"Vehicle repossession" means that a lender takes back a car or other vehicle because the person who borrowed money to buy it hasn't made the required payments.
Full definition
The only time a lender may report your car title loan to the credit bureaus is under the circumstance
of vehicle repossession.
Our firm provides legal representation for consumer and commercial clients in foreclosure defense, bankruptcy, disputes with homeowners» associations, credit card debts, collections
on vehicle repossession deficiency, collections on business and personal loans, contract disputes, and many other legal situations.
The data may have been collected
from vehicle repossession agencies and cameras on police cars and highway infrastructure, among other sources.
Most vehicle repossessions take place late in the evening when there is a high likelihood of both vehicle and owner being present at a specific location like a personal residence.
Even $ 500 in emergency savings may make the difference and prevent
a vehicle repossession or having the electricity turned off in your home.
If you miss too many payments,
vehicle repossession is a serious consideration which may leave you worse off.
You'll also help your auto - enhanced score, which looks at auto credit history, including
any vehicle repossessions or bankruptcy effects.
With a 720 - plus score and a record free of bankruptcies, foreclosures and
vehicle repossessions, you are likely to be approved by most lenders and enjoy the lowest available interest rate.
This article was previously available as
Vehicle Repossession: Understanding the Rules of the Road.
Typically,
vehicle repossession can take place without direct access to your home.
With a 680 score, absent any red flags — such as a bankruptcy, foreclosure, eviction or
vehicle repossession — your credit history is not likely to cost you a job or an apartment.
They may be young, with a slender credit history, or their report may be marred by negative factors such as late payments, charge - offs, bankruptcies or
vehicle repossessions.
There is a specific legal process of notification and using law enforcement to facilitate
a vehicle repossession.
You will prevent the additional costs of
a vehicle repossession as well as a negative entry on your credit file.
Following
a vehicle repossession, the best move to benefit your credit is to pay off the outstanding debt ASAP.
A vehicle repossession will be removed from your credit report 7 years from the delinquency date of the original auto loan.
Vehicle repossession is unfortunate, and may be negotiated with your title loan lender.
Each state has different laws when it comes to
vehicle repossession.
Similar to
a vehicle repossession or a home foreclosure, if the lender does not sell the mobile home for what you owe, you are responsible for the difference (called a «deficiency»).
In addition to wiping out your medical debt, Chapter 7 may also stop and prevent wage garnishment, home foreclosure and
vehicle repossession.
People generally file for Chapter 13 bankruptcy to help stop foreclosure and / or
vehicle repossession.
A vehicle repossession remains on your credit report for at least seven years, even if you pay the balance due.