IF you were in default, got repoed, the repo agency sent you the required cert. letters, the lender sent the required cert. letters, it is legal to sell yo ride.
It's called repossession. The lender owns the property, the homeowner is making payments.
after a legal process the lender can both sue and have you arrested.
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. It is perfectly legal for a repossession agent to take possession of a vehicle when they are acting on behalf of the lender. The repossession agency does not have the option of allowing the borrower to retain the vehicle even though proof is presented that payments have been rendered. Such issues are strictly between the borrower and the lender. The lender and/or court being the only parties that can rescind the repossession action.
The legal remedy for vehicle repossession is covered by UCC laws. Regardless of where the lender is located the car can be repossessed under the laws of the state where it was purchased or where it is now located, whichever means is most advantageous to the lender.
The lender has the option of foregoing repossession and filing a suit against the borrower for the amount owed plus interest, applicable fees and legal costs.
Repossession is typically an action that a lender may perform when the individuals/groups that they have money or goods to have not compensated them after a set amount of time. The best places to go for repossession advice would be the local legal authorities, such as the police, or the nearest bank if they are also known to repossess property.
After repossession the lender must send a letter telling you where the car is how much is owed on the car and where it can\d be redeemed. This letter must be sent within 5 day after the repo
Generally in regardls to a BK 7 the debtor is only allowed to keep his or her vehicle if they reach a repayment/refinancing agreement with the lender. If the lender was not notified of your BK filling before the repossession they have the legal right to seize the vehicle in question. You might be able to have the vehicle returned for the period of time in which the BK is being adjudicated, but that is not always an option.
Repossession of what? Who? The repo agent?
Not without permission of the lender. A vehicle cannot be sold without a clear title of ownership. The lender is named on the title of a vehicle as the "lienholder" until the vehicle is paid for or otherwise released by the lienholder.
The debtor is liable for the payout balance of the vehicle less resale amount. Additionally, he must pay any repossession fees, storage fees, transportations fees, interest from the lender, and penalties. In the evnet these are not paid, the lender will have no other recourse but to sue for the balance along with court costs, and legal and collection costs and fees.
That is a decision made by the lender, and some do have photographs taken before the car is seized, but it is not a legal requirement. The repossession agent/agency does not assume responsibility for any damage to a vehicle that happens while it is being recovered.
Yes, its known as an acceleration clause. It was in your contract. That enables the lender to begin the process of repossession.
You have two recourses: First, and not always effective, contact the lender and try to make arrangements to pay current with the stipulation that they will put the repossession on hold until you can pay current or break the arrangements. Second, file for bankruptcy. The automatic stay prevents the legal self-help repossession of a vehicle, and any vehicle that is secured by a lender while the stay is in place is in violation of the stay.
Yes, provided there is still an outstanding balance after the repossession and resale are completed. This is the case in most situations, due to the added cost of repossession, storage, and transport of the vehicle that will be assessed to you. If it remains unpaid, the lender may (likely will) file legal actions against you to recover the balance.
Contact the lender and make up all the past due payments plus the repossession fees.Answer:You can contact the lender, or you can contact the repossessing agency. If you contact the lender, they may allow you to make a payment arrangement. Your payments may be less or could be more than you believe you owe. When the lender contracted the repossession agency, there were fees involved. These fees will be transfered to you. The lender, however, is in most cases not as aware of the fees as they should be; they are focused on the principle and interest of the original contract. If you move quickly, the repo agency has not billed the lender for these repossession fees. If the repossession company acted in a less than legal manner, you may not have to pay these fees. The most common offense is for the repo agents to make contact after 9:00 PM; this is a violation of the FDCPA (Fair Debt Collections Practices Act). If the repo agency violated any of the provisions of the Act, contact the lender and demand your vehicle be returned or you will file suit in federal court and list them as a defendant. They are as liable as the agency they contracted with, and the vehicle will have been "wrongfully repossessed." Keep in mind, the lender does not want the car; they only took the car to cover the past due amount. If they keep the car, you will still owe on the loan, and legal action is not far behind.
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.
Legal action is permitted, criminal action is not.
The time frame depends upon the lender. Regardless of whether the repossession is voluntarily done by the borrower or a forced repossession by the lender the consequences remain the same. The borrower will be responsible for any deficiency between the amount that the repossessed vehicle is sold for at public auction and the remaining balance on the loan agreement including added fees and penalties. The respossession will also remain on the borrower's credit report for the required 7 years. Be advised, a lender has no legal obligation to recover the vehicle but can instead file a lawsuit against the borrower for the entire amount of the loan plus legal and other associated costs.
Is is legal for a repossession guy to come to place of employment and ask for a person?
Any vehicle you used to secure the consolidation loan is in danger of repossession. The lender may have already sent them for repossession and it is only a matter of time before the agency hired secures them. If you are catching up, it is in your best interest to get current on the loan as soon as possible. Contact the lender and discuss options. If you communicate with them, it could go easier for you.
No, this is not legal. When you filed the bankruptcy, you and your property are automatically protected under the "stay." The stay prevents any collections or repossession action for the duration of the bankruptcy, and will not be lifted until the BK is discharged or dismissed.
No. The executor has no legal authority until they have been appointed by the court at the time the will is filed for probate.No. The executor has no legal authority until they have been appointed by the court at the time the will is filed for probate.No. The executor has no legal authority until they have been appointed by the court at the time the will is filed for probate.No. The executor has no legal authority until they have been appointed by the court at the time the will is filed for probate.
Unless a secured lender has received a "lift of stay" on a debt included in bankruptcy, they must wait until the BK has been discharged before they can repossess or begin legal procedures to retrieve a vehicle. A vehicle is considered a secured debt and is not dischargeable in a chapter 7. The borrower/debtor should contact the BK trustee and/or the lender to clear up the matter or he or she may face complicated litigation in the future. The title will still show a lien holder and the DMV will not issue a duplicate one until the lender signs the vehicle over to the borrower.