When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car. Talking with Your Creditor
It is easier to try to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you'll be late with a payment. Many creditors will work with you if they believe you'll be able to pay soon, even if slightly late. Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may refuse to accept late payments or make other changes in your contract and may demand that you return the car. By voluntarily agreeing to a repossession, you may reduce your creditor's expenses, which you would be responsible for paying. Remember that even if you return the car voluntarily, you're responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report. Seizing the Car
In many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a "default." In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are allowed on your property to seize your car without letting you know in advance. But creditors aren't usually allowed to "breach the peace" in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace. Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property. A creditor usually can't keep or sell any personal property found inside. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can't account for articles left in your car, talk to an attorney about whether your state offers a right to compensation. Selling the Car
Once your creditor has repossessed your car, they may decide to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold. In either of these circumstances, you may be entitled to buy back the vehicle by paying the full amount you owe, plus any expenses connected with its repossession (such as storage and preparation for sale). In some states, the law allows you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession. The creditor must sell a repossessed car in a "commercially reasonable manner" - according to standard custom in a particular business or an established market. The sale price might not be the highest possible price - or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable. Paying the Deficiency
A deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $2,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing. In most states, a creditor who has followed the proper procedures for repossession and sale is allowed to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract. Depending on your state's law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only opportunity to present any legal defense. If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment. Remember this repossession will stay on your credit for 7 years.
In Georgia, the repossession agent must notify law enforcement before repossessing a vehicle, and they are not allowed to breach the peace during the repossession process. Additionally, lenders must provide borrowers with a notice of intent to sell the repossessed vehicle and give them a chance to redeem it before selling.
Georgia is the colony that did not allow slavery at first but changed its laws to permit slavery as more settlers moved in. Initially, James Oglethorpe, the founder of Georgia, banned slavery in order to create a colony that was a haven for debtors and the "worthy poor." However, as the need for labor increased, the prohibition on slavery was lifted.
Yes, Georgia is a non-recourse debt state. This means that in the case of a foreclosure, the lender cannot pursue the borrower for any deficiency balance remaining after the sale of the property.
Georgia slave codes were laws enacted in the state of Georgia that regulated the institution of slavery. They imposed harsh restrictions on enslaved individuals, limiting their rights, mobility, and ability to gather in groups. The codes were designed to maintain control over the enslaved population and uphold the social and economic system of slavery in Georgia.
In Georgia, laws such as the Georgia Water Stewardship Act and the Georgia Outdoor Water Use Act have been enacted to promote water conservation and reduce water wastage during drought conditions. These regulations include restrictions on outdoor water use, mandatory water conservation practices, and requirements for water-efficient fixtures in buildings.
In New Jersey, the lender or creditor needs to have a court order to repossess a vehicle. They must send a notice to the borrower before repossession. Additionally, the borrower has the right to redeem the vehicle by paying the outstanding loan amount before it is sold at auction.
Know the repo laws for the state of GEORGIA. My web site @ automoneysaver.blogspot.com answers the question in full. Check out my archive files for full answer.
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there are no Ohio repo laws aslong as you don't breach the peace. I am a professional repo man
The re-possession Laws in any state are quite complex. Certainly far too complicated to explain here. You should go to the Georgia DMV and get more information from them.
There is a good overview on REPO-LAWS Just search the way I typed it.
You have to look at the laws of the country you are in, or in US the various state laws on repo. Most states do publish these, but many are different. ( if you had said WHERE you are it would have helped.)
READ your contract. It usually covers which state laws apply in default. The laws are basically the same in both states. Self help repo allowed as long as there is NO breach of peace.
REPO LAWS DOT COM has a good over view of the rules in Texas.
A repo agent in Georgia has the same rights to carry as any other civilian.
NO, you cant do that in ANY state. It will get you sued quickly. Ohio Repo Laws
can they send a police to my house to repo my car? can they send a police to my house to repo my car?
Depends on the state laws, they may need to serve you with a eviction notice before repo. Although if nobody is home and the repo man shows up good chance they would repo it and expect nobody lives in it.