What steps will a lender take after repossession?

Cars & Vehicles
Repossession
Mumbai
Barack Obama

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.

Previous questionWhy is a tracking device needed?
Next questionDifference between shocks and struts?

Related question

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 deli...

Read more

When a car is repossessed voluntarily will the lender still try to go after the cosigner first to collect the rest of what is owed on the car?

Its NOT a matter of first or second, its who has the most assets that can pay. If the buyer doesnt pay, they will be on the cosignors steps the next morning. Vol or Invol, they want their money.

Read more

How long does a lender have to repossess?

I am 3 months behind on my mortgage? How long until they repo my home?

Read more

Can a lender take your savings?

Yes and no. Most banks who also lend have a section in their account agreement that gives them the "right of offset" for certain loan types. In this scenario, if you owe your bank money, they can (according to the terms set in the agreement) take money in your checking or savings to offset the de...

Read more

What happens after a repossession?

Even if your car is repossessed and later sold at auction, you might not be off the hook.If your car sold at auction for less than what you owed on the loan, you must still pay the remaining balance to your lender.The creditor will notify you of how much you owe and you will be responsible for ma...

Read more

What are the chances that the lender will work to get a new car after your car is totaled?

Actually pretty good especially if you had any balance that needs to be paid, and if your account was in decent condition. Most of the time, I have seen lien holders roll (transfer of collateral I think they call it), any balance left from your prior vehicle to the new one. Of course this makes y...

Read more

How long does it take for a car to be repossessed after the request was made to repossess it?

The time frame depends upon the lender. Regardless of whether the repossession is voluntarily done by the borrower or a forced repossession by the lender the consequences remain the same. The borrower will be responsible for any deficiency between the amount that the repossessed vehicle is sold f...

Read more

What happens after repossession?

Even if your car is repossessed and later sold at auction, you might not be off the hook.If your car sold at auction for less than what you owed on the loan, you must still pay the remaining balance to your lender.The creditor will notify you of how much you owe and you will be responsible for ma...

Read more

What does reinstate mean after a repossession?

Reinstating the Loan After Repossession To reinstate, the lender will typically require that you bring all the payments current, pay any outstanding fees under the contract, like late payment fees, and reimburse the lender for the costs of repossession.

Read more

What happens after a car is repossessed?

After repo, the car is sold at auction(usually) and you are expected to pay what is left owing on the loan. At this point, you can make the lender an OFFER to payoff(CASH), you can attempt to make payments on the balance or you can wait until the lender takes you to court. IF you don't go to cour...

Read more

What are the next steps after buying a car?

Here are some things to do rights after buying a used car: Title Transfer and Registration. Before you register your car, you will need:Before you transfer the title, you will need: Used Car Sales Tax. Insurance. Bill of Sale. Temporary Tags. Read the Owner's Manual.

Read more

What happens after voluntary repossession?

In voluntary repossession, you return your vehicle to your lender when you are unable to make payments.You inform your lender that you will not make payments going forward and that you want to surrender the car.If the car sells for less than your balance, you'd still owe money to the lender.

Read more

Can a lender repossess my car cause they got it out of towing?

Situation dependent. If it was impounded by a government agency, and it appeared that you weren't going to get out of impound before the agency in question took possession of it, they certainly can in most states. Government liens take precedence over any other lien, so the government would be ab...

Read more

What are the steps to buying a car after bankruptcy?

One may buy a car after declaring bankruptcy by first re-establishing a credit rating. One may do this by first paying all of your bills on time, including rent and utilities. One should also not close down any accounts until one's complete financial circumstances are established. If one needs to...

Read more

What is The first step after a successful vehicle programming?

Completing a drive cycle which varies with manufacturers.

Read more

Can a dealership take back a car title from a lender and have the car repossessed if he is behind in payments even if arrangements have been made with the lender?

This question is incomprehensible. Please use the discussion page to add as much background and explanation as you can, and maybe somebody can wordsmith the original question into something people can answer. You can use periods and commas on the discussion page.

Read more

Is the voluntary relinquishment of a vehicle by the borrower as damaging as a lender's repossession?

Yes, it is the same thing.

Read more

Can the lender keep personal belongings in a repossessed car such as CDs?

No that's called stealing.....

Read more

What if the lender will not pick up the car?

Call a local towing company to come get it as a towaway.Right. And face charges for illegally hiding the asset. If the lender will not pick the collateral up, ask where you can deliver it, and do so. If the lender refuses to give you a place to deliver the asset, send the lender a certified lette...

Read more

Can lender come into the borrowers backyard to repossess a vehicle?

Yes, as long as the action does not constitute a breach of peace. The repossession agent may not however, remove a lock on a gate or enter a closed structure such as a garage whether it is locked or not. In a few states the repossessor cannot enter posted property, or can only do so at their own ...

Read more

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

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 or lien ag...

Read more

Do you still owe after a repossession?

If your car or other property is repossessed, you might still owe the lender money on the contract.If your car or other property is repossessed, you might still owe the lender money on the contract.The amount you owe is called the "deficiency" or "deficiency balance."

Read more

What happens in Florida after repossession?

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...

Read more

How long does it take to get your car back after repossession?

15 days is most commonly used as the set amount of time whether you are able to choose to pay your back payments or redeem your vehicle by paying it off in full.If you do not receive notification from your lender after the repossession spelling out your options, you need to call them as soon as p...

Read more

Do you owe money after a repossession?

If the car is sold, ask if you still owe money If the repossessed car sold at auction for $7,000, you'd still owe $2,000 on the car, plus repossession expenses, in some cases.This is called a deficiency balance.Deficiency balances are common, especially when your auto loan was for a new car.

Read more

How take out transmission step by step on a 2000 Chevy 4.8?

If you want to "DIY" I would recommend purchasing a shop repair manual for that vehicle. It will pay for itself.

Read 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, the seller or holde...

Read more

Who insures vehicle after repossession?

The party that purchases the vehicle from the lender. You are done with this vehicle once it is repossessed. Here is some information you may find helpful. 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 pai...

Read more

What steps must you take to convert millivolts to volts?

The prefix, 'milli', literally means 1/1000. Just like a millimeter is 1/1000th of a meter. So replace milli with 1/1000 and you have the answer in volts.For example, 583 millivolts = 583 x 1/1000 volts =583/1000 volts = 0.583 volts.

Read more

Is there anything that you can do legally in Georgia to the person you co-signed for before the lender come after you when the car is repossessed?

Nothing that I know of, maybe a civil suit. You are learning the pitfalls of co-signing the hard way. Keep the lender aware of the signors address( so the lender can pester them as well as you), any windfall money the signor may get to collect from by the lender,ect. Good Luck

Read more

Will they repossess a wrecked car?

yes and you will have to pay the differince

Read more

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

Read more

Does the lender have to notify you before they repossess your vehicle?

ONLY in 9 states.CORRECTION..8 1/2 states... depends on the value of the car in MO.I do not mean to DIP into someone else's questions, but wondering the same thing. WHAT STATES ARE THE 9 REFERRED TO IN YOUR ANSWER?COMMENT--I THINK THAT IT IS NOT RIGHT TO JUST GIVE THE LENDER'S THE ICING ON THE CA...

Read more

If a car is financed in Texas and repossessed in Kentucky can the lender garnish your wages in Kentucky?

If a garnishment has been ruled against you in a judgment it can be collected no matter where you are.

Read more

How do you negotiate with your lender before your vehicle is repossessed?

I can assure you the lender does not want to repossess your vehicle. He loses money by having to do this. Sit down with them and discuss how much you can afford to pay each month. Ask them to renegotiate the loan, to a lower interest rate and smaller monthly payment. Something you can live with. ...

Read more

Can a car company go after me 13 years after a vehicle has been repossessed?

ok first of all how stupid r u................ of course they can because they can still file legitimate buissness and non-buissness against u nd ur unpaid car repposession charges niigguhh

Read more

Is a lender in Missouri required to send the borrower a Notice of Right to Cure before repossession action?

No, Missouri has no laws that require the creditor to notify the debtor that a vehicle is subject to repossession.The lender can have the vehicle repossessed without notice as long as the repossession does not commit a breach of peace as defined by the laws in the jurisdiction where the vehicle i...

Read 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 ...

Read more

What is your rights if the lender does not notify the police that they are repossessing your car?

Same as if they do. Notification is common curtsey not law. Some jurisdiction have different rquirements, but what can they do if you dont??? Cant outlaw selfhelp repos.

Read more

What are your options after your vehicle is repossessed?

if you are feeling as if you want to hurt yourself, or want to hurt others, please call 911 and ask the helpfull operator to assist you, otherwise, check out the library for the NOLO legal books, also available ONLINE NOLO, NOLO, NOLO and then you won't feel so bad...:) be happy, cuz it was a pie...

Read more

How do I rebuild my credit after a repossession?

Here's a look at steps you can take to avoid a repossession or bounce back afterwards. Try to negotiate with your auto lender. Before you simply stop making payments due to a layoff or other financial hardship, call the financing company to discuss your situation. Consult an attorney. Work ...

Read more

How can I get a car loan after repossession?

How to get a car loan after repossession in 6 steps Really know your credit situation. Try building credit before you apply. Apply with a co-borrower or cosigner. Get together a good down payment. Be realistic about what you can afford. Choose the right lender. Enjoy more control with a...

Read more

What do I do after my car has been repossessed?

If you want to get your car back after repossession, you have several options: Redeem the car or reinstate the loan (if allowed in your state or by contract). Wait until the sale and attempt to bid on the car at auction.Negotiate with the with the creditor to try to get the car back.

Read more

What happens if your repossessed car was modified after purchase?

if it was me i would ask them to prove that the gauges were working before you bought it. and i am not sure but i think that any changes you make such as a new radio or new rims and such will stay so if you take something off i dont think u have to put it back. but i am not entirely sure. and ano...

Read more

Can I reinstate loan after repossession?

If your car has been repossessed, you typically can get it back by paying off the loan in full.Since not all states require lenders to reinstate car loans after repossession, you typically must negotiate with your lender – but you must act fast, because you lose the right to do anything after you...

Read more

Can you finance another car after repossession?

An auto repossession can make lenders feel uneasy, but you can typically get approved for a car loan after a year has passed.Because you'll likely need financing through a bad credit lender, the max car loan you can get after repossession depends on several factors, such as your income and credit...

Read more

What will take paint off a car?

Step 1: Apply rubbing compound to a cloth.Apply a small amount of rubbing compound to the cloth and begin to slowly scrub the offending paint from your car.While scrubbing, take time to notice if any of the car's paint is coming off the cloth.This is a sign to stop as the car's original paint is ...

Read more

What steps would i need to take in order to work in a custom car shop?

Depends on what your function there would be. If it's painting, take some classes for body painting. If it's fabrication, take classes for that. If it's rebuilding engines, take classes for that, etc.

Read more

How long does it take to repossess a vehicle?

I don't know about you but i would just watch operation repo

Read more

How long does it take to repossess a car?

Based on personal experience, 20 minutes from time of assignment up to 2 yrs.

Read more

How long does Louisiana auto repossession take?

That depends on the terms put forth by the lending institution - they're the ones who repossesses your car, not the state.

Read more

What steps need to be take to buy a new car?

Generally you will need your finances in order, insurance ready, and a down payment in order to purchase a new car. Many people think they can afford one but find themselves entering the red due to improper planning.

Read more

What are the steps to take when one has been in a minor car accident?

The steps when one has been in a minor car accident where there are no injuries and minimal-to-no damage to both vehicles are still fairly similar to the steps involved in a major car accident. Drivers should turn on the hazard lights on their cars. Make sure to note the characteristics and licen...

Read more

What are the steps to take to ensure passing a car safety inspection?

There are a number of different parts that need to be in the right condition to pass inspection. Ehow.com has an article dedicated to this task. Check out this link here: http://www.ehow.com/how_4621957_car-pass-inspection-tune-up.html

Read more

If your car has been repo'd how can you find a lender who will refinance it?

^^previous poster^^ my car has been reposessed in the state of Washington, and the finance company has told me that in the state of Washington the payoff balance must be paid in full my (me) or another financial institution.i have tried through my personal bank, a couple credit unions, and many o...

Read more

After you take off the Door Panel for the rear windows that needs a new system whats the next step do you take off the metal frame on the door or No Please Help?

What frame? what type of system? Normally all work on the inside of a door is done through the holes in the frame behind the panel, if the window is in your way disconnect it and pull it up and out of the way

Read more

What damages can be collected after repossessing a car other than deficiency?

The fees related to the repo and sale of the vehicle.You can dispute the fees.

Read more

What is happens if you can't pay the storage fees after reinstating a car repossession?

ownership makes you liable for the bill which only increases every day it is there and you will be billed for all storage (based on duration) at time of repo, unless you can get lien holder to intervene based on settlement you just made to help you get it out

Read more

Can a lender in Calif charge a fee to cancel a car repossesion which never was repossessed due to a payment received 3 days late?

No this is a bogus fee.Don't pay it ask for a reciept for what they are trying to charge you for.

Read more

Why do your Accent smoke when you step on the gas after sitting at a light?

Bad valve guides or seals

Read more

What year cars will still run after a EMP attack?

My bet is anything before the eighties. You will still need to inspect the electrical system of any vehicle you try to drive. You will need to replace the selenoids, if there are any. If you're looking for an EMP proof vehicle, may I suggest anything from the 20's, with the hand cranks.

Read more

What is next step after car title is signed by seller?

release the vehicle to the buyer

Read more

Can I refinance my car after it's been repossessed?

Refinancing Your Vehicle Some lenders may be willing to work with you to get you into a new loan, but you're likely to find yourself in a Catch-22.If you missed so many loan payments that your car was repossessed, chances are your credit score has taken a hit.

Read more

Will a car start after overheating?

Engine Cooling System If your car is overheating, it can be very serious.You shouldn't continue to drive if you see the temperature gauge has moved towards the “hot” side.Your car may not immediately explode or anything like that, but driving with an overheating engine can cause serious damage t...

Read more

What steps should you take to troubleshoot why your 2000 jimmy wont fire?

First check for fuel, spray a little starting fluid into the air intake and and try to start it, see if there is any response. If it runs breifly, it is probably the fuel pump at fault.

Read more

What steps can you take to prepare your vehicle for winter driving?

A proper winter emergency kit for your vehicle includes: At least one warm blanket.Extra warm clothes, including boots, gloves and hats.Drinking water and food. A flashlight.A shovel for digging you out of deep snow.Jumper cables.A flare.Extra windshield wipers.

Read more

What steps can you take to keep your car running well in cold weather?

Keeping your car running well in cold weather can be tricky, but there are things you can do to make your car winter-ready. Keep up with regular services, make sure your car is full of the proper fluids like oil and coolant, check your wiper blades and replace them if necessary. Check your batter...

Read more

What is the first step one should take if their vehicle breaks down?

First of all, if at all possible, make sure your car is off the road. Sit in your car on the passenger side, and use your cell phone to call for help. If you have to leave your car, tie a white cloth around the antenna, and do not turn on the hazards. They might drain your battery, which will jus...

Read more

How you do get your car back after being repossessed?

You need to contact your lender to see if they will work with you on getting caught up on your back payments. Some state laws allow the lender to require you to pay the vehicle off in full and some state laws require the lender to return the vehicle to you if you can catch up on the amount you ar...

Read more

How do I get my car reinstated after repossession?

In order to reinstate your car loan, you need to get a reinstatement quote from your lender.Once you request a quote, your lender must send a written notice of your right to reinstate back to you.Listed on the notice is the amount needed to make the loan current, and you're typically given 15 day...

Read more

If your car was just repossessed will they let you get it back if you have the money and how long will it take to get it back?

get it back?? prolly, depends on your payment record,ect. They really dont want the car, they want the MONEY. How long?? a day or two

Read more

What steps do I have to take to tow a jeep 1981 CJ7 with a standard transmission.?

Buy a tow bar. Install the tow bar cleats to the front bumper of the Jeep. Attach the tow bar with the removable pins and then connect the ball connector to the ball hitch of the towing vehicle. Run safety chains from the tow bar to the hitch loops of the towing vehicle. Make sure you lock the ba...

Read more

Do lenders take cars back if a consumer advises in good faith that they can not pay for it?

Unfortunately, no they won't. If you hand your car back before making the final payment (installment) on the loan the bank will class you as a bad debt. This will mean that most high street banks will refuse you credit in the future. However, you may be accepted by 2nd tier finance companies but ...

Read more

How do I rebuild my credit after repossession?

Here's a look at steps you can take to avoid a repossession or bounce back afterwards. Try to negotiate with your auto lender. Before you simply stop making payments due to a layoff or other financial hardship, call the financing company to discuss your situation. Consult an attorney. Work ...

Read more

Can your car be repossessed after filing bankruptcy?

When you file for bankruptcy and before it is granted, all debt collection activity has to stop until the court hears your bankruptcy case.This means that as soon as you have declared for bankruptcy, your lender cannot repossess your car and also cannot file to begin collecting on the debt.

Read more

How long does the bank have to come after you after your car has been repossessed?

Does the bank have your current address and/or phone number? They will be calling on you.

Read more

Can you still owe money after your car is repossessed?

Yes, your car will be sold and if the price they sell it for is less than the balance left on the loan, plus the repossession fees, you will be responsible for that difference and will have to pay it.

Read more

What steps do you take to change trans fifter on my 97 neon?

There is very little clearance space underneath a Dodge Neon. I'd suggest you take it to the nearest Lee Miles or other transmission place and ask for their auto transmission filter and fluid replacement package. Believe me, its worth every penny.

Read more

Can a car be repossessed while at a body shop after repairs are completed?

Anytime, anyplace, as long as it does not create a breach of the peace.

Read more

Return a finance car to the lender?

My car was crashed and I lost my job. How do I return the finance car to the lender?

Read more

Is it true that a lender cannot put a repo on your credit if the car is being repossessed at a repair shop having actual repairs done?

Gina, if the repoman picks it up. its a REPO. Ya cant hide the car in a repair shop.

Read more

Can a car only get repossessed after a payment is 90 days late?

A car can be repossessed after one late payment, that is considered default on the aggreement. If a person is still driving after 90 days late, they need to thank God.As a teen, I once had a car that I was paying about 220 a month for. 7 payments before it was paid off, I quit my job and went bac...

Read more

Can the repo man remain calling you after the repossession?

Unless the phone calls reach the level of criminal harassment, contain threats, or are in violation of a court order, anyone is permitted to call anyone.Typically, however, the person who actually repossesses an item after a default is a subcontracted individual, hired by the financing or collect...

Read more

Can I reinstate my car loan after repossession?

Reinstate Your Car Loan After Repossession.You usually can get your car back after repossession takes place.Depending on what state you live in, you typically have the right to either reinstate your loan or redeem your vehicle.

Read more

Can my car be repossessed after missing one payment?

If you've missed a payment on your car loan, don't panic — but do act fast.Two or three consecutive missed payments can lead to repossession, which damages your credit score.And some lenders have adopted technology to remotely disable cars after even one missed payment.

Read more

Approximately how long after your car is repossessed do they come after you for the deficiency?

As soon as the lender sells the car, they will know what the balance due is. Then they will come after the money. You will know when that happens.

Read more

Can a company take a car in a closed garage for repossession?

I don't think so. They are supposed to have a police escort if their car is in storage on your property. If police have to have a warrant to come on to your property, what makes the repo man think they have more territorial rights than the police? I just had to answer because that repo man is wro...

Read more

What will happen if a car has no motor or transmission when it is repossessed?

You are kidding rite?? You took a bad motor and tranny out just so you could look at the empty space?? LOL Did you think of this clever ruse all by yourself??? It doesnt matter, the lender will charge you for whatever is missing at RETAIL prices. You will pay for it.

Read more

How fast will a car go if you don't step on the gas?

Assuming the car's engine is on and running, it's an automatic transmission, and you're on flat terrain, about 2-5 mph.

Read more

How far away can they take your repossessed car?

They can sell the vehicle anywhere it is 'commercially reasonable". MOST lenders try to keep the vehicles in the same state they are repoed in. You should contact a LOCAL attorney for state/case specific advice.

Read more

Is a soft click when stepping on the gas after a stop a sign of transmission trouble?

noNot knowing what vehicle you have, it could be a broken motor mount(s), worn CV joint(s), worn universal joint(s),

Read more

Can a lender cancel a car loan?

Loan cancellation, either from the bank or the buyer, should be avoided whenever possible.It is important to recognize that even in a vehicle repossession, the loan obligation will still remain regardless of the fact that the bank or dealer now owns the vehicle.

Read more

What FICO score do auto lenders use?

The FICO Auto Score uses a 250 to 900 range which means the auto lender's credit score could be much higher or lower than the score you check.

Read more

What steps do I need to take in order to get into a truck school to get my CDLs?

you will need to complete a background check, which will include a report on your driving history. you also must be at least 22 years old, and be willing to be away from home for extended periods of time. Additionally you will have to have had a valid U.S. driver's license for at least a full year.

Read more

What happened if you were behind on payments and the lender offered to refinance and lower the payments and said you were approved and then repossessed the car?

Generally you would have to sign paper work if the bank had approved a refinance agreement . In that case you could take legal action . They could however reposses the vehical if you fell behind again on your payments after sighing the agreement. Guess what......... banks and lenders LIE !!!!! If...

Read more

How do you draw a rose step by step?

Start your rose drawing, by drawing an oval shape. Draw a small spiral inside the oval. Draw a heart around the spiral – start at the top with the heart cleft touching the oval shape. Draw a line following the heart shape – start at the top and do a nice curvy shape (like a very loose lette...

Read more

After purchasing a car can you take it back?

That would depend on your purchase agreement. If you have no reason to take it back, you would be at the mercy of the dealer. If something goes wrong with it immediately, the dealer should either fix it or take it back. Usually the dealer will give you some kind of written warranty, but even with...

Read more

Can people be charged with a crime for taking back a repossessed car?

Yeah - you'll be charged with theft of some form. If the vehicle has a high enough value, it could amount to Grand Theft. When there is a lien on your vehicle, you don't actually own it - the lienholder does. If you fail to make your payments, the lienholder has a right to repossess what it alrea...

Read more

Can people be charged with a crime for taking back a repossessed car?

Yeah - you'll be charged with theft of some form. If the vehicle has a high enough value, it could amount to Grand Theft. When there is a lien on your vehicle, you don't actually own it - the lienholder does. If you fail to make your payments, the lienholder has a right to repossess what is alrea...

Read more

Can a repossession agent take a car without telling you where it's being held?

Yes. When the vehicle is repossessed it no longer belongs to you and there is no requirement to tell you where it will be stored.

Read more