Diyvehiclerepair
- What happens if they never repo your car?
- Can you sue for car payment?
- Does the borrower have to be present when a vehicle is repossessed?
- Can you get a title on a car that is not paid off?
- Is surrendering a car the same as repossession?
- How long will a repo man look for your car?
- How long can you be sued for a car loan?
- What happens if someone sues you and you don't have the money?
- What happens if you win a lawsuit and they can't pay?
- What are the repossession laws in Illinois?
- What are the repossession laws in Georgia?
- Is notice required before repossession?
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.
Can you sue for car payment?
If your car-loan lender repossesses your car, van, truck, SUV, or other motor vehicle, it might sue you to recover any money you still owe on the loan (called the "deficiency"). If a repossession happens, you'll need to decide if it's worth paying an attorney to help you.
Does the borrower have to be present when a vehicle is repossessed?
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).
Can you get a title on a car that is not paid off?
In order to be able to use your unpaid vehicle to get a title loan, the vehicle itself must have enough equity and you must have a reliable source of income. Title loans are known to come with flexible qualification requirements, so a lot of vehicles are accepted as collateral.
Is surrendering a car the same as repossession?
Repossession. Surrendering your vehicle and repossession are very similar in financial terms. You are unable to make the loan payments, so the lender is taking the vehicle back. ... For this reason, lenders may consider a voluntary surrender to be slightly less negative than a repossession.
How long will a repo man look for your car?
Typically, recovery companies attempt to find your car for up to 30 days. Some borrowers attempt to keep their car in a locked garage during the search, which is one of the only places where a recovery company can't take your vehicle from.
How long can you be sued for a car loan?
Written contracts on auto loans have a four-year limitation in California, but only if the lender attempts to sue you in court.
What happens if someone sues you and you don't have the money?
The lawsuit is not based on whether you can pay—it is based on whether you owe the specific debt amount to that particular plaintiff. Even if you have no money, the court can decide: the creditor has won the lawsuit, and, you still owe that sum of money to that person or company.
What happens if you win a lawsuit and they can't pay?
If you successfully sue someone and have a judgment against them, but they do not pay, you can apply to the court for enforcement of the judgment against them.
What are the repossession laws in Illinois?
By agreeing to the loan, you permit the vehicle to serve as "collateral" that the creditor can repossess if you don't make your payments. If you can't afford to pay your loan, Illinois laws entitle the lender to take back the automobile as long as it is done in a way that does not breach the peace.
What are the repossession laws in Georgia?
Under Georgia state law, if you are late on your car payments or have defaulted on your lease or finance contract for your car, the creditor has the right to repossess the car, sell it and then possibly sue you for the rest of the debt.
Is notice required before repossession?
Notice Generally Isn't Required Before Repossession
Car loan agreements usually specify that the lender can repossess your car when you're late making payments. Most states don't require car loan lenders to give debtors any kind of notice before they repossess vehicles.
