How does repossession work?
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 Do not quote me as this website is open to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.