That is a decision made by the lender, and some do have photographs taken before the car is seized, but it is not a legal requirement. The repossession agent/agency does not assume responsibility for any damage to a vehicle that happens while it is being recovered.
Yes, it is true that repossession agents must verify VINs before taking a vehicle. They have to be certain that they have the correct vehicle.
I am a repossession agent in Virginia it takes 2-3 months of not paying before the repossession status occurs.AnswerI am a repossession agent in Virginia it takes 1 missed payment then repossession status occurs.
no
You will receive notices that your payments have not been received, making your auto subject to repossession, but you will not receive a date and time of the repossession.
Well you will never get any work if you are not insured, at least do not hold out for ford triad or anybody else , you might get title loan company's but almost all of them require their recovery agents to be insured. but there are no licensing requirements. police departments must be notified after the repossession and some require to notify them before hand
no
Well you will never get any work if you are not insured, atleast do not hold out for ford triad or anybody else , you might get title loan company's but almost all of them require there recovery agents to be insured. but there are no licensing requirments. police departments must be notified after the repossession and some require to notify them before hand
No months. It will be more like weeks or days. In practice, you can be one day past due and the lender can send your vehicle for repossession. It might be months before the actual repossession happens; it will depend on how difficult it is for the agency to secure it.
A repossession will significantly lower your credit score, regardless of the balance. It will take around 7 years before the repossession is removed from the credit report.
Basically, it means last chance to pay before repossession takes place. The procedure for repossession is in progress.
When the tow truck makes contact with another vehicle it is in possession of that tow/repo company. If they connect to another vehicle to "move" it they are in possession of that vehicle without cause or permission. This is technically a stolen auto at that time. It is NOT legal to move other vehicles to get to another. A good repossession agent with proper use of his tools can get a vehicle out of even the most tightly squeezed places. Before you accuse a repo agent of "stealing" a vehicle, make sure he actually did!!!
The car company generally has to give you notice before going through with a repossession. Also, they should give you the opportunity to pay the outstanding bill before resorting to a repossession.