How many days I havent located yet. I dont know of any state that requires of more than 30 days waiting time before the lender can dispose of the repoed collateral. STORAGE??? FROM DAY ONE. http://www.moga.state.mo.us/statutes/C400-499/4080000554.HTM Notice of default, contents, form, delivery. 408.554. 1. After a borrower has been in default for ten days for failure to make a required payment and has not voluntarily surrendered possession of the collateral, a lender may give the borrower and all cosigners on the credit transaction the notice described in this section. A lender gives notice to the borrower and cosigners under this section when he delivers the notice to the borrower or cosigner or mails the notice to him at his last known address. 5. In the case of a second default on the same loan made pursuant to section 408.100 or on the same retail time transaction as defined in section 408.250 or in the case of a third default on the same second mortgage loan as defined in section 408.231, the notice described in subsection 2 of this section shall indicate that in the case of further default, the borrower will have no right to cure.
In the state of California, the lender of a repossession may only charge fees that it incurs and that are in the contract. If the lender pays for the storage or houses the repossession, then yes, the lender is allowed to charge both a repossession and a storage fee.
Yes. The repossession fee is like a tow bill. They did pick up the vehicle. The storage fee is the time it takes to get the vehicle off of their lot. Each day adds another day of storage fees.
The repossession company is not responsible for returning belongings. The repossession company is responsible for notifying you where you can pick up your belongings and at what times. Some companies charge you a storage fee or only give you a few weeks to pick up your belongings before they become theirs.
If you get the car back you have to pay storage, if there was even a pair of sunglasses inside the car they can charge you for property.
Yes, they can. Ultimately they have to PERFORM WORK to gather, label, secure, and keep safe your belongings. They can charge you for this because they were forced to perform work. The law allows them to be compensated for it.
In the State of Arizona, the license plate belongs to the debtor. They cannot charge you for your plate but they can charge you for inventory and storage of your personal property (which, incidently, includes your plate).
If my vehicle was repossessed at 8:00 pm and I paid the lien holder the full amount to pay off the loan. Can the towing company charge two days of storage when I picked up my vehicle at 1:00 pm the following day?
They don't charge you to get your personal belongings back... they charge you a "storage fee" for the time they stored your personal belongings. And yes, they can do that.
YES, you can. The lender or repo company CANT keep your PP. They may charge you a fee for inventory and storage but they cant keep it.
yes......in California you are REQUIRED to have an inventory list of the items in the unit at the time of repossession, therefore we are allowed to charge for the inventory and storage of said property......
Yes, but only if the customer has been informed of this before accepting the terms of the ''sale'' in most instances though, the retailer is unable to charge for storage.