I was wondering if a finance company can repo your tv if you listed it as collateral on your paperwork. I am struggling financially and I have not been able to afford the note. I have my tv on there as collateral. Will they come and take it? They have already called me several times and they have came up to my door threating to go to the DA's office to file the paperwork. Do you think they will go through with it? Thanks "Coach"
2006-07-27 07:15:37 · 7 answers · asked by mistypisces 2 in Business & Finance ➔ Personal Finance
yep ..
2006-07-27 07:18:30 · answer #1 · answered by Anonymous · 1⤊ 0⤋
They certainly can because legally it is the collateral.
The question is whether they actually will when you figure out how much it will cost them to do it.
They, of course, won't do it themselves but would have to hire a firm to do it.
Then the value of the TV is probably not enough for them to justify it. Because after they come take it, they'd have to sell it, which the market for used TVs isn't that great so they would not probably get nearly enough to help pay off the note enough.
However, if you are in financial troubles and need to settle this obligation, you should not turn your back and call their bluff.
You are MUCH, MUCH better off in the long run calling the finance company and reworking your terms of the note.
Come to an agreement to pay even a little bit each week. Show some effort to try to make a good faith attempt to pay it back.
If you don't, this will cost you dearly in the long run on your credit rating. Having a bad rating will mean either you will never get credit again or on such bad terms that it won't be worth it for you to take the credit.
2006-07-27 07:22:28 · answer #2 · answered by markmywordz 5 · 0⤊ 0⤋
Yes they can take your TV but not by force. If they can't peacefully take your assets they will file paperwork and if they receive a judgement in their favor you will receive notice to give up possesion of the tv. If you refuse they will have a sherrif officer come to your house and allow the finance company to come and take your tv. Basically not a good situation
2006-07-27 07:24:03 · answer #3 · answered by rweasel6 2 · 0⤊ 0⤋
By putting your TV up as "collateral", you have given the financial company legal right to possess that item if you default on your loan.
Therefore, as a small company who will not want to spend thousands of dollars on court and legal fees, it will be an "easy out" for them to just come over and repossess your TV.
Therefore, they don't have to spend the money to take you to court, but they do get "something" out of it.
2006-07-27 07:23:41 · answer #4 · answered by Scott D 5 · 0⤊ 0⤋
What you need to do is contact them and negotiate more favorable terms. These lenders would much rather take a little less interest or maybe a lower monthly payment. They don't want your TV - what are they really going to do with it? They're in the business to make loans, not run a TV shop. Talk to them and be honest; they'll work with you.
2006-07-27 08:06:35 · answer #5 · answered by Anonymous · 0⤊ 0⤋
That's what collateral means. It means that you have listed that property as something they can confiscate if you default on your payments. As far as the DA's office? It depends on your local, and state laws. In Texas, it is not illegal to owe someone money, so they would not be able to do that. They can only report it to my credit.
2006-07-27 07:20:45 · answer #6 · answered by Blunt Honesty 7 · 0⤊ 0⤋
Yes, they can and they will. Best way to handle this is to answer their calls and discuss the situation with them. They would rather take smaller payments rather than repo.
2006-07-27 07:20:19 · answer #7 · answered by rex_rrracefab 6 · 0⤊ 0⤋