Car Repossession

If you have a car repossessed, you'll be on the hook for any payments left on the financing contract, minus any proceeds from the auctioned car. This is called a deficiency. Paying a deficiency is...

If you are struggling to make vehicle payments on a financed car, your last option will be repossession--or, you can surrender the car willingly. This option may save you some money in fees and...

A variety of organizations, as well as individuals, can have need for a repossession service. These are companies that repossess cars for a living and charge their clients a fee, which is usually...

Repossessing a car is like a game of cat and mouse. If you are the repossessor (repo guy), then you're the cat while the uncooperative car owner is the mouse. Contract law permits cars to be...

Need to repossess a vehicle but not sure how to do it? Learn the proper, legal steps to repossess a vehicle.

Have you ever experienced being obliged to write a repossession letter for someone's car? It really doesn't feel good to be the carrier of some bad news, but you have to do your job. There are...

When writing a repossession letter, it is wise to relay the distressing news clearly and with sensitivity. If something as important as someone’s car, a possession they depend on everyday is...

When you are approved for an auto loan, the lending institution owns the title to your vehicle until it is paid in full. The lender is entitled to repossess the car if you cannot make the...

When you take out a car loan, the lending institution holds the title until the loan is paid in full. In the meantime, the lender can repossess your car if you don't make scheduled payments. If...

Turning a car in for repossession is known as a voluntary repossession. The alternative to a voluntary repossession is an involuntary repossession, in which the lender tracks you down to repossess...

Are you sitting at your computer stumped, faced with the task of writing a letter of repossession for someone’s car? It’s never fun to be the bearer of bad news, but you have to do what you have...

Imagine walking out to your car or truck some morning and finding it gone. That traumatic experience happens everyday to people who have defaulted on their auto loans. Armed with a court order and...

The annual rate for automobile repossessions reached a 10-year high in 2008, soaring to 3.6 percent of all auto loans, according to Avert Repossession Group. Auto repossession is humiliating for...

When you receive a loan to purchase a vehicle, you agree to make payments on time until the loan and any interest accrued has been paid off. There are laws that protect a debtor, as well as the...

Your credit report is important because it summarizes your demographic information and payment history for various loans and accounts, including car loans. If you get into financial trouble and...

If you want to make money repossessing cars, you must have a system that allows you to make as much money as possible while keeping your expenses down. Each company you work for will have its own...

When the lien owner of a vehicle--usually a finance company but sometimes an individual--makes the decision to repossess collateral for non-payment, an Order of Repossession is issued. The order...

If you have fallen behind on your auto loan payments and defaulted on your loan, your vehicle will be subject to repossession. Most states do not require lenders to notify you regarding when your...

If you have missed even one payment on your car, it is possible that the lender who gave you your car loan has the right to repossess the vehicle. Miss two or three payments and you are almost...

When a car owner falls behinds on payments or simply stops paying, the party that holds the loan or lease for the vehicle may exercise the right to repossess the it. How the process unfolds is...

Car repossession is a contractual right often established by creditors in loan or lease agreements. These rights are most often invoked when payments are late or stop before the owner or lease...

When a person signs a contract to purchase a vehicle, they enter into an agreement that brings with it certain financial obligations. If she should default on this contract, the creditor is...

If you want to get your car back after repossession, you must meet some deadlines and follow the steps outlined by the lender. You must complete certain transactions, and you will need the...

Trying to rebuild credit after a car repossession can seem like a monumental task. Considering the fact that a car repossession can have a detrimental impact on your ability to obtain credit in...

Steps on common sense ways of not getting your car repossessed if you have been laid off and unable to make the monthly payments.

When someone borrows money to finance the purchase of a car, a considerable amount of paperwork is required. Included in this paperwork is a lien agreement. This contract gives the financing...

A financed vehicle loan that is in default (late on a payment) can lead to an auto repossession. The loan contract dictates when the loan is considered to be in default. Some loan companies...

Buying a car is probably one of the best times a person can have. Test driving them, comparing them and haggling with the salesperson can all be good experiences, especially if the person buying...

When someone purchases a motor vehicle, recreational vehicle or other physical item, he typically goes to bank or a financial lender and borrows money to pay for the item. If the borrower fails to...

Approximately 1.5 million vehicles are repossessed each year by creditors when the car's owner defaults on the loan. Put simply, vehicle repossession is when a creditor takes a car back because...

You may have second thoughts concerning your new car purchase, or perhaps you've come upon hard financial times. You can do a voluntary car repossession to help you get out of your car obligation,...

A car repossession makes your spirits plummet. You need to work hard to recover and rebuild your credit rating, because the repossession will definitely work against you. You can lean on others...

A repossession is devastating to your finances. It wreaks havoc on your credit score, tarnishes your reputation and may possibly bring the Internal Revenue Service (IRS) officials to your door....

When times get tough, it's easy to skip a car payment. Unfortunately, when you skip one, you find it easier to skip another. These skipped payments add up and you find yourself in immeasurable...

If you do any in-house financing when you sell used cars, at some point, you will need a repo man. If you are a dealer with a lot of credit risk in your business, then you may want to hire a...

It is an awful feeling to have your car repossessed. You should always report vehicle repossession immediately, and although creditors may well be within their rights to repossess a car, there may...

When your car is repossessed, that is not the end of the story. You have rights that you can exercise by law. Make sure you are informed of these rights when dealing with a repossessed car.

One of life's biggest frustrations can be when you can't pay your bills on time and when the bank is repossessing your car. Once your car is repossessed, your headache is not over. In fact, it...

If your car is about to be repossessed, chances are that you have been avoiding paying your auto loan bill for quite some time and that you have been avoiding the phone calls from your car loan...

Repossession is something we all want to avoid. When financial circumstances get tight, it's natural to worry about the possibility of having your property taken away from you because of your...

Sometimes people fall behind on their car payments and as a result, the financial lender or creditor eventually repossesses the car. If your car is repossessed, it will affect your overall credit...

If you are behind on your car payments, the lien holder has a right to repossess the car. The lien holder might send you a Right to Cure Letter prior to the repossession. This letter will inform...

If you act fast, you may be able to get your car back after repossession. This will save you from having to pay for the remainder of your loan after the car is sold at auction.

You don't want your car repossessed, and, believe it or not, neither does your creditor. Repossession ruins your credit rating, and you will be responsible for repossession fees and the remainder...