Welcome, visitor! [ Login

Post an Ad

Vehicle Repossession : What you need to Know

Debt-Credit Consolidation October 7, 2024

Vehicle Repossession

If you’re like most people, you rely on your vehicle to get you where you need to go – and when you need to go – whether it’s to work, school, the grocery store, or the soccer field. But if you’re late with your car payments, or in some states, if you don’t have adequate auto insurance, your vehicle could be taken away from you.

To Do

If you know you’re going to be late with a car payment, contact your creditor right away. It’s easier to try to prevent a vehicle repossession than to dispute it later.

  • Many creditors will work with customers they believe will be able to pay, even if a little late.
  • You may be able to negotiate a revised schedule of payments.
  • If you can reach an agreement to change your original contract, get it in writing to avoid questions later.

If your vehicle is repossessed:

  • your creditor may decide to keep it as compensation for your debt or resell it in a public or private sale.
  • you may be able to buy back the vehicle by paying the full amount you owe (usually, that includes your past due payments and the entire remaining debt), in addition to the expenses connected with the repossession, like storage, preparation for sale, and attorney fees.
  • check with your state consumer protection agency. Some states have laws that allow you to “reinstate” your loan. This means you can reclaim your car by paying the amount you are behind on your loan, plus your creditor’s repossession expenses.
  • a creditor may not keep or sell any personal property found inside the vehicle.

1455 total views, 1 today

Page 1 of 1071 2 3 107
  • Debt Collectors -Recovery Services - PA & VA

    by on September 1, 2024 - 0 Comments

    Entity Address Telephone Monarch Recovery Management, Inc. 10965 Decatur Road, Philadelphia, PA, 19154 (215) 281-7500 Monarch Recovery Management, Inc. 9350 Ashton Road, Suite 101, Philadelphia, PA, 19114 (215) 281-7500 Central Credit Services, Inc. Five Neshaminy Interplex, Suite 117, Trevose, PA, 19053 (215) 333-2272 Tate & Kirlin Associates, Inc. 2810 Southampton Road, Philadelphia, PA, 19154 (215) […]

  • Credit Counseling Agencies :EASTERN DISTRICT OF NORTH CAROLINA

    by on August 9, 2024 - 0 Comments

    Alliance Credit Counseling, Inc. 13777 Ballantyne Corporate Place, Ste.100 Charlotte, NC  28277-3433 Phone:  888-594-9596 Fax: 704-943-0313 Email:  kevin@knowdebt.org Website:  www.acc.consumerbkcenter.com, www.crisishelp.org, www.knowdebt.org Debt Management/Credit Counseling All Names Used: Alliance Credit Counseling, Inc., AAAlliance Credit Counseling, Inc., AAA Alliance Credit Counseling, Inc.  Addresses: 15720 John J. Delaney Dr., Ste.100, Charlotte, N.C. 28277, 7621 Little Avenue, #100, […]

  • How to calculate Monthly Income and Expenses - Case study

    by on August 2, 2024 - 0 Comments

    Monthly Income and Expenses   Once you know your monthly expenses, you can use a Monthly Income and Expense Worksheet (similar to the one on page 8 of your Participant Guide), a money management software program, or an online budgeting worksheet to determine: How much money you have coming in (income) How much is going […]

  • 5 Tips for Getting the Most From Your Credit Card

    by on September 14, 2024 - 0 Comments

    Pay on time. Paying your credit card account on time helps you avoid late fees as well as penalty interest rates applied to your account, and helps you maintain a good credit record. A good credit record leads to a higher credit score, which helps you qualify for lower interest rates. Know the date your […]

  • Credit cards fees

    by on July 29, 2024 - 0 Comments

    Fees Many credit cards have fees. You will want to read your credit card agreement carefully to make sure you understand all the fees associated with your card. You can use the Federal Reserve’s consumer credit card agreements search to find general examples of the type and range of fees a credit card may have. […]