The creditor can obtain a replevin order from the court if it becomes necessary. Wisconsin is the only state which requires a replevin order to be in place before a vehicle can be recovered. All other states allow repossession under the UCC laws, although some do require the borrower to be notified and given a specified time to bring the account current before the vehicle can be seized..
The amount you will owe the creditor will be the amount of your auto loan (including repossession fees, interest, and collection charges) minus the amount the vehicle sold for at auction. The creditor will notify you of the amount due in writing after they auction off the vehicle.
Under California law, a creditor can repossess the vehicle if it is in default without notice, even if the car payment is one day late. However, if there is a co-borrower on the loan, the creditor is required to give notice before repossession.
Yes. Your question does not make any sense, but yes. A warrant for your arrest can be signed at any time with sufficient cause. A better question is why do you think your getting a warrant and how is it related to this vehicle. You filed under repossession, and to my knowledge you cannot get a warrant for hiding something from being repo'd. They are separate schools of law, the repossession being under a breach of contract between you and the loaning institution (contract law I think its called), and a warrant would be regarding criminal law.
Thats a good question to ask your B/K attorney for state specific advice.
Unless you are a creditor, I assume you mean can you surrender a car to the lender in a voluntary repossession. If the creditor will do it, you can. Obviously it will depend on the mileage and condition of the car, but these days it is complicated by the state of the economy, so not likely. You can surrender the vehicle in a Chapter 7, where the creditor has no choice.
what are the legalities of voluntary vehicle repossession
Same as a regular repo. The creditor may still put the repossession on your credit report and it would stay there for up to seven years. Notice the word "may", because it is at the creditor's discretion...
A creditor can try to collect forever but it's usually not worth the cost of involving the courts.
Yes, it is called hindering a creditor, or hindering repossession. It is not likely that you will be arrested for such, but it is far more likely that the creditor will obtain an order of replevin. If such occurs, the repossession agent is likely to return with this order accompanied by a law enforcement officer who will order you to surrender the vehicle. If you refuse you will be arrested, and you will have to surrender the car to secure your release.
While the debtor does not have to unlock the vehicle, turn over the keys, or allow the repossession agent access to the garage, purposely attempting to hide the vehicle can be considered a crime if the debtor does it with the intention of hindering a secured creditor from obtaining access to its rightful property. That said, the debtor is not obligated to assist the repossession agent in any way in obtaining the vehicle.
Sample letter of vehicle repossession for the state of texas
There is no specific time limit for a repossession in Florida. Florida law does not require a creditor to give notice before starting a repossession.
They would normally send you statements reminding you that your balance is past due, and the vehicle could be repossessed if the matter isn't settled. The creditor normally won't inform you of when the order for repossession actually is sent out, and you won't normally be informed that your vehicle is being repossessed until the repo man shows up to claim it.
That depends what deadline you are talking about. Redemption periods vary from state to state. Once the creditor has a repossesion order or judgement, they can repossess the vehicle any time in the future.
I don't think there is a statute of limitation on repossession of a vehicle anywhere as long as there is an overdue payment outstanding.
Dealerships are not typically recognized repossession agents, however, if you bring in a vehicle for service, and a valid repossession order exists for that vehicle, the delareship may secure the vehicle for the lender so that repossession may take place.
Repossession Services Agreement(Download)BACKGROUND:______________________________________, CREDITOR, and ______________________________________, AGENCY, agree:CREDITOR is the owner or collection agent for various retail installment contracts, granting liens on automobiles. From time to time CREDITOR requires repossession services when the various contract debtors are delinquent on their debts, and CREDITOR herewith contracts with AGENCY to perform such repossessions.TERM:This agreement shall commence on _________________________ and terminate on __________________________.TERRITORY:AGENCY shall act as the exclusive repossession service within the following territory:_______________________________________________________________ASSIGNMENTS:AGENCY shall only repossess vehicles upon a written order executed by an officer of the CREDITOR specifying the vehicle type, VIN and borrowers name, or identification of other property. AGENCY shall not release any vehicle to a person other than an agent of the CREDITOR.METHOD OF REPOSSESSION:AGENCY shall repossess the items, which are assigned to it without creating a breach of the peace, and in accordance with any laws or regulations related thereto. In the event that any repossession cannot be accomplished without a breach of the peace, AGENCY shall immediately notify CREDITOR and shall discontinue attempts to repossess unless the CREDITOR reassigns the same.INDEMNITY:AGENCY shall indemnify and hold CREDITOR harmless from any claims related to the repossession activity undertaken by the AGENCY. CREDITOR shall indemnify AGENCY from any claims that CREDITOR did not have a legal right to seek peaceful repossession of the items assigned.INVENTORY:In the event that any vehicle which is repossessed contains personal property, AGENCY shall have 2 persons witness a complete inventory. A copy of such inventory shall be provided to CREDITOR. AGENCY shall release such items of personal property to the debtor upon execution of a receipt of the same.RELATIONSHIP:The relationship between the parties is solely of contracting party and independent contractor.CUSTODY OF VEHICLES:During custody of the vehicles AGENCY shall use all possible care to protect and safeguard the vehicles, and shall deliver the same as directed by the CREDITOR, and CREDITORs expense, in the same condition as received, any ordinary wear and tear excepted.SUB-CONTRACTOR:AGENCY shall not sub-contract its performance without the previous written consent of the CREDITOR.PAYMENT:AGENCY shall receive payment as follows:_____________________________________________________________Dated: ________________________________________________________________________For Creditor_______________________________________For AgencyRepossession Services AgreementReview ListThis review list is provided to inform you about this document in question and assist you in its preparation. This is a standard repossession agreement that can be modified to meet the terms you require in your business activities.1. Make multiple copies. Give one to each signer.
Contact an attorney.
pay what you owe
A "repossession notice" is a civil matter. A police oficer cannot hold the vehicle for repossession. Unless, there has been a court proceeding and the judge has ordered the vehicle held if stopped. A repossession notice also cannot stop the registration of a vehicle.
Relief allows the creditor to continue collection actions/foreclosure/repossession.