When do cars get repossessed?
Depending on the bank used to finance the car, after failing to pay 3-5 payments the vehicle will be repo'd.
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Answer . Where are you located? I know a guy who can do it. Email him at SWRYuma@hotmail.com
Answer . Firstly, in a legal sense, the lending institution owns the car, you are just the registered owner on the title - you promised to make timely payments to the lend…er in writing.. Repossession occurs for one main reason - the agreed upon payments were not made by the purchaser at the interval specified in the loan agreement. The lending institution who initally granted the loan to you has the title in their files - they own the car, and will continue to own it until they are repaid in full for the monies they gave to the dealership or whomever the car was bought from.. There is little recourse - the lending agency, who owns the car anyway, is just taking back their property and will attempt to resell it to recoup their losses. You may try talking to the lending institution and possibly by making up all back payments and signing another loan agreement, with a higher interest rate because you are now an 'at risk' borrower, you might be able to drive that car again.
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.
About two months after one stops paying for the vehicle.
When you can't meet the payments.
nothing. pay your money
The person who bought the car didn't make payments so the bank takes it back.
While I know that everyone who has it happen to them "must" be the exception, the sad fact is that cars are not repossesed unless payments are substantially in arrears. Giv…en how much money is past due, and given the costs, time and hassle the creditor was made to go through to get your vehicle, it is unlikely that they wish to let you have it back. However, if you call them (the finance company, not the repo men) and ask what it would take to get your car back, they may have some conditions, which if you agree to, will let you have your car back. Or they may just not wish to deal with you any more, which is their right. If they agree to let you have it back under conditions, this will most likely be the payment of the arrears, and additional fees to cover their costs, or, if you are very lucky, a complete refinancing in which all that is put into your new - and larger - monthly payments. I doubt you'll be that lucky, though. So call them. If their deal is something you can afford, go with that. If it is not, then start looking for a new car. Well, "new" to you, that is. It is doubtful that an auto finance company will wish to underwrite you again with a repo on your credit history. You'll have to get a used one, and one you can afford without a loan. This is where a moderately well off brother-in-law comes in handy. I hope you have one.
The first thing to do is to contact the company you handle your car payments with. Once payed, you can then go to the reposestion office and receive your car back. Notice th…at is may cost you money to get your car back.
you can buy it back from the repossess depot thinger yeah but you have to pay all your payments on it The above answer is correct, but does not answer the question actually …being asked; i.e., the guy/gal wants to go grab the car from the repo guy or car lot where the repo was delivered to. My answer is YOU BETTER NOT TRY. That would be auto theft, grand larceny or theft over x hundred dollars. Why? Because you do not own the vehicle. Your grab-it and run plan would be the same as taking any car parked on the street.
It depends, but as a general rule, the finance company that repossed it will keep possession of it, either on their own lot or at an auto auction for a certain number of days …(usually 30-60) unless you pay the balance to get it back. After that, they will send sell it at auction and you will owe any deficiency balance. In other words, if the balance on the car is $7000 and it sells at auction for $5000, you will still owe $2000 to the finance company.
If you don't pay your car payments, people go to your house and take it away.
In Cars & Vehicles
dont pay the payments ever
i dont know maybe your foot knows. ask your foot. haha
A valid repossession must not cause an unlawful breach of the peace - even if the debtor is the one instigating the breach. So if the debtor gets into the car, it cannot be re…possessed at that time, you'd be kidnapping them essentially. In the USA, this actually happened, the repossession was declared to be non valid and the debtor awarded a cash settlement in court.
In Cars & Vehicles
Firstly, is not "your" car ... The lending institution actually "owns" your car and can legally repossess it whenever the monthly payments are not being made as agreed upon wh…en the initial loan was signed by the buyer. The lender is entitled to recover their property by most any means. And is is their right to resell that car to anyone they choose in order to recoup their losses after not being paid by the original buyer. Miss a payment, lose the car ... simple business. After all, they have your signature on a document that states you promise to make monthly payments or face the consequences.