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Does a finance company have to let you get the personal property out of your repossessed vehicle and do you have to pay for it?


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Wiki User
2015-07-15 21:23:02
2015-07-15 21:23:02

Colorado

TITLE STATE: Yes. SECURITY INTERESTS: Shown on title held by lien holder. LICENSE REGISTRATION: Colorado Motor Vehicle Division, 1881 Pierce St., Lakewood, CO 80215. Tel: (303)205-5608. RECOVERY REQUIREMENT: Repossession allowed without committing a breach of the peace after 20 Day Right to Cure Letter from lien holder to debtor (except skips, leases, lack of insurance or third party possession). Must notify LEA with jursidiction within I (ONE) hour of repo.

PLATES: Remain with the debtor.

colorado

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You can be sued by the finance company to recover any money still owed to them after they auction the repossessed mobile home.

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There are several companies that are competent in giving personal finance advice. One company that is available online that you can contact is at ameriprise.com

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Instead of having it forcibly repossessed, you call your finance company and tell them you're voluntarily having it repossessed. They may send a tow service to collect it, or they may ask you to take it to the repossessor. It'll be repossessed, auctioned off, and the amount they get from the auction will be deducted from the amount you owe. The finance company may offer a settlement at that point for an amount less than what you owe on that vehicle - that's up to the finance company.


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