Repossession

If there is an attempt to repossess and you decide to keep the vehicle can they legally charge the customer for the repossession fee?

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2010-04-20 16:10:39
2010-04-20 16:10:39

In most states, yes. Provided the repossession company made a good faith effort to secure the unit, especially if their efforts motivated the borrower to make good on the bad debt.

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That is the only way you can repossess a vehicle. Repossession comes under the UCC which grants a lienholder the right to repossess but only if they have perfected their lien by filing it on the title. One caveate is in most states the lienholder can not repossess a vehicle that is under a mechanic's lien without first paying that lien.


It depends on the terms of the contract. Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle.


Your best bet would be to contact a repossession company there. You happen to be very lucky, there are some major companies there that are extremely effective. Check your local yellow pages.


A Repossession Agent, if he's operating under the law, CAN go on your property to locate and repossess the item he is legally entitled to. The law does no address such acts as shining a flashlight in your window.


The limit is in the contract you signed. It likely says that when you are in default the lender can repossess. That means anytime you are behind at all... even one day, although most places wouldn't do that. They would rather get the payment rather than go to the trouble to repossess.


No you can not "legally" hide a vehcile being sought for repossession. In most states you can be charged with a felony for hiding one.


The lender can legally take the vehicle one day after the payment is due. That is, on the day the payment is late, the lender can begin repossession efforts. The day the payment is late, the contract is void.




The only way you could repossess the vehicle legally is if you maintained a lien on the title or if the title remained in your name--and in most states the title was perfected (registered with the state DMV).Any attempt to take the vehicle back otherwise could result in criminal charges.Additionally, specific laws must be followed in most states to repossess property. Failing to do so often results in a wrongful repossession and return of the property to the person from whom it was repossessed. Substantial fines and criminal charges can be placed against those who wrongfully repossess.


Yes, you made a financial pbligation by signing the documents for the sale of this car. So, they can legally repossess that vehicle.


If it was repossessed legally then he is guilty of theft


When they send the letter, it's ten days from the time the letter was drafted. As for when they can repossess legally, that's a matter of your contract, and the laws of your state. Repossession agents and creditors stay pretty up-to-date on legal issues, and if they've repossessed your car, it's probable that they did it in a timeframe where it was legal for them to do so.


yes, you are in a legally binging contract if you are both over 18 years of age and are therefore able to repossess the car.


it is up to the bank to decide. Legally, as little as 1 cent.


It would depend on local law; generally repossession is done after forfeiture on the loan on that car, or as part of a general claim on a person's property (to pay of debts or a fine, for instance). If such laws are not in place locally, or the rules aren't followed, repossession would still be theft. In America, in general, repossession is done by repo men, and they are allowed to repossess objects used as the object of a loan, as long as they announce the repossession to the (former) owner. The reason many TV shows about repo men show them as being careful and "ready for anything" is because being legally right is little consolation if you are physically assaulted or even killed in the process.


That's dependent on the conditions of your loan. Realistically, they can legally repossess it after one payment is missed, if those terms are stated on the conditions of the loan.


Legally, only one. But your contract will tell you more.


To repossess vehicles one must be licsenced to repo, check your state laws. Some law enforcement entities can be of help if the bike is in your name. But to go and take it yourself opens up a world of legal problems if the party you take it from wants to pursue the issue.



If the terms and agreements of the sale is not met legally yes they can if they have retained their legal title to the vehicle


The state doesn't repossess your car - private companies do that on behalf of the lienholder. They don't charge you for private property left in your car when they repossess it - that would be illegal. They charge a "storage fee" for the items they remove from your car. Underhanded, yes, but they can legally do it.


LEGALLY, you can't repossess anything from the owner. Once that person signed the title, its half theirs. you will have to take him/her to court with probable cause, or convince them to sign away ownership. Good luck


Not legally, but if you bought the car from Barney's backyard sales & mower repair, maybe.


not legally their suppose to have police with them to repo a vehicle but they do stuff like that alot of times * No, repossession agents are not accompanied by authorities unless they have a relevin order or other instrument issued by a court of jurisdiction. The repo agent has committed a crime (actually several) and should be reported to the authorities immediately. The agent can also be held liable for any damages incurred by the driver of the car, regardless of the fact that an attempt to repossess the vehicle was in progress.



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