When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car. Talking with Your Creditor
It is easier to try to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you'll be late with a payment. Many creditors will work with you if they believe you'll be able to pay soon, even if slightly late. Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may refuse to accept late payments or make other changes in your contract and may demand that you return the car. By voluntarily agreeing to a repossession, you may reduce your creditor's expenses, which you would be responsible for paying. Remember that even if you return the car voluntarily, you're responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report. Seizing the Car
In many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a "default." In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are allowed on your property to seize your car without letting you know in advance. But creditors aren't usually allowed to "breach the peace" in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace. Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property. A creditor usually can't keep or sell any personal property found inside. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can't account for articles left in your car, talk to an attorney about whether your state offers a right to compensation. Selling the Car
Once your creditor has repossessed your car, they may decide to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold. In either of these circumstances, you may be entitled to buy back the vehicle by paying the full amount you owe, plus any expenses connected with its repossession (such as storage and preparation for sale). In some states, the law allows you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession. The creditor must sell a repossessed car in a "commercially reasonable manner" - according to standard custom in a particular business or an established market. The sale price might not be the highest possible price - or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable. Paying the Deficiency
A deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $2,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing. In most states, a creditor who has followed the proper procedures for repossession and sale is allowed to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract. Depending on your state's law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only opportunity to present any legal defense. If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment.
They don't charge you to get your personal belongings back... they charge you a "storage fee" for the time they stored your personal belongings. And yes, they can do that.
* You have to contact the storage yard immediately. * If you have proof of ownership take it with you. (You might not need this.) * If you have proof that the car is registered in your name take that with you. * The storage yard should not charge you for holding your belongings if you have contacted them immediately. They might charge you some fee if they have to go to some trouble to get your belongings.
They don't charge you for your personal belongings.. they charge you a storage fee. Yep, it's 100% legal.
Yes. They generally charge a DAILY fee for storage of personal belongings. (Florida)
Just the motorhome. Any personal property inside the motorhome remains yours, and they may not take it. In most states, however, they may charge a storage fee for personal property which was removed from the repossessed vehicle.
They must return personal belongings as long as you pick them up in a timely manner and since it has been repo'd they can't charge you anything for storage, its not your car anymore
Yes, they can. Ultimately they have to PERFORM WORK to gather, label, secure, and keep safe your belongings. They can charge you for this because they were forced to perform work. The law allows them to be compensated for it.
Yes, you are entitled to get your belongings out of the vehicle, but you will need to check within your state's laws to see if a company can charge you for retrieving your items.
same as anywhere else. they CANT keep it, but may charge you a fee for inventory and storage.
Yes. It is your personal property. It is taking up space on the property of the repossession agency. They may charge you for using that space.
AnswerI have recently learned that the Department of Finance regulates collection agencies as well as finance companies. I was emphatically told that in a vehicle repossession, the towing company/repo company cannot, repeat, cannot charge a separate storage fee for your personal belongings. They belong to you. If you are told that they can charge for the goods, the goods, under the credit law means the good that can be repossessed under the loan which is the vehicle or the home, not the personal belongings. Call your local Consumer Protection agency to get help. I know this is the law in Maryland for a fact. It took me 30 days, but I am going to pick up my personal belongings tomorrow and I do not have to pay a storage fee for them. Tammy//This is true but you are not getting charged for your personal property it is for their time to remove it and give it to you. J D Recovery LLC
CHARGE THEM STORAGE
In the State of Arizona, the license plate belongs to the debtor. They cannot charge you for your plate but they can charge you for inventory and storage of your personal property (which, incidently, includes your plate).
Repossession companies must give you the opportunity to recover your personal belongings. That being said, they need not do so at the time of repossession. If they store your property for any length of time, the may charge a storage fee. They are not required to hold your property indefinitely either. If you make no attempt to recover you belongings, the repossession company will dispose of it after 30-45 days.
From experience, yes, you do have the right to get your belongings out of the car. You must first contact the repossession company and find out where they are holding your car. Second, you must bring a photo ID and in most cases, money for a fee that they charge. Third, they will have you sign a paper that you obtained your belongings and send you on your way. You must do this before they auction your car off. If you don't, your things are gone forever!
no because the storage fee that the finance company charged you was what the repo company charged on the invoice. the finance company had no other reason to charge storage fee's they did not store it
I just had my car repossessed and they told me i have to pay 75 dollars to get my personal things out. Also it hasnt been 24 hours. Im not sure is it illegal to charge that fee?
YES, the law requires them to charge it. http://www.dca.ca.gov/bsis/bsiscons.htm
The repo agency will likely charge a "storage fee" for those items when you go to get them back.
Generally yes. In the process of your vehicle being reposessed, it is a good idea for you to be there, to retrieve your personal belongings from the vehicle, seeing as you can't fight a court ordered reposession. If you are not present at the time of a repo., you generally lose all items as well. Unless of course you can contact the person in charge of your repo. They might let you get your things back. I hope I was of some assistance.
Either remove it before the repo man takes the car or go to the repo company and ask if they set it aside. Some repo companies put all the belongings in a bag and set it aside for the owner. can a repo company charge me for retrieving my personal property and property that belongs to someone else?
The repossession company is not responsible for returning belongings. The repossession company is responsible for notifying you where you can pick up your belongings and at what times. Some companies charge you a storage fee or only give you a few weeks to pick up your belongings before they become theirs.