Should the lender tell you where your repossessed car will be sold so you can buy it back?

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It is not required. However, if you do discover where the vehicle is to be sold, provided it is close enough for you to travel, you can attend if it is a public auction as opposed to a dealer aution, and you bid like everyone else.

Now, that being said, it seems it would be much easier for you to pay the redemption and storage fees, reclaim your vehicle, and get out for less than if you were to attempt to purchase the vehicle. You will be help accountable for the fees regardless, and the money you pay goes to the lender either way.
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How can you find out which lender wants to repossess the car?

Ron, the SAFEST thing to do is contact a local repo company. Explain what you know and see how much its worth to them to know more. The info you need is not available to the public and the process to find out is more costly than you would make. Let the repomen get the car and you get the cash. LOL

Where can you get a loan to buy back your car that was repossessed?

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.

How long to you have to pay back what you owe after your car has been sold at repossession?

Well after I got my car repoed it took me till Oct of the same yr to pay the lender off with a new charge off amount repoed in April 2003 paid in full Oct 2003 on my Credit Report it shows as a charge off. I paid it off in 6 months I refinanced my home to pay off he difference. In between time I had (MORE)

Can you convince the lender to give the car back and get back on the payment plan after repossession?

I cant, you might can IF you pay current. The lender wants their money, on time, blah blah blah. SOS different day, LOL Yes, they have to give your car back if you pay the reinstatement ammount, in other words all the payments and fees you owe to make the loan current... the only exception will be (MORE)

How can you find out where your repossessed car is being kept if lender will not tell you so you can get personal things out of the car?

LaTonya, it seems unlikely that the lender would refuse to let you get your PP UNLESS you are wanting something unreasonable(strip the car???) Even so, a call from an ATTORNEY should change the program. FL - repo agent has to inventory the car and send a "notice of siezure" of PP then you have 45 d (MORE)

When your car is repossessed can they tell you that you can't have your car back until you've paid the balance?

Its very likely that they can require you to pay off if you justrefinanced the loan. READ your new contract in the parts aboutDEFAULT. If there's any doubt, call a local attorney. Answer . In some states, if you put down 20% on the loan, then all youwill have to pay is the past due payments, plus (MORE)

Can you repossess a car if you sold it privately?

Do you have a contract with a "repo clause" in it? Anything about what will happen if the debtor is in DEFAULT? Do you have the means to actually repo a car? truck, tools, location of the car, etc? Does your state require a "right to cure" notice? Lots of variables here.

What are your rights in California if your car was sold 1 week after it was released back to you after repossession?

I don't understand how they could sell the car IF you had redeemed it. Got more info??? I am the original author of the question....my car was repossesed and we made arrangements with the financing company to pay off the back amount due and re-finance the loan. We signed the contract and 3 busines (MORE)

When a car is repo'd can the lender tell you the only way to get it back is by refinancing?

Answer . \nNO they can tell you to pay the back payments and fees (for the impound). Answer . YES. At this point it is pretty much whatever the lender wants and they usually want ALL of their money NOW. Are they suggesting that you refinance with them or go elsewhere for a new loan? If you (MORE)

What can the lender do to you if the loan is not paid in full when the car is repossessed and sold and a balance is stll owed?

They will try to collect the balance themselves or sell it to a collection agency or seek a judgment thru the courts. Answer It's called a deficiency. Google it and you can read more about the specifics and local laws that apply in your area. Answer Generally, they usually try and get you to c (MORE)

Can a car that a husband used as collateral to buy a van that was repossessed be seized by the lender if the car was awarded to the wife when the couple divorced?

Answer . You will have to take it up with the bank who repossessed the van. Since the car belongs to you, they should not be able to take it away from you. The laws may vary state-by-state. Talk to your divorce attorney to be sure you are protected.\n. \n. \n . \n Legally the vehicle could b (MORE)

How do you get a repossessed vehicle back if the lender does not want to give it to you?

\n. \n Answer \n. \nFirst of all you call the repo company.\n. \nAfter that keep trying to call the bank. As long as they don't sell the car you can still get it back by paying the reinstatement amount.\n. \n . \n A repossession agent/agency is contracted by the lender, they have no autho (MORE)

What should you do if the lender was rude to you when you tried to talk to them about your car payments and then they repossessed your car?

Answer . \nOh please! Are you saying he didn't speak to you with all the respect and concern you feel is deserved? And how much is deserved for someone who apparently asked for a loan, swore all over that you would pay it on time, exactly in a certain way, and even probably has mention of what (MORE)

My car was sold for less than is owed. So long as I pay off the balance I should get my car back?

Answer . The way your question is worded it sounds like your car was repossessed and then was sold for less than you owed on it. That's pretty typical.. If I DID understand your question correctly, no - you will NOT get your car back if you pay off the balance. My guess is that you did not fu (MORE)

Does a lender who repossessed your car have rights to your new car?

Answer . Not directly as a named lienholder would, but it depends on many things - mainly if the repossession reaped enough money to pay off the prior debt (which would include all late fees, interest, costs of collection, etc.). If not, the amount you would still owe may be turned into a claim (MORE)

Should you be notified where your car will be sold after repossession in Georgia?

See OCGA § 10-1-36, which I've pasted below:. O.C.G.A. § 10-1-36 (2007) § 10-1-36. Disposition of motor vehicle repossessed after default; right to recover deficiency (a) When any motor vehicle has been repossessed after default in accordance with Part 6 of Article 9 of Title 11, (MORE)

If the lender writes off the loan can the car still be repossessed?

Yes, a vehicle is a secured debt and the lender can remain a lien holder even when the loan is charged off due to a default.. A "write/charge off" does not invalidate a debt nor does it relieve the borrower of the obligations of the original contract.. Ans . And more than that...you can expect th (MORE)

Can you repossess a car you sold?

If you have a written contract that is signed & noter ised you have a very good chance. If it was a verbal contract with witnesses that will back you up, you have a good chance. If the car is still in your name you have a good chance. If you have none of the above, it will be very difficult.

In the state of California does the loan company have to send you a letter telling you when the car will be sold at auction so that you may have the option to go to the auction and buy it back?

Answer . No, when a lender auctions your car they are auctioning out to local dealerships or lenders. So, you do not have the option of buying back this car. If you have the finances to buy it back, then your best bet is to wait for the letter in the mail telling how much you will end up owing af (MORE)

What action can a lender take after a car is repossessed against the borrower?

After the sale of the vehicle if there is a difficency balance the lender can file a judgment for the difference. Depending on the jurisdiction of the judgment the process used to try to collect on the judgment varies. First you must determine what assets the person has if any, and then that will de (MORE)

Is it illegal to drive your car if your lender wants to repossess it?

It is not YOUR car if you have not fully paid for the car or, have not been making payments. You need to either catch up on the payments or return the vehicle soon. Driving it is not so much illegal as it is borrowing trouble. A repossession will save you from paying the total price of the car shoul (MORE)

When can a lender repossess your car?

Each lender will have different time periods they will allow before they send out an order for repossession, and their terms will usually be stated in the contract which you signed for your automobile loan. Technically, they could send out an order for repossession the moment you're declared delinqu (MORE)

Should you have your car be repossessed or take it back to the dealership?

A voluntary reposession, where you turn the car over to the repossessing agency (not necessarily the dealership), is almost always going to work out better for you than making them come after it. For one thing, you'll avoid having the cost of the repossession (probably several hundred dollars) added (MORE)

Do you have to pay on a repossessed car if not sold?

If it has been repossessed the lender will usually stop all collection activities until the vehicle is disposed of through sale. It is unusual but the lender could decide to keep the vehicle but should they do that than they waive their right to a deficiency.

Where are repossessed cars sold?

Repossessed cars are generally sold at auctions, so look out for car auctions in the local press. Make sure that you ask for a catalogue before the auction and do some research before you go to bid.

How can you repossess a car that you sold?

If you sold a car and made a payment arrangement with somebody, ithopefully was spelled out it writing that if the buyer defaults byx number of months, or days, whatever he must surrender the carback to you and not get any money back. It must all be in writing.You must be the leinholder on the regis (MORE)

What research should one do before buying repossessed cars?

Before buying repossessed cars, you should first research the frequency of repair and maintenance costs on the models in auto-related consumer magazines. You can also ask for the car's maintenance records from the owner, dealer or repair shop.