The deficiency balance in every state as relates to repossession is the outstanding balance of the original principle plus fees accrued by the repossession process that remain after the resale of the repossessed vehicle.
They have no liability for a vehicle repossessed lawfully from their property.
need a 10 day letter after vehicle is repossessed
No. The only vehicle that can be repossessed is the vehicle for which the agent has a valid order of repossession, OR in some cases, a vehicle the agent encounters (such as reported by a camera car) in the process of locating another repossession. Anything other would be wrongful repossession or possibly grand theft auto and extortion.
the person the vehicle was leased to is responsible as they are the ones that have caused the vehicle to need to be repossessed.
thirty minnuts after the repossession of the car.
If i have a vehicle repossessed in the state of texas, is there anything that requires me to pay off balance after vehicle is sold at auction?
READ your lease contract. It should specify the results of repossession.
No. Absolutely not. If they enter a vehicle they do not have an order of repossession on, they've committed a crime. They may enter the vehicle they are there to repossess, and only the vehicle they are there to repossess.
* You have the right to possess any vehicle you do make payments on or have paid for. * You have the right to retain possession of said vehicle provided you continue to make contracted payments toward the unpaid balance of the principle. * You have the right to have your vehicle repossessed if you fall delinquent on your vehicle payments to the contracted lender. * If your vehicle is repossessed, you have the right to recover any actual private property that was in the vehicle at the time of repossession. * You have the right to pay fees for recovering your property that was in the vehicle at the time of repossession. * You have the right to pay all unpaid balances and fees accrued as a result of the repossession process. That's about sums it up. I confess I did substitute "right" for "responsibility" in several places.
Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle.
Yes, this is the common reason for repossession. It is in fact the primary reason for the existence of repossession agencies and repossession forwarding companies. It is also the reason the vehicle was used to secure the loan in the first place.
Yes, a car can be repossessed even if another car is in front of it. The person in charge of repossession the vehicle can call the police to help them get the car.
Yes, and many people do object to their vehicles being repossessed, before and after the repossession. Unfortunately, your objection will have little effect. If you are delinquent or in default on your loan, and the vehicle was used to secure the loan, the vehicle will be repossessed. There are few legal options available to you to avoid this aside from paying the loan current.
Well, first, you'd have to explain how the repossession was illegal. There really isn't any such thing as "illegal repossession"... repossession is a legal process by which a lien holder can recovery property which does belong to them in response to a delinquency of payment or violation of the contract.A vehicle which has no grounds for repossession but was taken was not repossessed - that's theft, plain and simple, and if that's the case, then you'd file a police report, an investigation would commence, arrests would be made, and you'd either recover your vehicle or get an insurance payment if the vehicle was unrecoverable. I'm guessing that's not the case, since you're asking this question here.State laws on time which a delinquency must continue for before seizure of assets can be made varies by state... if this law was violated, then you're going to have to lawyer up and take the legal route against the lienholder (the repossessor is not liable in this instance, as they are contractors following the instructions of the lien holder).A criminal act on the part of the repossession agency has occurred if...A locked gate is breached in the course of the repossession.A secured building is unlawfully entered in the course of the repossession.A vehicle other than the one being repossessed was entered without permission during the course of the repossessionProperty damage occurs during the course of the repossession.In the case of a commercial vehicle, a cargo payload is taken with the vehicle.A trailer attached to the repossessed vehicle which itself is not up for repossession is taken with the vehicle.In those instances, a police report needs to be filed. However, if the repossession itself is legit, that still won't get you the vehicle back.
In some states, most that is at this point. However, most states are also passing or reviewing legislation that would prevent the registration of a vehicle up for repossession, and in some states such as Florida, the registration of any vehicle to a person who has a vehicle up for repossession.
Same as any other repossession, CALL the LENDER. Work something out.
No, but they can be cited for contempt of court if a replevin or other court order is issued for the recovery of the vehicle.
If it truly was a wrongful repossession, call local law enforcement and report the vehicle stolen. If they notify you that it was repossessed, inform them that it was a wrongful repossession. Next, contact the lender and demand politlely that they notify the repossession agency that the vehicle was wrongfully repossessed. You might even, still politely, suggest some sort of compensation for you inconvience. Also ask for the contact number of the repossession agency. Call them and notify them also of the wrongful repossession. Suggest also to them some sort of compensation for your incovenience. Vehicles that are wrongfully repoed must be returned as soon as possible and in the same condition as when taken. If there is damage, the lender and the repossession agency are liable. If you are not satisfied with how quickly your vehicle is being returned, push the auto theft charges.
To get your repossessed car back you may need proof of residency, insurance, and, other personal information to retrieve your repossessed vehicle back to you.
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.
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.
Not sure of your question. Do you mean do you still owe after the car is repossessed? Or do you mean do you have to pay off a loan to buy a repossessed vehicle? It depends on the state you are in, contact the lender.
Only if the repossessor has an order for repossession of the trailer, as well. And even then, only under certain circumstances. If it's a commercial tractor trailer, and there's a load in that trailer, they may not take it, as the order of repossession does not cover the load, and they will face criminal charges if they do such.In the course of repossessing a vehicle, the repossession agency may not enter or move any vehicle (including a trailer) which is not in their order for repossession. They may detach a trailer from a truck being repossessed, but they can't actually take it.