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How does a repo man find your car

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If you default on your written agreement, a creditor can repossess a vehicle or personal property but not a house or land without advance notice to you and without filing a lawsuit. This is because your installment loan is secured by the property. The back of the car title shows who has a security interest or lien against the car. The most common reasons for repossession are being late on monthly payments or for failing to maintain car insurance. If you default on the agreement, the creditor can accelerate the payments on the loan and demand that the total unpaid balance be paid immediately.

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SEE VIDEO BY TOPIC: How I Beat the Repo Man!!!

Understanding the Car Repossession Process

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These rights are established by the contract you signed and the law of your state. Your creditor also may be able to sell your contract to a third party, called an assignee, who may have the same right to seize the car as the original creditor. Some states impose rules about how your creditor may repossess the vehicle and resell it to reduce or eliminate your debt. Creditors that violate any rules may lose other rights against you, or have to pay you damages.

In many states, your creditor can seize your vehicle as soon as you default on your loan or lease. Your contract should state what constitutes a default, but failure to make a payment on time is a typical example. However, if your creditor agrees to change your payment date, the terms of your original contract may not apply any longer.

If your creditor agrees to such a change, make sure you have it in writing. Oral agreements are difficult to prove. Once you are in default, the laws of most states permit the creditor to repossess your car at any time, without notice, and to come onto your property to do so.

Should there be a breach of the peace in seizing your car, your creditor may be required to pay a penalty or to compensate you if any harm is done to you or your property. Once your vehicle has been repossessed, your creditor may decide to either keep it as compensation for your debt or resell it in a public or private sale.

In some states, your creditor must let you know what will happen to the car. For example, if the car will be sold at public auction, state law may require that the creditor tell you the time and place of the sale so that you can attend and participate in the bidding.

If the vehicle will be sold privately, you may have a right to know the date of the sale. Or you could try to buy back the vehicle by bidding on it at the repossession sale. Of course, if you reclaim your car, your future payments must be made on time, and you must meet the terms of your reinstated contract to avoid another repossession. But a resale price that is below fair market value may indicate that the sale was not commercially reasonable. Regardless of the method used to dispose of a repossessed car, a creditor may not keep or sell any personal property found inside.

In some states, your creditor must tell you what personal items were found in your car and how you can retrieve them. Your creditor also may be required to use reasonable care to prevent anyone else from removing your property from the car. Those might include fees related to the repossession and early termination of your lease or early payoff of your financing. In most states, your creditor is allowed to sue you for a deficiency judgment to collect the remaining amount owed as long as it followed the proper procedures for repossession and sale.

Similarly, your creditor must pay you if there are surplus funds after the sale proceeds are applied to the outstanding contract obligation and related expenses, but this situation is less common. You may have a legal defense against a deficiency judgment if, for example, your creditor breached the peace when seizing the vehicle, failed to sell the car in a commercially reasonable manner, or waited too long before suing you.

An attorney will be able to tell you whether you have grounds to contest a deficiency judgment. Some creditors might not provide you with financing unless you agree to the installation of an electronic device that prevents your car from starting if you do not make your payments on time. How your state treats the use of these devices could affect your rights. Contact your state consumer protection agency or an attorney if you have questions about the use of these devices in your state.

Contact your creditor as soon as you realize you will be late with a payment. Many creditors work with consumers they believe will be able to pay soon, even if slightly late. You may be able to negotiate a delay in your payment or a revised schedule of payments. If you can reach an agreement to change your original contract, get it in writing to avoid questions later. However, your creditor or lessor may refuse to accept late payments or make other changes in your contract — and may demand that you return the car.

But even if you return the car voluntarily, you still are responsible for paying any deficiency on your contract, and your creditor still may enter the late payments or repossession on your credit report. Finally, if you are facing, or already in, bankruptcy, ask an attorney for information about your rights to the vehicle during that process. To learn more about your rights and specific repossession requirements in your state, contact your State Attorney General or local consumer protection agency.

You can get the phone numbers for these organizations in your phone book, through directory assistance, or through Web directories. If you need help in dealing with your contract, consider contacting a credit counseling organization.

Many credit counseling organizations are nonprofit and work with you to solve your financial problems. Federal Trade Commission Consumer Information. Search form Search. Vehicle Repossession. Share this page Facebook Twitter Linked-In. Seizing the Vehicle In many states, your creditor can seize your vehicle as soon as you default on your loan or lease.

Selling the Vehicle Once your vehicle has been repossessed, your creditor may decide to either keep it as compensation for your debt or resell it in a public or private sale.

Personal Property in the Vehicle Regardless of the method used to dispose of a repossessed car, a creditor may not keep or sell any personal property found inside. Electronic Disabling Devices Some creditors might not provide you with financing unless you agree to the installation of an electronic device that prevents your car from starting if you do not make your payments on time.

For More Information To learn more about your rights and specific repossession requirements in your state, contact your State Attorney General or local consumer protection agency. Tagged with: car , credit , payment.

Massachusetts Repossession Laws

Creditors can attempt to repossess your vehicle if you default on your loan. The reasoning is pretty simple: if they can't find it, they can't repossess it. However, this tactic is unlikely to work and likely to make the situation worse.

First thing first. Is your car repossessed with personal belongings in it? The repo agent should return the personal, loose items inside the vehicle during the repossession.

This will cost you more money down the road. So they are not going to be easy to avoid. This includes your property, even your driveway. Who do you think is going to pay that cost? If you guessed yourself, then you guessed right.

Repossession

These rights are established by the contract you signed and the law of your state. Your creditor also may be able to sell your contract to a third party, called an assignee, who may have the same right to seize the car as the original creditor. Some states impose rules about how your creditor may repossess the vehicle and resell it to reduce or eliminate your debt. Creditors that violate any rules may lose other rights against you, or have to pay you damages. In many states, your creditor can seize your vehicle as soon as you default on your loan or lease. Your contract should state what constitutes a default, but failure to make a payment on time is a typical example. However, if your creditor agrees to change your payment date, the terms of your original contract may not apply any longer. If your creditor agrees to such a change, make sure you have it in writing.

Car repossessed with personal belongings in it – What to do now?

Can you meet in an hour? An hour later, Jack arrives at Bucky's place. Jack tells the receptionist he has an appointment with Bucky. The receptionist punches a few numbers into her phone and says, "Uh-huh.

We are lawyers. You might think that you cannot afford our help.

When you signed the financing agreement that enabled you to buy a car on payments, you made a legally binding promise to make those payments on time every month. If you miss a single payment by 30 days — or certainly three payments over 90 days — your lender can send someone to physically come and take that car back. Last updated: March 3,

Repossessions: Know What to Expect – Before, During and After

Due to the high cost of automobiles, most drivers take several years to pay off a car, truck or SUV. Financial problems are not uncommon, and a driver could easily face some unforeseen hardship during a car loan. If you find yourself in this kind of situation, your vehicle could be subject to auto repossession at the hands of a repo agent.

Despite a strong economy, economists are warning that Americans are struggling. Although a car loan is the first payment people make because a vehicle is critical to getting to work, when car loan delinquencies rise, it is a sign that many American are under duress. These terms are stated in the loan agreement, or Retail Installment Sales Contract , that is signed at the time of purchase. Even if a borrower anticipates a repossession may occur, it never happens at a good time. Prepare yourself.

Repo Men Tracking Your Car

If you're even one day late on your car payment, your auto lender may have the right to repossess your vehicle and recoup its investment. If you try to outwit the repo man and hide your car, be forewarned. Repossession agents have a lot of ways to hunt you down. Since it's actually a crime to purposefully hide your car from a repossession agent, you'll want to talk to your lender and attempt to make other arrangements instead. Technically, you're in default of your loan following your first missed payment.

The repo man is paid by your creditor to go out looking for your car. When they find it, they're directed to return it to the lot from which you bought it. They get paid.

Skip to this video now. Play Video. Learn how to properly wipe your personal information from your device before reselling.

Stay One Step Ahead of the Repo Man

The specter of the repo man haunts many Americans who have fallen behind in their car payments. Some even resort to sleeping in their cars to make sure they don't get towed in the middle of the night. The best way to avoid the repo man is to stop the repossession process before it starts.

When consumers are delinquent with loan payments, especially for automobiles, they are subject to repossession. The damages from repossession extend well beyond just losing your car. Most consumers know that repossession means losing the collateral you put up to secure a loan, things like a car, home, land, or personal property. Repossession leaves a negative mark on your credit history and damage your credit score.

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Comments: 1
  1. Gunos

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