The car is secured by the repossession agent, taken to a storage lot, and transported to an auction where it will be sold. Sometimes, in such cases, the party that give the location of the vehicle is paid a small finders fee.
Under California law, a creditor can repossess the vehicle if it is in default without notice, even if the car payment is one day late. However, if there is a co-borrower on the loan, the creditor is required to give notice before repossession.
In a repossession order, a lender can repossess one's home if the court approves and grants permission. The judge could either set the case aside or give a repossession order.
They should offer you a chance to get your belongings out of the car when they come to repossess it. Their repossession order covers the vehicle they're repossessing - it does not give them entitlement to your personal belongings.
Not typically, in fact in several years experience in the industry, I have never heard of such a practice. Repossession, beyond being a waiting game, is a game of opportunity. When the repossession agent finds it, he will take it. The last thing any of them want to do is give you prior warning that they are on your trail, and to give you the opportunity to hide it and make their job more difficult.
There is no set time when a lender may instigate repossession action. If the contract is defaulted on for even a day, in most states the lender can seize the vehicle, although it is not usually in their best interest to do so.
Sort of. In many states hindering repossession is a crime. It is not exactly grand theft auto, but it is comparible. More often than not, the lender would obtain an order of replevin, a court order for you to surrender the vehicle. When the repossession agent returns with this order, if you still refuse to turn over the vehicle, the law enforcement officer accompanying the agent will arrest you and take you into custody, and then you will surrender the vehicle or remain in jail.
A dealership willnot need to repossess a vehicle in any state unless it is a buy here pay here type dealership. If this is the case, the dealer should contact a local, private repossession company. Find one of the larger possible companies, this will offer more resources. Then leave it to them. It could take some time, but if you give them all the information you have on the debtor, they will find and secure your car.
Maybe, it is not possible to give an exact answer without knowing the state of residency. States establish the laws pertaining to the repossession of vehicles and other such creditor actions.
No. Their terms and conditions were laid out for you in the contract which you signed when they financed your vehicle. If they do give notice, it's more as a courtesy, and also because they'd much rather you make your payment than to have to repossess your vehicle.
Yes. The repossession agent may recover the vehicle so long as he has free access to it, on private property, public property, federal property (with the proper permits), even a limited (key card) access parking garage so long as he is given access to the garage. Keep in mind that hindering the repossession of a vehicle is a crime in most states. In situations when this has happened, the agent or the lender may seek a replevin. In the event a replevin is acquired, it will be served by a law enforcement officer accompanying the recovery agent, you will be ordered to surrender the vehicle, and your failure to do so will land you in jail and the LEO will supervise the recovery of the vehicle anyway. Your choices then, when a vehicle is up for repossession is to surrender the vehicle voluntarily, or give the recovery agent grief and give him a reason to take it when it is easiest for him and most inconvenient for you. Consider that recovery agencies are in the very specialized business of finding and securing vehicles that those who haven't paid for them are trying to hide. In six years of skip tracing, no one ever got away from me, and there are skip tracers out there far more skilled than I.
Not in most states, in a very few the lender must notify the borrower with a letter of intent to repossess and give the borrower a specified time as established by state law to bring the account current. Wisconsin is the only state that requires a replevin order to recover a vehicle. All other states operate under the UCC and the repossession laws (breach of peace laws, recovery agency requirements such as bonding, etc.) related to the area in which the vehicle is being recovered. The recovery agent/agency is required to notify the law enforcement agency that has jurisdiction in the are where the vehicle is being seized.
Tell them to give it back, call in a recovery/repossession agent, report it stolen.
There are two assumptions here: you know the vehicle is up for repossession. You either have seen the repo truck crusing around for it, or the repo agent has made contact with you. Either way, you know the name of the repossession agency, call them or make contact with their driver. Or, you know the person and know they are late or defaulted on their payment. If you do not know the name of the lender, you can get this information from the DMV using the VIN from the vehicle. It will cost you, but stay tuned. When you make contact with the lender or the repossession company, ask for a finder's fee before you give any information. Let them know you want half up front, and you will take the driver to the vehicle, where you want the other half. Settle for no less than $200.00. Give no information until you are certain you will be paid.
The impound yard will give you their particular requirements. Just give them a call.
Absolutely false! The lender (person who holds a lien against the vehicle) does not need the keys to said vehicle in order to enforce the terms of the contract. The vehicle can still me recovered, sold at public auction and the buyer will be responsible for any outstanding debt that remains. That would include the amount of the loan after the sale amount has been deducted, the cost of repossession and other such fees.
More often than not, repossession agent do like to be bothered with personal property and vehicle tags. It just creates a lot of extra paperwork, and takes away time that they would rather use looking for the next vehicle. So, often, the agents will make contact once the vehicle is secured on the truck hook, and give the borrower time to collect his belongings in exchange for the vehicle keys.
If this is a vehicle you own and can not pay for it any longer and decide to give it back, yes, you should cancel the insurance you have on it AFTER it is out of your possession.
No. The contract you signed when you financed the car gave you the terms and conditions which had to be met in order for you to retain your vehicle - that's your notice, right there. Creditors and repossession agents tend not to give notice, largely because debtors have been known to try to hide vehicles or evade repossession by other methods.
It is legal to reposes a vehicle under most conditions. Why would you even think that a repossession would not be legal? Pay the bill - and if you can't timely pay the bill talk to the people you owe; they didn't give you that vehicle for free. It is legal to repossess a vehicle. I have been involved in financing for several years and know most if not all the laws involving repossessing in the state of California. For instance, this might be a federal, not a statute, that a BUY HERE PAY HERE Dealership is able to repossess your vehicle without the need to have a repossessing company. The only thing about that is, that we may do it if the collateral is parked outside of the property and that we have a duplicate set of keys. It's against the law to force our way inside said property and cause property damage to recover the vehicle. We may, in fact with your or any other tenants permission. There is NO grace period in which we can take the action to recover the collateral. We may, if we choose; to recover the vehicle the day after the breach of contract. California also permits to repossess a vehicle if you do not have any insurance. It is against the statute to drive without insurance to begin with. So these are 2 of the reasons why we may take such action. If you have any other questions, just contact your Department of Consumer Affairs and they will explain your rights as a consumer.
They don't require a court order to repossess a vehicle... the only way a court order would be required is if the court had ordered you to give up your vehicle as collateral if you found yourself on the losing end of a lawsuit or something to that effect. A vehicle which is paid off cannot be repossessed, because the lienholder - who is the lawful owner of that vehicle while they hold the title - is reclaiming their own property after a lessee fails to meet the conditions of their contract.
Any information you give the lender or the lender obtains in the attempts to recover the vehicle by repossession is legal to use for that purpose.
Yes, a voluntary foreclosure (deed in lieu of such) is a foreclosure just as a voluntary repossession of a vehicle is a repossession. All the same penalties/fees, recovery of debt laws apply and the information entered on the debtor's credit report will be as a foreclosure regardless of the circumstances involved.
New York state repossession law state that creditors can repossess goods in default without going to court. If repossessing the goods is not feasible, the creditor can make the goods unusable instead. In addition, creditors do not have to give notice before repossessing secured goods. The only limitations creditors have on repossession are that they can't cause a disturbance, and they must proceed reasonably.