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Auto Loans and Financing
Repossession

Can you repossess a car you sold if there is a written agreement that if payments are not made legal action will be taken?

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2015-07-15 21:29:25
2015-07-15 21:29:25

IN SOME STATES, YOU HAVE TO SEND A ROGHT TO CURE LETTER. IN ALL STATES YOU CANNOT BREACH THE PEACE. GO GET IT

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This would be determined by the terms of the loan agreement and the applicable local laws. Within the loan agreement there should be reference to the action that can be taken to repossess the car should non-payment arise.

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Unless you are listed on the TITLE as co-owner, NO.

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Yes, if the payments being rendered are not in accordance with the financial agreement. It is, however, unlikely that they would take such action as it would not be in anyone's best interest.

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It depends upon the exact wording of the title of the vehicle and if there is a written contract or a witnessed verbal agreement concerning the terms of the sale. Generally the title holder can recover a vehicle under such conditions. The best option is to obtain legal advice before taking any repossession action.

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If you have a written agreement from the collection agency specifying the terms of your repayment plan and you have fulfilled (and are fulfilling) those terms as specified in the agreement, they probably cannot. If the collection agency is empowered by the original creditor to file suit and you do NOT have a written agreement from the collection agency as specified in paragraph one (1) above, they probably can. The laws of your state will prevail.


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