Auto Loans and Financing

How does repossession work?

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Wiki User
2006-12-11 12:15:22

The crux of repossession depends on the contract you took out at

first with the other party. My suggestion would to refer to the

contract and find any clauses pertaining to repossession. The

legality behind repossession is quite complex and difficult to

outline and I am not a lawyer to give advice on that matter but can

only give suggestions as a public person. For example, if you went

into contract to buy a new car and overtime you could not pay the

monthly installments then the other contracted party can take court

actions through specialized repossession agencies to repossess your

car. This may include further charges and expenses the other party

can incur upon you on top of what you have in debt with that party.

The list is long. Do not quote me as this website is open to

international viewers thus each country and legal system may

operates differently. It is wise to seek legal advice or talk to

someone who has experienced it before.

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