Repossession can happen any time after a payment goes late; it all depends what the initial contract states.
You should contact the lender and try to work out a payment plan. Lenders will use repossession only as a last resort, so there is a good chance you can get something worked out.
They can if they have an order for repossession. You can ask to see the order, and if they do NOT have the order, then they can not take the car. The repossession would become invalid without the order to take the car.
The majority of states allow for a repossession as long as there is no "breach of the peace." There are a few states that require a Right to Cure letter being sent out roughly 20 days prior to a repossession. You need to check your state law.
Yes. When the vehicle is repossessed it no longer belongs to you and there is no requirement to tell you where it will be stored.
In the USA you cannot be sent to prison for non payment on bills, unless the debts were obtain thru fraud. But you can be sued in civil court.
The tow/repossession company has to notify the police of the repossession so the car can't be reported stolen..
After a repossession, you will need to pay a fine usually. For example, if this was a car being repossessed, you would have to pay a certain amount to get it back.
Yes, by contacting your bank branch and request them to stop the payment of cheque, by giving them the cheque no. and telling the amount and the name favoured.
This might help you to visualize this better.Let's say the car payment was due on the 10th of the month. At midnight, you still have not made that payment, and at 12:01 am on the 11th, the repossession agent hooks up to your car in your driveway and drives away. No, it is not against the law, PROVIDED:The lender has contracted the agent to recover the vehicle.The lender has provided a legal order of repossession.And, the repossession agent has followed the repossession and collection laws of the US and the state.It is not likely that this would occur though. The logistics of the situation take time. This is part of the reason most lenders have a five to ten day grace period.The more likely scenario is that the payment was due on the 10th, was not paid, the five day grace has come, and the payment has not been made. During the five days since the 10th, the lender has contacted the repossession agency, has sent them an order for repossession (electronically), the account has been entered into the repossession agencies system, the account has been assigned to an agent, and at 12:01 am on the 16th, the repossession agent secured the car in your driveway and affected recovery.Your car being repossessed is not the fault of the lender or the repossession agency in most cases. In the majority of cases it is the fault of the borrower, either from personal failure or unforeseen circumstance.
They can only take whatever it is they have an order of repossession for - if the trailer is not included in their order of repossession, they cannot take it.