answersLogoWhite

0


Best Answer

No. If they do, that would be considered theft and that is obviously against the law.

User Avatar

Wiki User

โˆ™ 2015-07-15 18:39:22
This answer is:
User Avatar
Study guides

Loans

26 cards

What is forfeiture

Which of these is the best description of delinquency

Which term is defined as property that is pledged as security on a loan

This is Paula's monthly budget What percent of her expenses is spent on insurance

โžก๏ธ
See all cards
2.33
โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…
3 Reviews

Add your answer:

Earn +20 pts
Q: Can a repo man take property other than that used for collateral?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Can a repo take my car out of my garage?

No, repo persons can not enter your residence without permission and an attached garage is your property.


Can you have the repo man get a car that is taken by someone who borrowed it and moved if you only have their drivers license and SSN?

IF the loan is in DEFAULT that has the car as collateral AND the LENDER issues a repo order, YES, the repo man can take the car from a 3rd party in possession.


Can they break into your home to repo a car?

No a repo person can not break into your home to repo your car. Repossession persons can not damage or destroy any property in attempts to take possession of a vehicle.


Can a repo man take your car from a locked fence?

Yes, a repo man can take your car in any circumstances. He just needs to find a means to enter the property.


In Texas if the car is not on the property can they take another car for collateral?

Absolutely not. Niether can they take your refrigator or vacum cleaner


What are the pros and cons of collateral loans?

Collateral loans are secured loans. They depend on the ownership of a house or vehicle. Collateral loans can be very quick to obtain. If a borrower defaults on a collateral loan, the lender can take the property or vehicle that had been borrowed against.


Can they take your car at work?

Yes! a repo agent can legally repossess collateral anywhere, as long as he doesn't breach the peace or break and enter into a locked garage or gate


Will pawn shops take pewter?

Any item of personal property, used as collateral, may secure a loan


Can my furniture be used as collateral for a loan?

There may be some signature loan companies that will take furniture as collateral. Most loan companies will want other collateral such as titles to vehicles.


Can a repo man cut a lock to get on private property to take a vehicle?

In most states no. That is a breach of the peace and that is illegal.


Does a repo person have the right to open up your garage door and take out the motorcycle in the state of Michigan?

A repo man is not allowed to move a vehicle or open gate or anything to get what he wants. If the garage dor was open it would be a different story. depending on the state a repo man can open a garage door to get collateral as long as he does not committ another crim in the process! i know Ohio, Indiana, and Tennessee you can for sure.... Michigan i think it depends on how the loan was writen! In NJ, they cannot.If the car is in sight and where they can tow it, that is, without damage to the property. They cannot sneak around the property looking for the vehicle.


Can a repo man proceed with repo after being ordered off property if he does not have a court order?

They can if they have an order for repossession. You can ask to see the order, and if they do NOT have the order, then they can not take the car. The repossession would become invalid without the order to take the car.

People also asked