This is a 5 question answer rolled into one. They can repossess collateral as long as there is NO BREACH OF PEACE. 79.0609 UCC 9-609. Secured party’s right to take possession after default. (1) After default, a secured party: (a) May take possession of the collateral; and (b) Without removal, may render equipment unusable and dispose of collateral on a debtor’s premises under ORS 79.0610. (2) A secured party may proceed under subsection (1) of this section: (a) Pursuant to judicial process; or (b) Without judicial process, if it proceeds without breach of the peace. (3) If so agreed, and in any event after default, a secured party may require the debtor to assemble the collateral and make it available to the secured party at a place to be designated by the secured party which is reasonably convenient to both parties. [2001 c.445 §107] xxxxxxxxxx 164.135 Unauthorized use of a vehicle. (1) A person commits the crime of unauthorized use of a vehicle when: (c) Having custody of a vehicle, boat or aircraft pursuant to an agreement with the owner thereof whereby such vehicle, boat or aircraft is to be returned to the owner at a specified time, the person knowingly retains or withholds possession thereof without consent of the owner for so lengthy a period beyond the specified time as to render such retention or possession a gross deviation from the agreement. 2) Unauthorized use of a vehicle, boat or aircraft is a Class C felony.
In most states it is possible for the action depending on the exemption status of the vehicle and how it is titled.
Yes. Once the lending agreement is in default the lender may take whatever action they choose in recovering the monies owed. It is a misconception that by making a partial or token payment the creditor will not be able to assert their legal rights. The lender can accept the payment, still repossess the vehicle or pursue litigation.
This would be determined by the terms of the loan agreement and the applicable local laws. Within the loan agreement there should be reference to the action that can be taken to repossess the car should non-payment arise.
Possession is 9/10th of the law. Not if the vehicle qualified to be listed in the bankruptcy filing. In which case no action pertaining to the vehicle can be taken until the bankruptcy proceedings are finished.
The creditor is asking to be excluded from the bankruptcy. If that is granted the debt will be valid and the creditor can resume collection action.
Not sure what is intended by "clear" but whether or not the vehicle can be seized depends upon a couple of issues. The most important one being how the vehicle is titled. If the names on the title are separated by the word "or" then each person has total ownership of the vehicle and may take whatever action they choose without the other owner being a part of it. That would mean the vehicle could be subject to seizure by a judgment creditor. If the names are separted by the word "and" the vehicle is owned jointly and no action including creditor judgment can be taken without the consent of the other owner. The other issue is whether or not the vehicle is protected by the exemption laws in the state where it is registered.
What typically happens is that the party financing the lease will repossess the vehicle. The vehicle will typically be sold and the party financing the lease will attempt to collect the balance remaining under the lease either through a collection agency or through formal legal action.
Yes, in most cases such such action is possible by a judgment creditor.
The address of the Southwestern Oregon Community Action Committee is: , Coos Bay, OR 97420-2957
If the creditor wins a lawsuit judgment against the debtor he may be able to execute it against a vehicle belonging to the debtor defendant. States establish vehicle exemption which are to be used to prevent a forced sale by a judgment creditor. Judgment creditors however rarely take such action, as the seizure and sale of a vehicle is complicated and seldom worth the effort needed. Creditors prefer to execute a judgment as wage garnishment, bank account levy or a lien against real property as means to recover debts owed.
AnswerProbably, but if payments are kept current it would be unlikely that a creditor would take such action. When a scheduled payment is missed the account is in default even if the payment is "made up" and the creditor can exercisewhatever options might apply under the original agreement, including repossession of the item.
No. Only the lender can "repossess" a vehicle. You need to keep making the payments to protect your own credit. It is likely you would need to bring a court action, prove you are making the payments and petition the court to order a transfer of title.