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missy, I have nver heard of such a law. Call your state AG office for better advice. Or any local legal aid office. Sounds like a debtors dream, doesnt it?

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βˆ™ 2004-07-01 15:47:40
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Q: Is it true that your vehicle can't be repossessed if you pay 20 percent of the actual payment?
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What are your options if you owe 5K on a vehicle but have over 10K in custom paint and extras invested and now only have a few days to present full payment before repossession?

Your option is to make the payment or have the car repossessed. If you had 10K to put into a vehicle that carries you from point A to point B, maybe you should have put some of it away for actual car payments.

If your car is going to be repossessed is it legal for you to sell it before the actual repossession?

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.

Can a car be repossessed if there is a lien holder on title but there is no actual loan?


What the procedure for getting your car back after being repossessed?

Contact the lender who repossessed the car. You will have to make up all back payments and pay all fees associated with the actual repossession.

What are your rights as a consumer in the US as related to repossessions?

* You have the right to possess any vehicle you do make payments on or have paid for. * You have the right to retain possession of said vehicle provided you continue to make contracted payments toward the unpaid balance of the principle. * You have the right to have your vehicle repossessed if you fall delinquent on your vehicle payments to the contracted lender. * If your vehicle is repossessed, you have the right to recover any actual private property that was in the vehicle at the time of repossession. * You have the right to pay fees for recovering your property that was in the vehicle at the time of repossession. * You have the right to pay all unpaid balances and fees accrued as a result of the repossession process. That's about sums it up. I confess I did substitute "right" for "responsibility" in several places.

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