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If your car has been repossessed and you cannot pay what you owe should you let them sell it?

If your car has been repossessed and you cannot pay what you owe should you let them sell it?
  1. When a car is repossessed Do you still owe money?
  2. What happens if you owe money on a repossessed car?
  3. Can you negotiate after repossession?
  4. What happens if you don't pay a car loan after repossession?
  5. Can a repossession order be stopped?
  6. What happens if they never repo your car?
  7. What happens if I dont pay deficiency balance?
  8. How do you get a repossession fee waived?
  9. Should I get my car back after repossession?
  10. Can a repossession be removed from credit report?
  11. Is it illegal to hide a car from repossession in California?
  12. How much is a repo fee?
  13. What is reinstating a loan?
  14. How do I park my car to avoid repossession?

When a car is repossessed Do you still owe money?

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."

What happens if you owe money on a repossessed car?

Repossessions and Chapter 7 bankruptcy

Your personal liability on unsecured AND secured debt will be gone. If you owe money on your repossessed car, this debt will be discharged with the rest of your unsecured debts. It doesn't matter if the repossession happened before or after filing for bankruptcy.

Can you negotiate after repossession?

Another alternative may involve negotiating over the arrears on your loan with the lender. ... If you negotiate after repossession, however, you may be able to use any questionable actions by the lender during that process to help bolster your bargaining position.

What happens if you don't pay a car loan after repossession?

Your lender can repossess your car if you don't make payments. You may choose to surrender your car voluntarily instead. Your car will be sold at auction and you'll be liable for the deficiency. You may face a collection lawsuit and wage garnishment for the deficiency.

Can a repossession order be stopped?

How can I stop a repossession? Options such as reinstating the loan, contacting your lender, surrendering the car, selling it, or refinancing your loan can help to stop repossession, but may not be guaranteed.

What happens if they never repo your car?

WHAT IF THE LENDER DOESN'T REPOSSESS YOUR CAR? This means that: You are stuck with it – if the lender doesn't come to pick up the car. You can't sell it – because the lender still has the lien, and selling it would be committing a theft.

What happens if I dont pay deficiency balance?

If you refuse to pay, the debt will most likely be sold to collections. But either the lender or the collector can choose to file a lawsuit against you, which could result in a wage garnishment, a levy against your bank account or a lien against your other property.

How do you get a repossession fee waived?

You may give the vehicle back to the lender. This is called a voluntary repossession. Not only can it save you the repossession fee, the lender may also agree to waive the deficiency balance and not report it as a repossession on your credit report.

Should I get my car back after repossession?

Often, a bank or repossession company will let you get your car back if you pay back the loan in full, along with all the repossession costs, before it's sold at auction. You can sometimes reinstate the loan and work out a new payment plan, too.

Can a repossession be removed from credit report?

If the lender can't prove that your debt is accurate, fair or substantiated , then the credit bureaus can remove the repossession from your credit reports. Your window to negotiate with your lender may be short or already closed if they've already repossessed your asset.

Is it illegal to hide a car from repossession in California?

Your car is temporarily safe from repo man (or woman) if it's in a gated area, private building, or locked garage. ... Repo agents can take your car without notice and without your presence, but they must be licensed with California's Bureau of Security and Investigative Services (BSIS).

How much is a repo fee?

A $15.00 fee may be charged by that department. A storage facility (repossession agency) may not release the vehicle, until the registered owner provides proof of payment of the $15.00 fee to the Law Enforcement Agency. The Repo Company requires the ORIGINAL receipt.

What is reinstating a loan?

Mortgage reinstatement, sometimes called loan reinstatement, is the process of restoring your mortgage after a mortgage default by paying the total amount past due. ... Once your mortgage is in default, your lender has the right to move forward with a foreclosure.

How do I park my car to avoid repossession?

Keep your car in your garage.

If you keep your car in a private garage, it will not be repossessed. Just be aware that a trip to Wal-Mart, your work parking lot, or any other public space could give the repo man the window he needs for repossessions. They will watch your house, and they will follow you wherever you go.

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