http://www.capitol.state.tx.us/statutes/bc.toc.htm § 9.609. SECURED PARTY'S RIGHT TO TAKE POSSESSION AFTER DEFAULT. (a) After default, a secured party: (1) may take possession of the collateral; and (2) without removal, may render equipment unusable and dispose of collateral on the debtor's premises under Section 9.610. (b) A secured party may proceed under Subsection (a): (1) pursuant to judicial process; or (2) without judicial process, if it proceeds without breach of the peace.
Pay the note or lose the car. The vehicle may be recovered from any location that is discovered provided the repossession agent does not violate the FFDCP Act or break the peace. If the debtor breaks the peace, that is on the debtor; many go to jail for such behavior.If the repossession agent is not able to notify the debtor that he has secured the vehicle, the agent is legal bound to contact the jurisdictional law enforcement agency that a repossession has taken place with 24 hours of securing the vehicle. Most contact law enforcement as they are driving away from the recovery.
You are required to register the vehicle & keep the window sticker current, but you are not required to carry the paper receipt in the vehicle, UNLESS it is a commercial vehicle. This is stated on the bottom of the Texas DMV registration receipt: "IMPORTANT DOCUMENT: Please retain for your records. THIS RECEIPT IS TO BE CARRIED IN ALL COMMERCIAL VEHICLES. Purchased registration remains with this vehicle and will not be refunded if the vehicle is not old
Technically there is no such thing. If the bank controls the title to the vehicle, it's theirs and they can go after it any time they like. * Texas SOL for the lender filing a lawsuit to recover a deficiency between what the vehicle sells for and what is owed by the borrower is 4 years from the time of the sale of the vehicle. (TCPRC, Section 16.004 (a)(3).)
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.
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