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How does repo of a leased vehicle differ from repo of a financed vehicle?

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Wiki User
2015-07-16 19:19:21
2015-07-16 19:19:21

NO, a lease is simply a contract like a loan. DEFAULT of either calls for repossession.

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A repo worker does not normally pick up a vehicle unless he has an order from the lien holder (usually the creditor who financed the vehicle). If you own your vehicle outright with no liens against it, the repo person probably picked it up by mistake.

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The only way her vehicle can become repossesed is if she missed a payment.

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Yes they can repo if they catch the insurance lapse. Most financed vehicles have a Full Coverage clause that you signed and agreed to when you contracted to finance the vehicle.

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You give the repo man the keys to the vehicle and let him take the vehicle.

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Not Unless you can prove that you already had the required insurance.AnswerNo. as soon as you have no insurance on a leased vehicle, the lein holder has the legal right to repo it.

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No one has the right to enter your property to repo a vehicle. I your vehicle is out in the street, then its fair game. If you see the repo man coming but has not hooked up to your vehicle, you legally still have possession of the vehicle. Once the vehicle has made contact with the truck the vehicle belongs to him.

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You buck up and make the payments to aviod a repo on your credit. You can probably look into a repo company where she is living, and hire them to get your car back. Another is take matters into your own hand and just go and get the vehicle yourself.

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A dealership can never repo a car, the bank is the party which would because you owe the BANK (aka chase auto finance) because u financed through them.

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Yes and if it's financed it's called a repo. And that is not good.

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Yes they can, as long as it is the correct vehicle.

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Yes, if the Lien Holder of the vehicle gives them permission to repo.

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Likely it is, but without knowing what state you are in, who can tell?? Simply tell them you want verification of the debt. IF they provide it, you will have to pay. IF NOT, forget it.

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There is no company with the name "Repo Truck", but "repossession" of a vehicle simply means the financial lending company "takes back" the vehicle, because monthly payments on the vehicle have ceased.

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No. because not verifying the vin could lead to a misrepo of another vehicle for which the repo company would be sued.

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You need to have a lien on the vehicle and reasonable cause to repo it, whether it be late payments, risk of losing the vehicle in impound, etc.

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If you are giving up your own car for repo then you tell who you financed the car with you want a voluntary repossession. It still looks bad on your credit, but not as bad as a regular repo does

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No. A repo agent is only permitted to move and enter the vehicle which they have an order for repossession on.

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Get a court order to cut the chain and sieze the vehicle.

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Usually the bank has a list of repo companies they do biz with and they pick one to repo the car. Maybe the closest to the car, maybe the cheapest, whatever.


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