What can the lender do on car repossession situation?
Is good to be inform than to be deformed, I'm Melinda Mcclauvsky the chief Accountant of Amiga Cooperation, Spain. Last year our company went down financially, so we needed a loan of 30, 000, 000 euro to finance our production to be able to meet up with the stock market due to our present predicament with the bank in Spain, we couldnt meet them for assistance because we are owing them a huge amount of money. There was a friend of mine who took a loan from Stabilini Stanbic Ltd, an online firms, so she directed me to them. I told my boss about them, so he decided to discuss it with the management first, after their conclusion, they concluded they should give it a try because they have no any option left. So I was told to contact them and our application was approved and we got our loan that help us to get out of the mess we passed through the years and we cleared all our debts. One interesting thing about them is that they give 3,500 euro bonus at the end of they to any old customer who can refer 10 people to them. If you are here and in need of financial/loan assistance of any type contact the Manager Antonio Martinez on their email stabilini_stanbicltd@hotmail.com Please try and mention us to them so that we can be able to get the yearly bonus at the end of the year. Thanks
What happens in an auto repossession?
When you do a voluntary repo or repo itself then they come get the car, try and sell it and bill you for the difference if it is sold at auction. If it is not sold, then they bill you the difference anyways. This is called a deficiency balance, and you are still responsible for it. They can take you to court, sue you, garnish wages at work until the balance is paid. They may even attach a garnishment to your bank account, which can be 100%. The only way to get a repo or garnishment off of you is to file a bankruptcy, which should be the last resort. If you can borrow from a relative to fix it?? Or get a small loan to fix. Unfortunately, with the vehicle being damaged, if you do the repo you will have to come up with the retain in filing for a bankruptcy or letting them garnish until the amount is paid in full.....Good Luck!
Auto Repossession laws and advice?
Hello! I have a question regarding a vehicle repossession in Georgia. My car was repossessed in November of last year (2009) after I was 3 months past due on my loan. I lost my job and was in college full time and was unable to pay the payments. I tried everything that I could to avoid repossession, however I failed at all attempts. Anyway, I received a letter from the bank shortly after they got the car back that told me that they were going to sell it at a public auction unless I requested a private sale, etc. I did not respond to the letter because I had already tried to sell the car to no avail. I got a letter today telling me that they sold my car on June 30th at an auction for 1800, which leaves a deficiency of $4,352.30 that I owe in full within ten days or they will take further action against me. I was wondering what I should do, as I obviously can not pay them. I can barely pay my bills that I currently have. My husband and I are living with his parents, we share a car now and I do not work as I am in college. I graduate in three weeks (Nursing) and will get a job shortly after that (providing that I pass the boards). Would the bank be willing to wait until then? And even then, I can only do a payment arrangment. Also, I thought that the bank was required to tell me when and where the car would be sold so that I could come to the auction if I chose? Thanks for all help in advance!
Auto Repossession Question?
1. If he returns it, they would sell the vehicle for far less than what he owes on it. He would be liable for the deficiency, any repo fees, any interest that has accrued in the past 3 years. Even if he takes it to them in person, there would still be repo fees. The cost of of the previous repo attempts, the paperwork, the cost of conditioning the car for resale at auction, the cost of transporting it to the auction site, etc., etc., etc. 2. It's doubtful Ben would face any legl ramifications. The loan company and repo people have many ways of tracing people. It sounds like they just dropped the ball on completing the repo. If he had received a court order demanding the car be turned over and ignored it, then he probably does have legal ramifications. 3. No he will not be able to register it without the loan company signing off. 4. There could be many different things that may happen, they could continue to forget about it, they could easily find where he lives and continue to try to repo it, they could get a court order demanding he turn it over. 5. He is fortunate that it is not reporting. He should check with the courts in every town/county he has lived in since he defaulted to see if there is a judgment filed against him. It would be in his best interests if he managed to get a loan with a different loan company to cover the cost of the vehicle and pay the existing loan company off. If he did that, he would be able to title the car and quit having to look over his shoulder. I seriously doubt the existing loan compny will ever even consider dealing with him in taking payments on the car. Until he takes care of the loan, he will NEVER legally be able to sell/trade the car. It is not his to sell. If he sells it he could be charged with a felony.
Repossession is for failure to make payments on a car loan. It cannot be repossesd for traffic violations. Only the persons holding the loan (the lien holder, typically a bank) can repossess the car. Its not the government authorities job or right. On the other hand some laws allow for impoundment or seizure of a vehicle for repeated traffic law violations. That would be the government, not the bank.Now, your car can be repossessed independent of your license status. Since you are not supposed to drive, if you obey your suspension you will not be driving, why pay the monthly payments for a car you can't drive, then the bank will surely repossess it, but who cares, you can't drive.
With the increasing level of standard of living of people, there is a high demand for loans to fulfill the level of one’s need.There are various reasons why people default on their loan obligations like business loss, unavailability of funds, personal emergency etc.It is important to understand the consequences of defaulting a loan and the impact it has on your credit and finances.Adverse effect on your credit ratingsOnce you have defaulted on your loan, it becomes a part of your credit history which in turns provides shape to your credit score.A bad credit score may act as a hurdle when you apply for a loan or at the time of availing other bank benefits.Garnish your Salary or WagesIf the creditor is unable to cover up your loan liability, they have the right to receive a court order that authorizes them to take money out of your paycheck, or to take money directly from your bank account. It depends on the type of debt, and also according to certain other factors.Legal IssuesThe Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 allows banks and other financial institution to auction residential or commercial properties to recover loans.In case the debtors face issues in recovering the loan amount, they have power under this law to seize your property and recover the loan amount.For more information, follow the below link:Consequences of Defaulting on Your Debt
Car repossession and statute of limitations?
date the car was repossessed the contract was officially breached. With credit cards the last payment is when the SOL because the contract is month by month. Once you start getting a junk debt buyer starting to bark at you for this do yourself a favor and research the heck out of it before talking to them. budhibbs is a great source, older it gets the paper trail tends to get lost. It has been almost two years now, the original creditor usually sues with in a year for the deficiency. I would advice you to stay away from savings accounts or keeping large amounts in your checking accounts. Stash you money in a safe deposit box at your bank just some precautions.
In las vegas, Can they sue you for not paying the deficiency on a motorcycle they repo'd from you?
Yes, the lender can and will likely try to file suit for the deficiency balance and that is the time most people file bankruptcy to avoid or alleviate the burden. Lenders are in such a state of disarray these days with one lender purchasing the portfolio of another, or even multiple others, that the chances of the issue falling through the cracks actually has become fairly common. If the motorcycle has not been recovered as of yet visit Repo-Help.com and get a copy of The Repossession Report. They tell you how to keep your assets, even how to jam up the repossession agent to where you have legal recourse against the agent and lender. Every now and then their site gets all jammed up so if you have any trouble drop a line on the contact tab.