cure. If you fail to do this, the evaporation of t…he reducers will still be gassing off and will ruin all your time and effort. When in doubt read the directions, and the material data sheet from your paint supplier. (MORE)
It depends on which state you live in really. I lived in Louisiana and my car was in my mothers name she decided not to pay and it was repossessed well 11 years later they contacted me again and requested the money for the car. But that was in 1994.
you need to wait around 4 weeks or when you go to the car wash with a brand new car most cases are that some of your paint gets removed
Title loan companies are notoriously low in patience. Title Max is one of the least patient. The Title Max paper I ran in the past was as new as one week past due. Sadly, in most states, title loans are rarely larger than a couple thousand dollars, and the vehicle can only be sold no more than the b…allance owed. Good for car buyers, bad for those who secure title loans. (MORE)
I think it'd be a good idea to talk it over with your wife to make sure that you actually need another car before you buy one, because if she didn't want you to buy that car she's probably going to be extremely angry!
Like other credit items in your history (other than bankruptcy) it will remain on your credit report for 7 years. You may be able to have it removed sooner if it is not documented properly.
There is a large number of people out there saying "I need a personal loan quick but I have bad credit", and they have no idea where to go to get a loan. They know one thing for sure - they're not going to get none from their local banks, because banks are hesitant about lending money to people with… bad credit. If you are one of them, you'r win the right place to get a quick personal loan in the next hour or so. this is one of the best ways of obtaining quick cash without credit check, no collateral, no cosigner is needed, so i will advise you to cantact them via email: firstname.lastname@example.org Read more: http://wiki.answers.com/Q/How_do_you_get_comsumer_finance_loan#ixzz23r2PtarU (MORE)
Laws vary by state. Seven years is a general rule of thumb.However, there is the potential for it to be perpetual - the lendercan "sell" your debt to another company, who in turn add a fee andinterest, and it remains on your credit report. Ten years is thefederal upper limit though.
Legally, there is no way to wait to buy insurance for a new car. All new cars must have valid insurance policies before they are able to leave the lot.
Each lender has their own way of disposing of a repo. Most willsale them at dealer only auctions. You can purse getting a used cardealer licenses from the state you reside and attending theseauctions.