To redeem collateral, the creditor sends a letter authorizing an employee or person to repossess the vehicle. The VIN number, as well as any amount owing must be displayed on the document. This way, if the client wants to pay the money owed he can do so. At that time, after paying all monies owed, the secured party can not repossess the vehicle, and the payment agreement continues for the duration. If not paid, after the vehicle has been seized, the police are notified that the vehicle has been repossessed. This way, if the person owned the car phones the police, the client is notified that it was repossessed. The vehicle is stroed for 30 days to give a chance for the client to pay off the amounts owed. If not paid, the vehicle is sold, and the creditor has to try to get full market value. If the vehicle is sold for less than the money owed, the client is on the hook. If sold more than the material value, then you receive any residual money left over after ALL creditors have been paid. I hope this answers your question.
what are the legalities of voluntary vehicle repossession
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Just log on to WWW.statelaws.com and ask questions.
Vehicle repossession laws in Arkansas is the same there as it is in every other state. One must pay his loans or risk facing legal action from the one that one has borrowed from.
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There are several web resources about repossession in Illinois. In addition to this information, the Illinois General Assembly's website contains the full text of all Illinois Laws. Please see the links below.
It isn't relevant as both states allow repossession of a vehicle under UCC laws (without a breach of peace).
Repo Laws can be found at a site called www.dmv.org or you can also check your local laws.
That depends on the country in which you live and you have not told us that.
The legal remedy for vehicle repossession is covered by UCC laws. Regardless of where the lender is located the car can be repossessed under the laws of the state where it was purchased or where it is now located, whichever means is most advantageous to the lender.
Toronto is the capital of Ontario. The Legislative Assembly of Ontario is in Queen's Park, in downtown Toronto.