answersLogoWhite

0


Best Answer
Georgia's Repossession Laws
  • 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 no longer remain with the vehicle in Georgia, they are issued to the person now and are transferrable.

Repossession Actions

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.

User Avatar

Wiki User

โˆ™ 2013-04-15 11:51:50
This answer is:
User Avatar
Study guides

Loans

26 cards

What is forfeiture

Which of these is the best description of delinquency

Which term is defined as property that is pledged as security on a loan

This is Paula's monthly budget What percent of her expenses is spent on insurance

โžก๏ธ
See all cards
2.33
โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…
3 Reviews

Add your answer:

Earn +20 pts
Q: What are the repossession laws in Georgia?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

What is needed to start a repossession business in Georgia?

check out laws and regulations in your stae(georgia)


Is concealing a car from repossession a felony in Georgia?

is concealing a car from repossession a felony in georgia?


Can a collector garnish your wages in Georgia for a car repossession?

Yes, after due process is followed in accordance with the laws of the state.


What are the repossession laws in Wisconsin?

See the links below for the repossession laws and other information for Wisconsin.


Do you have to have to have a repossession license in Georgia?

Yes.


What are the laws governing car repossession for dealers in Georgia?

Per the Uniform Commercial Code, repossession is allowed without committing a breach of the peace. For specific legal regulations, see the related link below.


Can you be arrested for not turning over your car for repossession in georgia?

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.


What are the state laws for car repossession in Georgia?

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 car repossession laws in Missouri regarding notification to auction a vehicle?

what are the legalities of voluntary vehicle repossession


What are the repossession laws in Florida?

See the links below.


What are the Florida repossession laws?

See the links below.


What are your rights in the State of Georgia in regards to car repossession?

lawhelp.org/GA

People also asked