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Andrea, it is NOT impossible, just VERY difficult to buy a home after a repo. MORE DP and HIGHER interest rates are common. Same with a car. You may not get exactly what you want cause the lender and seller knows you are not in the best shape financially. Balance due on the repoed car?? Well, the lender will get a judgement, ask you to pay again then get serious with the collection efforts. This includes garnishment of your wages, attachment of other valuable property you may have. Get ready to sweat for whatever you get. Good Luck
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Can you legally go and take your car back after it has been repossessed?
NO,thats Grand Theft.
When a car is repossessed what do you do with the insurance?
When a car has been repossessed the person paying the insurance should cancel it.
What do you do once your car has been repossessed?
I have a welding machine on the truck they repossessed can they keep that?
Can you buy another car even though is repossessed?
If you have had a car repossessed, you have not kept up with the payments. You probably still owe money on the repossessed car. In these circumstances, the fact is that you can not afford to purchase another car and would not be able to obtain the finance to do so.
How soon can you buy a car after a car has been repossessed?
You can buy a car right after your car has been repossessed. It will however, depend on whether your credit is stable enough to qualify or if you have the cash to pay out of pocket.
How do you nominate someone to purchase repossessed car?
You don't. The car will go to an auction, and the highest bidder will win it.
In Utah can your wages be garnished for a car that was repossessed?
You do not owe money for a car if it has been repossessed, so your wages can't be garnished for that reason.
If you file for bankruptcy and your car is repossessed can a friend take a loan out for you to purchase a car?
Of course, it won't legally be your car however.
Do you have to insure a car that has been repossessed?
No, since the car is no longer considered "your" property.
Can a cosigner have a car repossessed if the loan has been in arrears?
yes
How might one purchase a bank repossessed car?
Buying a repossessed car today can be a great way to save money, but be careful to inspect the car to be sure there are no hidden problems since they are typically sold "as is". Some dealers specialize in repossessed cars and you can also find them at a local auction.
What has to happen before a creditor can have your care repossessed?
A car cannot be repossessed until the owner has missed several car payments and the owner has been notified of late payments. In most states a car can be repossessed after three months of non-payment.
