joe, think about it. YOU are the owner, they are the lender. OWNERS report cars stolen. Some of those lying,cheatin,lowdown repo people will tell you its reported stolen to try to get you to GIVE IT UP. IF its REALLY stolen, YOU(the owner) should report it stolen to help the lender out. It will benefit you in the long run.
The answer to your question is simple; Of course the lender,ie:LIENHOLDER can report the vehicle stolen. Here's why; even though the registered "owner's" name may be on the registration, until you FINISH making your PAYMENTS to the LENDER, they still very much own it. Which is why financing takes you 3-5 years, before you actually "own" what ever it is that you've purchased.
Actually this is another one of those ones that depends on state laws where the vehicle is registered.
At the time the vehicle was taken into possession of the OWNER it was not stolen and so once the loan goes into default that does not constitute theft but is infact a civil matter that local law enforcement has no effect on. That is why we have the two methods of "Self-help" and "Judicial Process" to recover a vehicle.
The lender could actually face criminal charges for filing a faults police report when they know in fact that the vehicle is in the possession of the OWNER. Now if they receive notice from the OWNER that they no longer have possession and that they did not give permission to whom ever is currently in possession of the vehicle then that may be classified as theft.
Ultimately though no repossession can take place using force or threat of force and that includes telling the OWNER they are driving a stolen vehicle. That will come to bite any asset recovery agency in the ass if such conversation was ever recorded or otherwise proven in a court of law.
In other words just don't do it. Best practices for legitimate repossession companies usually follow these and other strick guidelines.
Not all repossession agents are low life lieing scum. Only a low life lieing dead beat debtor would feel that way about us. ;-)
I don't believe the first poster said ALL repo people are lieing cheating...etc. he said some.Broad statements about any group are usually not valid.Iam amazed at the repo guys on this site(and there are plenty including the moderators) who try and defend any action by a repo person legal or not just because they are fellow repoers.Maybe they will figure it out when their liabilty insurance skyrockets because of the actions of a stupid few.....then again maybe not.
after a legal process the lender can both sue and have you arrested.
Same as any other repossession, CALL the LENDER. Work something out.
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, it is the same thing.
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.
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.
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.
Usual process is to call the local PD, find out who towed the vehicle and contact the tower for info on getting your PP. In the case of a repossession, you contact the LENDER to find out the details.
Yes. That is the point of the lender asking for a cosigner. The cosigner will have a repossession showing on their credit as well as the primary lender.
Pay the past due amount on the loan or pay the loan in full. In the event you are able to do this, it is a good idea to have the lender contact the repossession agency to cancel the repossession while you remain on hold. If you fail to do this, it could take several hours for them to notify the repossession agency, and your vehicle could still be taken.
Any information you give the lender or the lender obtains in the attempts to recover the vehicle by repossession is legal to use for that purpose.
Not at the time the lender seeks repossession of the vehicle, but if it is found that fraud has been committed (vehicle hidden, sold, etc.) them criminal charges could be applicable.