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Car Repossession – What You Need To Know
from:Vehicle 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 Specific links
Repossession News
Repossession ban does not solve problem - Irish Independent
 Insideireland.ie | Repossession ban does not solve problem Irish Independent THE Government and the banks are fast realising that just because you put a cap on repossessions doesn't mean you put a cap on mortgage arrears. ... One in 20 mortgages now in arrears - up almost 40 per cent in one year Increase in mortgage arrears |
Home Owners In Danger Of More Repossession - Quick Cash for Properties (blog)
Home Owners In Danger Of More Repossession Quick Cash for Properties (blog) Yet another worry over increasing house repossessions was expressed by Mr. Hargeaves, the co-founder of Financial Adviser Hargreaves. ... |
Sell Your Property Quick to Avoid the Threat of Repossession - Live-PR.com (press release)
Sell Your Property Quick to Avoid the Threat of Repossession Live-PR.com (press release) Being repossessed is becoming the harsh reality for many homeowners with recent research showing that many people in the UK are spending sleepless nights ... |
July had second highest bank repossession on homes - Examiner.com
 CBC.ca | July had second highest bank repossession on homes Examiner.com According to RealtyTrac, July had the second highest rate of repossessed homes. It is expected that more than 1 million homes will be repossessed this year ... Miss. being spared brunt of foreclosure crisis US banks seizing homes at record levels Florida foreclosure levels still high, but new filings ease |
Properties near Smith Mountain Lake could be repossessed - Roanoke Times
Properties near Smith Mountain Lake could be repossessed Roanoke Times An order filed Tuesday in US Bankruptcy Court in Roanoke clears the way for possible repossession of the undeveloped sections of the LakeWatch Plantation ... |