If you mean how late do you have to be to get repossessed:
Usually 3 months if you are financed through a bank or credit union and 1 week
if you are financed through a buy-here pay-here.
The banks prefer their money. They don't want to deal with reselling a car. The buy-her pay-here's get to keep your money that you already paid, then turn around and resell your car for almost what you paid. They can do this as many time as they want, as long as people get behind. Anyone who has a car loan
will fall behind at least one time in their 3-to-5 year contract.
what are the legalities of voluntary vehicle repossession
If my car is repoed and the car is not worth as much as I owe am I responsible to pay the differance?
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.
Depends. Are you receiving the car or are you selling the car.Repossession = againRepossession = ownershipRepossession = gaining ownership again
See the links below for the repossession laws and other information for Wisconsin.
who is allow to do Vehichle/car repossession? when is a vehichle/car repossession not allowed? whats the minimum insurance needed for car repossession?
It isn't relevant as both states allow repossession of a vehicle under UCC laws (without a breach of peace).
How do you write a car repossession letter?
In the state of Ohio, your car may be repossessed if you miss one payment. Your car may be taken any time of the day or night by the repossession company. The repossession company is not allowed to keep any items that you may have left in the car. The company must inform you as to what they are going to do with the car, including selling it, putting it in a car auction, or keeping it.
1 day 1 cent late...it can be taken. However, many lenders are much more forgiving.
is concealing a car from repossession a felony in georgia?
Yes, after due process is followed in accordance with the laws of the state.
The repossession laws will vary with each city/state. A title loan company can't repo a car if the payment is not yet due unless the car is behind on payments.
Yes, I think it is. We have so many laws concerning things like that.
Per the Uniform Commercial Code, repossession is allowed without committing a breach of the peace. For specific legal regulations, see the related link below.
The repossession process of a car usually takes about 6 months
Depends on the state you live in and their repossession laws. If you are smart you will return the car if you are unable to pay for it. The car belongs to the bank until it is payed for.
Basically repossession is controlled under Federal Law, which says "If owner of the car misses continuous payments, the loaner has the right to repossess the Vehicle and wait for the payments to be caught up, or to resell it".
A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.
the state the car is in govern the repossession, the lenders choice on which state governs collection efforts. Read your contract.
You might be able to get a personal loan after a car repossession. However, you would get the loan at a very high interest rate one the repossession is on your credit report.
California statutes are organized into broad titles (i.e. Penal Code, Civil Code, etc.). Finding the applicable law on repossession depends on the type of property involved. For example, laws regarding car repossession are set forth in California's Rees-Levering Automobile Sales and Finance Act, Civil Code section 2981, et seq.
The repossession stays on your credit report for 7 years.
See the links below.
Possibly, but they can certainly prevent you from interfering, as it is no longer your car, hence the repossession.