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Not sure of TX law, but in AZ there is a 10 day right to cure period. In other words, a repo'd vehicle in AZ cannot be sold for 10 days after repo. In Ohio we deal with many "buy here, pay here" lots that send us orders to repossess vehicles. The way it works here is once we repo the car, the lender can't do anything with the vehicle for 20 days. If the debtor hasn't contacted the dealership (lender) after 20 days, the dealership will have the title transferred back to the dealer's name and depending on the vehicle's value they will usually re-sell it on the lot but sometimes will send it through an auction. Most people think that if their vehicle is repossessed that the only thing the lender can do with it is sell it at auction. This is not true. They own the vehicle now and can sell it however they want whether that is on their lot, auction, private sale, or they can take bids on it.

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โˆ™ 2006-02-15 17:28:28
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Q: Can a vehicle be recovered by a repossession agency working for the lender and the car be placed on the lot and resold without the borrower being notified in Texas?
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What are the repossession rules in Florida?

Florida allow repossession by UCC regulations, a right to cure notice or replevin order is not required and the vehicle may be recovered by a licensed agent as long as it is done without a breach of peace. The county recorder must be notified of the repossession action and the plates remain with the borrower.


Can a creditor get a warrant for vehicle repossession?

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..


What is the legal procedure a small independent car dealer needs to take to reposssess your car?

The lender regardless of status (corporation, bank, "buy here, pay here" private seller, etc simply needs to hold a valid lien against the vehicle and have the vehicle recovered by a licensed repossession agency. A few states require the borrower to be notified before a repossession is possible, in most states a vehicle can be recovered as soon as the contract is defaulted upon. Wisconsin is the only state that requires a lender to obtain a replevin order from the court before seizing a vehicle.


Can a repossession agent take a vehicle without waiting for the borrower to show proof that payments have been made?

Yes. It is perfectly legal for a repossession agent to take possession of a vehicle when they are acting on behalf of the lender. The repossession agency does not have the option of allowing the borrower to retain the vehicle even though proof is presented that payments have been rendered. Such issues are strictly between the borrower and the lender. The lender and/or court being the only parties that can rescind the repossession action.


Is the voluntary relinquishment of a vehicle by the borrower as damaging as a lender's repossession?

Yes, it is the same thing.


In New York State can an automobile be repossessed if it is in a carport and the repossessing agent does not notify you of his presence?

Yes. New York follows UCC laws when it pertains to the repossession of a vehicle. The borrower does not need to be notified of the action and the vehicle can be taken if it is not in an enclosed garage or locked property and there is not a breach of peace.


When the borrower agrees to a voluntary repossession but their mother contests the action is that a wrongful act of repossession?

No, if the vehicle is subject to repossession due to a default in the lending agreement, it is irrelevant whether or not the parent agrees to the action.


Does gap insurance cover a repossession?

Gap insurance only pays if the vehicle is totaled in an accident or stolen and not recovered. It does not cover the deficiency balance after a repossession sale.


What happens if your vehicle is repossessed for Florida residents?

The vehicle will be taken to a storage lot, or sent directly to auction. The borrower will be notified by mail of the lenders intent to sell the vehicle either by an Order of Repossession or a Notive of intent. The vehicle will either be sold at auction or redeemed by the borrower. If sold at auction, the purchase amount will be applied to the loan debt. If the purchase price exceeds the debt plus all repo fees, the remaining amount will be refunded to the borrower. If the purchase amount is less than the loan debt (the more common scenario), the borrower will be required to pay the remaining amount of the debt.


Will the surviving spouse's credit rating be affected by the repossession of the deceased spouse's car?

AnswerIf the surviving spouse was not a joint borrower on the vehicle loan the repossession affect/appear on their credit report.


If you repo'd a car and after the fact the customer's attorney called and notified you that the customer had filed for bankruptcy and you were required to return the vehicle do you have to return it?

Absolutely. Any creditor action including repossession cannot be taken after the filing of a BK and/or before the BK is completed and discharged. The vehicle will have to be returned to the borrower to await action by the lender such as requesting the BK stay be lifted or a reaffirmation agreement made between the lender and borrower.


Can your wages be garnished for the repossession of a vehicle in Louisiana?

If the lender decides to sue the borrower and wins a judgment, the judgment can be executed as a wage garnishment


What will happen if you have been concealing your vehicle from repossession for over three years?

The lender has the option of foregoing repossession and filing a suit against the borrower for the amount owed plus interest, applicable fees and legal costs.


How much time must the lender allow the borrower before a vehicle is repossessed?

I believe if you haven't paid in three months they can repossess your vehicle in Utah. *The state does not require a Right To Cure notice be sent to the borrower. The lender may recover the vehicle whenever the contract is in default. UCC laws apply, and the vehicle can be recovered by any means that does not constitute a breach of peace. The plates remain with the borrower/debtor.


Repossession laws for recreational vehicle in ny?

In the state of New York, provided there is a legal order for repossession, once the vehicle is located, it may be secured and recovered. The repossession agency has 24 hours to notify the registered owner of the repossession, but they are only required to do so by mail, and may do so to the address of record on the registration. They do not have to notify anyone at the time of repossession other than local law enforcement of jurisdiction. They must inventory and secure any property contained in the vehicle, and may charge a storage fee for that property.


Do Pennsylvania repossession agents have to notify you that they have your vehicle?

Those who have had a vehicle must be notified, typically within 24 hours, but that may be done by the repossesion company, the actual agents, or the original lender. All are acceptable.


Can an automobile be repossessed in Illinois if the owner is present?

Sure. The owner can't stop the repossession and is aware of the incident, which makes it easier for everyone. * Not if the person is in the vehicle or the repossession agent would be committing a breach of peace, such as appearing at a neighbor's or public place where the borrower was and requesting the keys or another vehicle be moved, etc.


Can you sell a car that the bank tried to Repo 5 years ago and failed the car is still with the owner Can you get another title Is there a statute of Limitation Will the bank attempt again?

The vehicle belongs to the lien holder until the lending contract is paid in full or settled as agreed between the borrower and the lender. The DMV will not issue a clear title to a vehicle which has a lien attached. A vehicle is considered a secured debt therefore the SOL's is not a factor. The circumstances are such that it is highly likely a lawsuit will be filed as the lender would be able to recover a greater amount without the aggravation of a vehicle repossession and resale. When the lender can prove the borrower willfully avoided the repossession action additional damages can be awarded at the judge's discretion. In some states a borrower can be charged with a criminal misdemeanor for "hiding a vehicle" that is subject to repossession.


Repossession law in California?

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.


What are car repossession laws in Missouri regarding notification to auction a vehicle?

what are the legalities of voluntary vehicle repossession


What are your rights if you are a primary borrower of a vehicle and the seconday borrower is not paying the loan?

If the secondary borrower is not paying the loan, you must take the vehicle back from the secondary borrower before the bank takes back the vehicle and ruins your credit. You will learn from that not to cosign a loan.


If there is an attempt to repossess and you decide to keep the vehicle can they legally charge the customer for the repossession fee?

In most states, yes. Provided the repossession company made a good faith effort to secure the unit, especially if their efforts motivated the borrower to make good on the bad debt.


Is a finance company required to send you notice that your vehicle has been repossessed?

Not in most states, in a very few the lender must notify the borrower with a letter of intent to repossess and give the borrower a specified time as established by state law to bring the account current. Wisconsin is the only state that requires a replevin order to recover a vehicle. All other states operate under the UCC and the repossession laws (breach of peace laws, recovery agency requirements such as bonding, etc.) related to the area in which the vehicle is being recovered. The recovery agent/agency is required to notify the law enforcement agency that has jurisdiction in the are where the vehicle is being seized.


Which sort of bankruptcy should one use to retrieve a vehicle in Florida that was repossessed yesterday?

A vehicle is a secured debt, therefore bankruptcy action would not reverse the repossession. Bankruptcy only places a temporary halt to repossession or foreclosure of secured property. The only option available to the borrower to recover a repossessed vehicle is to reaffirm the lending agreement or make some other type of settlement with the lender.


What legal rights does a person have in a Car repossession in Indiana?

From personal experience, you do not have to be notified, but you do have to legally be notified of intent to sell vehicle, it has to be sold for a reasonable amount and they cannot enter a garage to repo. It's best to google repo in Indiana in order to obtain accurate information.