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REPO AFTER MISSED PAYMENTSIt can occur quite quickly. Missing a car payment is a breach of contract and they can put out a repo on your car right away. Most lenders do not want the car, they want their money, they want the late fees and they want to continue to do business with you. As a former collector, usually it's 90 days, then your on a "HOT LIST." Repo guys are out to get your car fast cause it's easy money for them when they can get you with your defenses down. By that I mean hiding the car until you can get caught up, or something like that. Rather than hiding out, hiding the car, pulling all that stuff, it's best to keep a professional relatioship with your lender. You can always defer a payment or 2 until the end of your loan, you will have to pay extra for this, but at least it helps you in your financial times of trouble. Face them and try to deal with them honestly, but remember they are tricky and they can pull whatever they want and sneak attack you and take the car and tell you it is tough. Then you would have to pay the car off prior to auction, repo fees, and then it's yours. So, on the other hand, protect yourself ( always ) and if you need time, hide the car at a friends ( far far away ) don't let a skip tracer or spotter hunt it down, or follow you to it and snatch it up. Try to keep 3-4 payments aside in a separate account for rainy days. Get a spare job to do it even if it takes you a few months to save up. Get a credit card for these situations too. Always try to have 1-2 emergency reserve credit cards for this, or any other reasons.
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Q: How soon would a repossession occur for missed car payments?
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If you file bankruptcy will it also erase a vehicle repossession on another person's credit report?

It doesn't erase anything on your own credit report....just adds to it, why would it change someone elses? It adds that you are a bankrupt as well as having missed payments and had a repossession. A credit report simply reports what happened in the past....what ever you do now does not change it...you live with the history you created.


When would a house be in danger of repossession?

Typically, a house can be repossessed after 90 days of non payment by the mortgage holder. However, it is not illegal for repossession to begin after a missed payment, though this is extremely rare.


Would you be able to buy a new car with repossesssion's on your credit?

Yes; but it will take a while after the repossession. In 1997 I missed a few payments on my car and the repo men came to collect it. I had to pay off enough to my bank that they would release the car back to me. My credit took a SERIOUS hit which stayed with me for 5 years. During that time I was deemed a credit risk and while I still had banks and institutions willing to loan me money; it was at an outrageous interest rate because my credit was lousy from the repossession. Right after the repo I made sure that I paid all my bills on time; paid off at least the minimum payments every month on my credit cards and kept that up until I had enough positive credit that the old stuff (repossession and other missed payments) fell off the report. It takes time, serious dedication to be responsible with those payments, and making some sacrifices until I was in better financial shape.


Can a dealer repo your car over hearsay from another party?

No, the person(s) who signed the purchase contract would need to default on payments or other stipulations such as not keeping the vehicle adequately insured before a legal repossession could occur.


What is the process of reposession of RV in California?

you need to take care of this situation ASAP or you will be court ordered to give up the car! My advice would be to get proffessional help, they will be able to stop repo, help with car payments, lower monthly payments, lower interest rates, get you caught up to date on your payments, stop repossession, and avoid repossession!


How can you stop a repossession of a car in Mississippi?

Your best bet would be to pay your payments to stop the repo and make contact with your finance company.


Can you avoid having a vehicle repossessed if you pay the amount that is due in full and keep future payments current?

Yes. If your balance and payments are current no repossession can occur. However, the amount due is generally not just the amount of payment multiplied by the number missed. The amount due would likely have late fees, interest charges and possibly other costs incurred too. That would be completely up to the lender. Once a contract is defaulted the lender has no legal obligation to agree to other terms and may repossess the vehicle and/or take any other action allowed by the laws of the borrower's state to recover the debt.


What can I do I fell a couple of payments behind but caught them up. I didn't know my vehicle had been on the repossession list the repossession man didn't know i was off the list and damaged my car?

Contact the lender, in person if possible. Have a written estimate of the damage done by the repossession company. See what the lender has to say about the damage to their vehicle, which until you pay off the loan they jointly own with you. Communicate with them and I am sure this can be worked out. Remember this would never have happened if you had not missed a payment. So keep that in mind. They still should not have damaged your car, but things happen.


Can a creditor refuse a voluntary repossession and still demand payments?

yes, as this would make it easier to obtain a judgment and/or wage garnishment for whatever is owed.


If payment is a month behind yet two weeks ago made a full payment can they still threaten to repossess?

AnswerProbably, but if payments are kept current it would be unlikely that a creditor would take such action. When a scheduled payment is missed the account is in default even if the payment is "made up" and the creditor can exercisewhatever options might apply under the original agreement, including repossession of the item.


Can a bank still repossess your car if they said they would cancel it and you have made payment arrangements to get current?

If you continue to make payments as agreed, on time, you should be safe from repossession.


When would a wage garnishment occur?

Wage garnishment may occur in a situation where an individual has accrued a significant amount of debt, and consistently missed the scheduled payment deadlines. The company seeking payment may initiate legal action against the individual with delinquent payments, and if successful garnish that persons wages in order to pay the debt he/she owes.