What is the Ohio law about the balance due on a car that has been repossessed, and what if that car is resold?
145160
When a car is repossessed it is usually be sold at public auction (unless both parties agree to other) to pay off the loan and costs of the repossession, any monies left over must be returned to the credit debtor(you).
110730
Usually it is a company that repos vehicles, when you don't pay the monthly payment.  They have the right, as long as it is in the driveway, and not garaged.\nIf it is the police, then you probably know the answer, or, someone in your house does, for sure.
1013039
See if there is a website for the Attorney General for any unclaimed property for Ohio.  That is where you should check...not from a call from someone telling you they have something for you.\n\nI believe this is the correct website:  \n\nhttp://www.com.state.oh.us/unfd/\n\nLaslty, in the future I suggest you not put someone's name online.
272987
What specifically are you looking for?\n\nAs long as the creditor went to court and got a writ to repo your car, there isn't much more you can do.
743611
Rather you just give it back or they come and take it, yes you will have a repo on your credit. They will resell the car and you will owe the difference in what they sell the car for and what you owe on it. Your credit will be in a mess for seven years. A repo looks very bad, worse then a collection or charge off. I would call them and see if they will work out a payment plan with you to get caught up. Maybe you could try to sell it. You are running out of time if you are already three months behind. They will be coming after you for the car soon....If you wouldn't have let yourself get three months behind, you could have refinanced the car and gotten a lower payment.
464036
hi i am lisa.  i used to work for a collection agency and if i remember correctly ohio is a wage garnishment state, however, there is a pretty lengthy process involved. i dont know how old the debt is and how much you owe but if it isnt a very sigf amnt. they probably wont go through the hassel of lawyers and the court system.  look online under "ohio fdcpa laws"
1136916
When a lender "charges off" a loan, it simply moves it from an earning asset on it's balance sheet, to a non-earning asset and recognizes a loss on it's income statement.  It does not mean that the debt has been forgiven and the lender will mostly likely continue to work the account to recover all or part of their loss.\n\nDepending upon the balance of the loan and the collateral, the lender may sell the account to a collection agency, or simply decide not to bother with further collection efforts.  In the case of the former, you may wake up one morning to find the car has been repossessed.  In the case of the latter, you will be able to use the car until it's of no use to you  and then abandon it... you will not have a clear title to the car, and thus will not be able to "legally" sell it.
838164
You could contact the salvation army and see if they could assist you in getting this vehicle back or providing another. They have tonsof resources available as does United Way and others.\n\nYou can post a question to this law webite (for free) and get up to 4 responses from attorneys in your area- go to www.lawguru.com\n\nSo sorry to hear this is happening, and so close to Christmas too.
668687
it should be cleared, as well as all attempts to collect it after 7 years of default. you will have to do the leg work as creditors won't do it on their own, so push them and keep pushing them to remove it.
117228
My understanding is it's basically a BILL that follows a vehicle's title.\n\nIt usually occurs when a tradesman (i.e. mechanic) files a lien for unpaid repair work.  This is his remedy to ensure that, should the vehicle be sold, his monies will be paid to him.
772467
That's tough, I'm sorry.  \n\nThey should have contacted you prior to auctioning the car off.  They are also to  send you a notice telling you how much the car was auctioned for and how much you owe after the auction.  I'd request proof that they sent you something.  Being a co-signer they can and will go after you just like they would do your mother.  I'd contact a lawyer and see what he/she says.  There may really be no way of getting out from under it.  Some people would suggest bankruptcy, I don't think you should have to go that extreme unless you have other things you need to get rid of.  How's your credit?  Is this car on it as a negative? Maybe you could get a loan to pay the car off, if this is possible ask the collection agency if they'd accept a settlement.  I'd offer a little over half of the balance.  That way this would be paid and you'd have a new positive account (bank loan) to help repair the damage that's been done by the repossessed car.\nGood Luck.
288726
The other party has to sell you their share, go to where the cars title is owned, have the other party sell you their share for $1.00 and they can sign over the title to you.\n\nAt that point, the car is now your debit so don't expect them to make any payments.
789172
Usually you are allowed to keep one car.  (You need transportation to get to and from work in order to pay the court!) However, it does depend on how your bankruptcy is structured.  \n\nHave seen cases where b/c car was in both the company & the individual's name that initially the car was not included in the assets / debts "refinanced/ charged off" in the bankruptcy AS LONG AS THE ACCOUNT WAS KEPT CURRENT.  Once this person became delinquent (3-4 payments), the finance company reviewed the account and the creditors credit report.  They then accelerated the note requiring the full payment of the remaining balance not just the 4/9 payments remaining.\n\nHowever, in most cases a car loan is a secured creditor (they hold the title on the vehicle until paid in full) and will be included in the debt to be reorganized.    Your payments maybe reduced but number of payments extended - still paying directly to the finance company.  Or included in your payment to the bankruptcy trustee/court who distributes payment to the various creditors. \n\nCheck with a bankruptcy attorney.  Many do not charge for the initial consultation.  With the change in the law regarding bankruptcy - unsecured debt - credit cards - have much stricter regulations / criteria to meet in order to be included in a bankruptcy...your level of income.  I believe you cannot make more than $32 - $36,000 per year to be eligible to include unsecured debt.   Don't quote me.  Do a search on bankruptcy laws after 10/17/2005 - date the new regs went into effect.  \n\nMost finance companies - well like Chrysler Financial, GMAC - will try to work with you if you call them and explain your situation.  In this case it is better to ask permission rather than ask for forgiveness....\n\nGood luck.  In today's society, this is more common than you think.  What i mean is dont let it ruin your world.  Just be positive and work you way through.  There is a light at the end of the tunnel.   You are already being proactive - just keep it that way!\n\n\nCheck this site out, it has lots of information.\nhttp://www.totalbankruptcy.com/
964154
Even if the loan is charged off the creditor can still reposses the car, because it was offered as collateral.  Basically a charge-off is saying the loan is in the worst state possible for your credit reporting.
923822
You are allowed to own a vehicle. \nHowever the value of that vehicle (or the equity in a financed vehicle) must be equal to or less than the state's allowed exemption.\nIn California, depending on which exemption table used, that value is either $1900 or $2775.\nKeep in mind that if your vehicle is financed, you probably do not have the amount of equity that would cause a problem. Most vehicles depreciate so much, so fast, you would probably owe more than the car is worth until the very end of the loan.\nAdditionally, if your car IS financed, you can keep the vehicle only if you continue to make the required payments. Because a car loan is a Secured loan, if you choose to no longer make payments, the bank can (and will) take steps to claim the collateral (your car).
927826
Depending on the sellers rating you 'might' have had redress (through Paypal if you had used them) at one stage but because you carried out repairs, that deems you have accepted the vehicle.  If you push the seller, they may accept taking it back (well who wouldnt, you just spent 3k on it).  They are under no obligation to refund money you have spent on it.  The best chance you may have is if you can prove the MOT is illegal and then go after the garage that gave it, again because you have had many repairs carried out, I suspect this would also be an impossible route to prove.\n\nSorry its not better news.
488097
Contact your state.  When funds go unclaimed, the financial institution (or payor) must first attempt to find you and if after a certain number of years, they must remit the money to the state.  Most states call this Unclaimed Property.