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Car Repossessed- only out you've got

YOUR CAR GOT REPOSSESSED?!?! Why don’t you drive down there and let them have a piece of your mind! Just kidding you don’t have a car.

 You have can your car repossessed for not having insurance for an extended period of non-payment (most cases it is the later of the two). How do you win when your care has been repossessed? Well, I will tell you the number one thing is if the you were disturbed at all during the repossession! The towing of your car must be as if a thief in the night came and you had no idea until you walked out to where your car once sat only to discover that your vehicle disappeared! SO, STOP IGNORING CAR ALARMS! Even if you have everything paid and up to date there have been cases where the wrong car has been towed since the name of the game in repossessing car is to get in and out unseen and unheard, the person towing the car forgets to check the VIN number (of course this will lead to charges of grand theft auto for the towing company). Another way to get the towing company in trouble is calling in to the police your car has been stolen before they call in to update authorities that they have the car legally as a repossession! This could lead to a lawsuit in which then you can PAY YOUR BILLS and get your car back. Big banks can be held liable for what the towing company does (if they damage your car or pick up your car after you have a WRITTEN statement from the lending acknowledging you care current and up to date on payments, therefore the repossession process will cease starting and said date and time.

Look, here’s the good thing, lenders don’t want your car they want your money. They are not in the car buying and selling business (unless you bought your car at a “buy here, pay here” place in which case you might be paying a grossly inflated interest rate, but I get it you have to do what you have to do). Simply keep in communication with the lending company that helped to finance the automobile you have, it is cheaper for you, cheaper for the lender, and unfortunately the towing company will not get paid by YOU.

Short summary of how a repossession works:

~You have a vehicle that you are no longer entitled to have due to a breach in contract or breach in agreement on your behalf.

~The lenders need the money they loaned you to obtain the vehicle, since you are not giving them the money they hire a towing company to pick up your car.

~The towing company will get paid for searching for your car (a reasonable search they are not allowed to be looking for your car in New York when you live in Texas and claim they are entitled to be paid for that search), they charge for a new set of keys, storing your car, selling your car at auction, and other applicable fees.

~The bank gets the money from the sale of the vehicle, pays the towing company, the auction company, the storage company, and the remaining cash balance they have gets deducted from the amount of money you still owed for car.

~In most cases you will still owe the bank additional money; you are without a car, without more cash, and up a creek without a paddle.

~You are not liable to pay for any damages that might have been done to the vehicle from the towing or storage company, so when you get ready to pay the piper (the lender) ask to see an itemized list of expenses to ensure you are only paying what your legally entitled to pay.

IN SHORT: Pay your bills, keep in contact with your lender, catch anyone trying to tow your car (prime hours are 3am-6am), make sure you only pay what your legally obligated to if your car is ultimately repossessed, and learn from any mistakes to avoid repeating this in the future.

*BREACH OF PEACE
*Texas Business & Commerce Code section 9.609
*Uniform Commercial Code Article 9

CREDIT IS JUST LIKE HIGHSCHOOL

WHAT IS FICO?

Fair Isaac Company is essentially an adult version of a grade:
1. If you have been on time
2. Didn’t miss days
3.You learn more as you progress
4.You are required to take extra curricula credit classes
5.Once you finish high school you must start ALL over when you enter college

WELL to put this in CREDIT TERMS: Your FICO grade is:
1. You must make your payments on time
2. You cannot miss making payments
3. The older your credit history is the better your grade becomes
4. It is important to have a variation of credit types
5. Once you pay off your oldest creditor you credit history drops to next older credit reported

10 Alternative Tips to Repair your Credit

10 Alternative Tips to Repair your Credit

1. If you can’t pay your credit card balance DOWN but have been making your monthly payments on time, ask the credit company to INCREASE your limit. This will decrease the debt to allowance ratio. 30% of your total credit score!

2. If you don’t need a new car, home, jewelry, furniture or anything else that can open a new line of credit, open a secured credit card! It is a new line of credit and will prevent any overage fees.

3. Have high credit card interest rates that you can’t seem to find the money to pay off these cards? Take a loan from your home equity or retirement account. Credit card rates can get to be as high as 28% interest, it’s HIGHLY unlikely your home is increasing in value this rapidly nor is it likely your retirement account is giving you a net return of 28% a month.

4. If your’ credit history is very young (when accounts are closed that account is no longer averaged into the age of your credit history) ask a spouse or parents to be placed as an authorized user on one of their older accounts, the age of this account will now be factored into the age of your credit history.
5. Multiple late payments can be removed by the good graces of a credit company if you have a good standing with them, but if they refuse to remove late payments open new accounts and make every payment on time. This will lessen the impact of those pesky late payments from your past.

6. You just discovered one of your accounts has recently been sent to a collections agency, ask the original creditor if they will take back the account in exchange for payment in full and remove negative marks from your account.

7. If an account has been in collections for a long-time mention to the collections company bankruptcy might be your only option. An unsecured debt is often left high and dry if a person must resort to bankruptcy.

8. When negotiating a settlement amount tell the collectors where the money will be coming from in the future (i.e. tax return, annuity payment, life insurance, etc.) let them know you will be clearing up multiple accounts and will pay off the company that gives you the best deal. You hold the power and the creditors or collection agencies will be in a battle against a ghost number, never knowing when you will have the money to pay them again.

9. Pay down accounts with the highest interest rates first. Chances are your mortgage interest rate will be lower than your credit card interest rates. Tackle the biggest interest rates first.

10. Be proactive and stay in contact with your creditors and collection agencies, most creditors send your account off to collections company after 180 of nonpayment, but if they are kept in the loop and you provide them documents they are less likely to sell your account to a collections agency, the would just mean less money for them!

ARE YOU DOING THESE THINGS TO MAXIMIZE YOUR FICO SCORE?

There are many ways to improve your credit score, some that the client must do, some that I can do for my clients.

The good thing is I will tell you step by step what you must do on your part! 

 My job is to keep up with all the fair credit reporting act rules and regulations since they are forever changing. Knowledge is power, most people don’t know their rights when it comes to Fair Credit Reporting Act. Creditors make money by reporting credit scores to lenders (loans, credit card companies, mortgages, cell phone companies, etc.)

 Lenders love low credit score, that means they get to charge high interest rates and make more money! Since it’s in the best interests for the bureaus to give you a lower credit score they often put things on your credit card that is in violation of the fair credit reporting act. They expect you to not find these negatively reported items, or they expect you don’t know the rights you have been granted under the Fair Credit Reporting Act. Knowing the rules of their game you can beat them and resume your life back without the stress of bad credit.

We build a plan to stay on track, and get you to your destination of high credit score. You wouldn’t set sail off the coast of Florida expecting to reach Hawaii without a map, would you? Even with a map you would need to make adjustments along the way due to wind, waves, season, etc. With a credit repair map the same is true, we will need to make adjustments here and there, but we will end up with a better credit score.

BIGGEST THINGS:

-ALWAYS PAY THINGS ON TIME! (35% of your overall credit score)
-NEVER USE OVER 30%OF YOUR CREDIT CARD LIMIT!(30% of your over credit score)

It's impossible for humans to have a healthy relationship with money

Most people, at some point in their life, will inevitable have some misconstrued relationship with finances. This is not to say every person will have a financial hardship, some people may have the pleasure of going through life without ever having to worry about money. Despite the yearly inflation of; approximately 3.5% a year, the rising price of college tuition, increased housing market, constant changes to the tax laws, every person will have an unsavory relationship with finances at some point. All religious believes aside, as human beings, we will experience certain emotions triggered by our biochemical make-up as a component of our survival mechanism, deeply ingrained in us as Richard Dawkins references in the “Selfish Gene.” So why is it that no human can have a healthy relationship with finances? Ludwig Von Mises in, “The theory of money and credit” establishes the perplexity behind the bartering or trading systems. The tangibles and intangibles are broken down to a common denominator simply based on one’s own perceived value of those particular goods and/ or services. Now, armed with the information that a monetary system is simply a boiled down version of utilitarianism, why do intellectual homo sapiens still have a large miscorrelation with fiduciary literary, responsibility, and realism? Our natural fallacies guide us to the jaws of capital vices commonly referred to as the, “seven deadly sins” largely pontificated by Evagrius Ponticus. These virtues are so entangled one must comprehend and encumber each virtue as an idiosyncratic notion, as well as an assemblage of disillusion caused as a result of envy. Envy of lustful behavior infamously quoted as, “first you get the money, then you get the power, then you get the women.” Thus, far half of the vices have been briefly covered, yet no recognition of cardinal virtues has been mentioned. Once a man reaches the summit of their monetary world pride is assumed to be achieved. Gluttonous characteristics emerge from the cracks, gluttony of hoarding the utilitarianism bestowed upon him or lavishing in compensatory tangibles or intangibles. Simultaneously both have the capacity to generate wrath. Unless the man is dethroned from the peak of his financial pinnacle, a sense of laudability will inevitably bloom, and become deeply enrooted in the maturate of sloth. There is simply no plausible rationalization that any person can avoid an unhealthy relationship with finances.