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From what I've read over the past few day trying to get my own car back...it depends on the state you live in.
California allows you to reinstate your loan but it's not easy. Obviously people enter this situation because of financial hardships and then they want all late payments and fees, extra $400 fee to process the repo, then towing $250, then storage up to $40 a day.
In my sad case of 8 weeks of unemployment after making nearly 6 figures included other fees we would normal just pay---now difficult and impacts the retrieval of my car... I had to pay parking tickets $400, monthly insurance $225, ironically our registration expired the same monthly $369, and the negative balance in of my joint checking account...this is disgusting and a misfortune that may be to rich for my blood.
I hate that they can do this no matter how hard you try or keep in contact. My car payment was less then 45-days late. And my rep was informed that my first paycheck for my new job was Friday, they took it 4 days before. I hate San Mateo Credit Union.
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What does i8 rating on credit bureau mean?
i = installment loan. 8 = repossession. i8 = repossession of an installment loan (like an auto loan).
What happens when you default on a car loan?
When a consumer defaults on a car loan their credit becomes negatively affected. Not only that, the previously purchased vehicle will become subject to repossession if the payment is not received.
Can a car be reported as stolen because the loan went into default?
Can it? Yes, by the lender in some case. If the debtor is actively attempting to hinder repossession in many states, or if the vehicle is in possession of a third party who is not on the loan or vehicle registration, then a repossession agent may file a stolen vehicle report. Most will not, preferring to allow the lender to take such action instead.Can it be reported stolen by the debtor once repossession takes place? Often vehicles are reported stolen after repossession happens. However, this is a cautious area. Most debtors already know the vehicle is being sought, and law enforcement takes a dim view of filing false or malicious reports.
What if the property from where the vehicle was towed was a private residence that was owned by somebody else and not the signer of the loan or lease?
If the repossession agent can get to the vehicle without breaking anything or causing a civil disturbance, he can take it. Private, public, or government property, or who signed the loan is irrelevent.
How long do you have to pay off the remainder of the loan balance if you car is repoed?
The contract should include the applicable terms in case of a repossession. If there are no specifics as to the action, the laws of the state in which the vehicle loan was granted apply.
If you are in repossession status and are making efforts to pay on your late payments can they still repossess your vehicle?
Once the loan is in default the bank has the right to refuse payment and repossess the vehicle.
Can you reinstate an auto loan after repossession in the state of Washington?
If the lender agrees, yes. The matter is entirely up to the lender because the borrower is in default.
Do you have to payoff a car repossession?
Yes, you owe the difference of the amount of the loan and what the vehicle was sold for plus any costs of the repossession. You are expected to pay that amount.
How far behind in my car payments can I be, before I have to worry about repossession?
You can start to worry about repossession of your vehicle as soon as you miss your payment. Depending on the loan amount and the type of vehicle you have you may have up to 30 days from your last missed payment to risk loosing your vehicle. If you keep in touch with the lender of your car, you have a better chance of not loosing your vehicle right away.
How do you get a car back after repossession for no insurance?
Since you have violated the terms of the loan, there is no obligation for the lending institution to reinstate the loan. So you can pay off the loan in full but if they don't want to sell you the vehicle, they don't have to. It's theirs now. They get to dispose of it as they feel appropriate. However, if it was for no insurance they will most likely reinstate the loan. Just call them and be very nice and let them know that they sent the bill to the wrong address or something. I have just recently gotten my car back after it was repoed for no insurance. It will suck for you though, they take your personal items and re-sell them to you. What a steal.
Can you object to a repossession before car is taken?
Yes, and many people do object to their vehicles being repossessed, before and after the repossession. Unfortunately, your objection will have little effect. If you are delinquent or in default on your loan, and the vehicle was used to secure the loan, the vehicle will be repossessed. There are few legal options available to you to avoid this aside from paying the loan current.
How does repo of a leased vehicle differ from repo of a financed vehicle?
NO, a lease is simply a contract like a loan. DEFAULT of either calls for repossession.
How do you stop a repossession in process?
Pay the past due amount on the loan or pay the loan in full. In the event you are able to do this, it is a good idea to have the lender contact the repossession agency to cancel the repossession while you remain on hold. If you fail to do this, it could take several hours for them to notify the repossession agency, and your vehicle could still be taken.
If the cosigner has had possession of vehicle 15 months paying the payments does the primary have the right to the vehicle?
will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle
If your vehicle loan was made in one state but the vehicle is currently in another state which state's repossession laws apply?
the state the car is in govern the repossession, the lenders choice on which state governs collection efforts. Read your contract.
How can you find out how the repossession guys found your car?
No, you have it wrong. The repossession guys found THE BANK'S car. Once the bank takes the right paperwork to the court, the vehicle is no longer yours and you have no rights to it. The bank may have hired a private investigator to find the vehicle, especially if there is enough value that they want to pay off some of the loan.
Can your car be repossessed for late payments?
Yes, this is the common reason for repossession. It is in fact the primary reason for the existence of repossession agencies and repossession forwarding companies. It is also the reason the vehicle was used to secure the loan in the first place.
