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How does a repo man find your car

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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, The process of repossession is intrusive and frustrating and can be intimidating. Just as repossessions can be intrusive, frustrating and intimidating, they can also be infuriating.

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Repossession

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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. Repossessions are costly and can stay on your credit report for seven years. Repossession agents can take away your car in a matter of minutes.

The best defense is to get in touch with your lender and work out a payment plan. But if it's too late for that, you should know your rights in a repossession. These vary from state to state. In some states, for example, repossessions aren't permitted at all.

For more information on repossession, read the Federal Trade Commission's consumer guide to vehicle repossessions. In most states, a default is all it takes for repossession to begin. After 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," according to the Federal Trade Commission. Realistically, though, how long does it take before the repo man has you in his sights?

That depends on your payment history with the lender. If you've never missed a payment, you might not be subject to repossession immediately. But if you've been late before, your number may come up right away. And know that if you contact the lender and are granted a day extension on your payment, that means 30 days from when the payment was due which might have been two weeks ago.

It's not from the day the extension was granted. Lenders usually outsource car repossession to professionals. Repo men or, more properly, repossession agents know all the ins and outs of getting cars back.

If the borrower isn't at his last known address, they'll use "skip tracing" to find a car owner who's in default. This involves using online databases to find evasive debtors. Occasionally, they use some old-fashioned detective work in the form of door knocking or phone calling. They might even use informants — an estranged spouse looking to get even, for example — who tell repo men where to find a car. Once the repo man locates a car, he will wait until it is left unattended and use a tow truck to repossess it.

In some cases, repo men have specially modified tow trucks that can yank a car away in a minute or two.

From there, the car goes to an impound lot, where it will typically be held for 30 days to give the owner a chance to "make the loan whole" by bringing all back payments up to date including the repossession fee or by paying off the loan balance in full. If the owner doesn't settle the account in time, the lender sells the car at auction, deducting the selling price and fees from the amount owed. The fees include the cost of the repossession, auction, interest and the amount owed on the loan.

Odds are high that even after your car is sold at auction, you'll still owe money on it to the bank. In a rare turn of events, though, some people who have had their cars repossessed might actually have received a check from the bank — had they known the car's value. For example, let's say your car was repossessed when you were in the fourth year of a five-year loan. If you'd made a substantial down payment, you might have equity in the vehicle and not know it.

After the car was repossessed and sold at auction, the amount it brought could have been more than what you owed on the loan, even after auction and repossession fees were deducted. In short, if you'd been aware of the loan balance, you could have avoided the entire repossession by selling the car, preventing damage to your credit score. The moral of the story: Keep tabs on your car's value. There's no point in hiding your car or blocking it in with other vehicles.

That's just postponing the inevitable. As one repo man said, "We use every trick in the book to get your car.

We watch the house and follow you if you take the car anywhere. We'll grab it when you park, even if it is for a few minutes. I took one from a gas station when the owner went to the window to get their change. If you're in immediate danger of having your car repossessed, take steps to make sure you don't lose other personal property. Remove any personal items, including any aftermarket stereo equipment or other accessories.

Put the original equipment back onto the vehicle or you will be billed for it. If your car is repossessed, you have the legal right to claim your personal possessions from inside the vehicle. But in some cases, personal items can vanish. The agent is supposed to store and log everything in the car, but it's no guarantee that your items will be safe. Some people avoid repossession by surrendering their cars.

Several years ago, when the economy had taken a bad turn, there were stories of some car dealers who had come to work to find SUVs parked outside with the keys in the ignitions and notes on the windshield saying, "I surrender this car. Some people facing repossession have been known to vandalize the soon-to-be-towed cars, presumably to exact some revenge on the lender by making the cars unusable.

But damage only lowers the value of the car at auction, further increasing what's owed on the car. To recap: The best course of action is avoid making the repo man's acquaintance in the first place. As soon as you think you're going to be late with a car payment, or that you might miss it altogether, contact your lender and work out a payment plan. Whatever that plan turns out to be, it's bound to be better than repossession. Popular searches. My Account. If you've considered bedding down in your backseat, read on.

When Repossession Can Begin In most states, a default is all it takes for repossession to begin. Enter the Repo Man Lenders usually outsource car repossession to professionals. Check for Equity In a rare turn of events, though, some people who have had their cars repossessed might actually have received a check from the bank — had they known the car's value. Remove Your Personal Belongings If you're in immediate danger of having your car repossessed, take steps to make sure you don't lose other personal property.

Surrender Won't Cure the Problem Some people avoid repossession by surrendering their cars. Revenge Backfires Some people facing repossession have been known to vandalize the soon-to-be-towed cars, presumably to exact some revenge on the lender by making the cars unusable. January 9th, Other research topics. Most popular vehicles. See more.

Vehicle Repossession

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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.

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.

Stay One Step Ahead of the Repo Man

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. Jack smiles. And waits. He smiles. And waits some more. He tries flirting with the receptionist.

Repo Men Tracking Your Car

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. Automobile repossession is an act where a lender reclaims a vehicle after a period of nonpayment from a debtor. For example, if you drive off a lot with a new vehicle under a four-year payment plan but fall behind on payments after 18 months, your car could be subject to a repossession.

When consumers are delinquent with loan payments, especially for automobiles, they are subject to repossession.

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. Loose items include usual stuff generally kept in the car for day-to-day personal use.

What To Do if Your Car Is Repossessed

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. In most states, creditors can repossess your vehicle once you've defaulted on the loan.

We are lawyers. You might think that you cannot afford our help. However, if one of the following situations applies to you, we may be able to take your case on a contingency basis:. The answer to this question is almost always yes, but for many it may not be practical or a smart financial decision to do so. Your lender is only required to hold your vehicle for 21 days before reselling it. After that point, nothing can be done to get it back, so if you want your vehicle back, you need to act quickly.

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

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.

Here's “must know” information about when and how your car can be repossessed.

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.

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

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. Repossessions are costly and can stay on your credit report for seven years.

Car Repossession 101: How To Avoid and Deal With the Repo Man

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.

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Massachusetts Repossession Laws

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Understanding the Car Repossession Process

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