Welcome to Repossession Guide
Repossession Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Car Repossession – What You Need To Know
from: Deb St. George - HomelessInKingCounty.comVehicle or more specifically car repossession can occur anytime that you, as the person that is the process of purchasing the car through a loan option, default on a payment or series of payments, depending on the laws of your state and the terms of your vehicle purchase. Car repossession laws vary from state to state with some requiring the creditor to provide notice that you are in default of the loan and subject to repossession of the vehicle, and others not requiring any notice at all.
Knowing your state's car repossession laws is important so you can be aware of what you need to do to protect yourself. Obviously the most important fact is to always make your loan payments on schedule to prevent car repossession. If you can't make your car loan and you know in advance, talking to your lender may provide alternate options such as making a partial payment or making additional payments to catch up to your repayment schedule. Any type of vehicle repossession will result in a dramatic decrease in your credit score that could serious affect your ability to obtain any type of loan in the future.
If you are concerned about having your car repossessed the first step is to talk to an attorney. The lawyer will be able to advise you specifically on what you can do and how you need to do it to protect yourself and your credit. In some cases the car repossession can be done voluntarily and an arrangement made to sell the vehicle and then pay the difference in the outstanding amount and the sale price. This can sometimes be used as an option to prevent it from reflecting on your credit report.
During the vehicle seizure or car repossession the repossession company and its agents have to follow the law or the repossession can be overturned and you may even be able to file for damages. In all states the repo agents cannot use physical force against an owner and in some states they cannot go into a locked garage or other building to take the vehicle. Coming onto your property, especially if you have a locked gate may also violate some state laws. The vehicle can be repossessed in a public space or on the street in front of your yard or in your driveway if there is no locked gate between the driveway and the street. In some states if you refuse to surrender the vehicle and the repo company attempts to take it anyway they may be breaching the peace, which can result your legal right to filing a suit against the company.
Repossession News
The repossession man is never popular, but he has a job to do
Usually when the repo man comes knocking, he's not welcomed with open arms. But where does the law stand when it comes to repossessing property? For the most part, police say repossession is a civil matter. Nick, a York County repossession expert we spoke with said if they come knocking at your door it's because you have a loan you haven't paid. More than likely you didn't read the fine print on ...
Read more...Repossession law changes
A Law Commission report on repossession will lead to legislative changes, Consumer Affairs Minister Simon Bridges says.
Read more...Home repossession levels 'stable'
A total of 9,600 homes were repossessed in the UK in the first three months of the year - the same as a year earlier, lenders say.
Read more...Repossession agents should be registered
The Government's being encouraged to follow through on the Law Commission's recommendations on repossession laws.
Read more...VIDEO: Repossession levels 'better' than expected
A total of 9,600 homes were repossessed in the UK in the first three months of the year, which was lower than the figure that the Council of Mortgage Lenders (CML) predicted.
Read more...Law Commission Final Report on Credit (Repossession) Act
The Law Commission is recommending wide-ranging changes to New Zealand’s consumer credit repossession laws, with a view to establishing a fairer, more transparent and efficient regime for all parties.
Read more...Repossession laws need overhaul: Law Commission
Families in debt shouldn't have basic necessities like bedding, medical supplies and cooking equipment repossessed, the Law Commission says.
Read more...