In the state of California, the lender of a repossession may only charge fees that it incurs and that are in the contract. If the lender pays for the storage or houses the repossession, then yes, the lender is allowed to charge both a repossession and a storage fee.
Repossession without judicial process is allowed if the lender has not breached peace. A lender repossessing an automobile must issue a notice to the borrower, and a lender can sell an item via public auction after repossession.
Yes, if the lending agreement was in default and the lender found it necessary to implement collection or repossession action at their expense. The majority of financial contracts contain clauses allowing the lender to charge the borrower additional fees and penalties for, late or missed payments, collection or repossession costs, and so forth.
No, all that is necessary is a valid repossession order from the lender.
Yes a lender can garnish your wages after a repossession. If the resell value of the item does not cover the cost needed to repay the lender, you are still responsible for paying the balance.
YES, you can. The lender or repo company CANT keep your PP. They may charge you a fee for inventory and storage but they cant keep it.
Most financial contract are written with allowing for this and other fees to be charge when the loan is in default. Read you contract line for line and have an attorney explain anything that is not clear.
The company repossessing the car has no authority to negotiate terms with you. They are simply there to repossess the car. You must negotiate with your lender. Hopefully, you will do this before the the repossession order is submitted by the lender.
It is sooo SIMPLE, you CONTACT the LENDER for further instructions.
IF the lender accepts it you can.
It's called repossession. The lender owns the property, the homeowner is making payments.
Is is common knowledge that the concept of repossession is the taking back of property by a lender or seller from the borrower or buyer, usually due to default.