In Tennessee, a truck or car finance company can hire a repossession company to take your vehicle if you do not make payments and are in default. They are not able to break into a locked garage to take your vehicle and they cannot forcibly remove a person from behind the wheel of the car.
is there limitatons on a default of loan on a vehicle as far as civil action?
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.
Not only does Honda have insurance on the vehicle, so does the repossession company, the storage company, the transport company, and the aution agency.
what are the legalities of voluntary vehicle repossession
Our company that refinanced the vehicle is threatning to garnish wages and garnish our other vehicle (of which is paid for) and other assets.
You need very good proof it was not damaged before the repossession. Nearly impossible to do as he can say it was damaged when he got it (and he will, believe me).
Sample letter of vehicle repossession for the state of texas
If the finance company has sold it, you have you answer. How can you be so stupid?
Possibly. If you hide the vehicle they could charge you with GTA. Grand Theft Auto. Remember, they own it and you don't.
Actually a company can reposses your vehicle without notice. When the terms of a finance contract is broken the company has all rightd at that time. They are under no obligation to notify you.