Your car can be seized by the repo company as soon as you are notified that you are in default of your loan.
If your car is worth say $5,000 - and you OWE $10,000 on it - after they repossess it - they will sell it (usually at auction) and if they get $3,000 - they will sue you for the balance of $7,000 - and they WILL garnish wages (50% of your paycheck after taxes) until the car is paid for! If the car is not running - again they can have it repaired and sue you for the repair bill! And DO NOT THINK that the repo guys and auction houses do not work together - of course they do! If you have a $35,000 car and the repo guy wants your car - (after they repo it) - they CAN auction it for $1500 to the repo guy - and YOU pay the $33,500 balance - and Mr. Repo is driving a $35,000 car for $1500!
By law, the company that finances the loancannot be the company that handles the repossession. But they are often companies that work together.
Also ANY improvements ALWAYS stay with the car. If you have a $2,000 stereo system - it stays with the car. Any personal belongings of yours inside the car must be returned to you by the repo company within 3 days. But without proff this is hard to enforce.
The repo company will usually take your car at night - and most are very good - they can hook it to a tow truck and be gone - usually in under 30 seconds!! They will go around the corner - then secure the car to the tow truck!! And if the car falls off the tow truck - YOU pay the damages!
A repo is on your credit history for 7 years - although it is common for them to disappear after 5 years!
Most states are 90 days late before repo-ing a car - but under the Bailout, GM's federal agreement overruled your state laws.
check out laws and regulations in your stae(georgia)
is concealing a car from repossession a felony in georgia?
Yes, after due process is followed in accordance with the laws of the state.
See the links below for the repossession laws and other information for Wisconsin.
Per the Uniform Commercial Code, repossession is allowed without committing a breach of the peace. For specific legal regulations, see the related link below.
I own a repo company in Washington state, so I'm not a expert in Georgia laws, however in most cases states consider repossession or self-help repossession to be a civil matter. Most likely your local PD would not take action against you. This is provided there is not a court order, forcing you to turn over your vehicle.
Georgia TITLE STATE: Yes SECURITY INTERESTS: Shown on title held by lien holder. LICENSE REGISTRATION: Georgia Motor Vehicle Division, 270 Washington Street, Atlanta, Georgia 30334. Tel: (404)362-6500. RECOVERY REQUIREMENT: As per UCC, repossession allowed without committing a breach of the peace. PLATES: Remain with the vehicle. If the DMV cant answer your questions, clik the link below and search on repossession legis.state.ga Plates no longer remain with the vehicle in Georgia, they are issued to the person now, and are transferrable.
what are the legalities of voluntary vehicle repossession
See the links below.
Georgia TITLE STATE: Yes SECURITY INTERESTS: Shown on title held by lien holder. LICENSE REGISTRATION: Georgia Motor Vehicle Division, 270 Washington Street, Atlanta, Georgia 30334. Tel: (404)362-6500. RECOVERY REQUIREMENT: As per UCC, repossession allowed without committing a breach of the peace. DOCUMENTS REQUIRED FOR PLATES: Remain with the vehicle. http://www.legis.state.ga.us/legis/GaCode/index.htm
I don't think there is a statute of limitation on repossession of a vehicle anywhere as long as there is an overdue payment outstanding.
My experience with Utah, If your not LDS don't do it
Try the links below for Connecticut Repo Laws and related information.
check with the State assoc. gapra.org
REPO LAWS DOT COM has a good over view of the rules in Texas.
click here www.state.ar.us state website
Just log on to WWW.statelaws.com and ask questions.
=purple and black=
Overturned the unfair Georgia laws
Vehicle repossession laws in Arkansas is the same there as it is in every other state. One must pay his loans or risk facing legal action from the one that one has borrowed from.
Repo Laws can be found at a site called www.dmv.org or you can also check your local laws.
There are several web resources about repossession in Illinois. In addition to this information, the Illinois General Assembly's website contains the full text of all Illinois Laws. Please see the links below.
It isn't relevant as both states allow repossession of a vehicle under UCC laws (without a breach of peace).