Wave goodbye to the car and all its contents. Oh! You can remove your children and pets, I almost forgot. * The lender must send the borrower a "Right To Cure" notice twenty days before initiating repossession methods. The exceptions to the law are, "skips", leased vehicles, lack of insurance coverage on vehicle, or the vehicle is in the possession of a third party. The repossession must be done without constituting a breach of peace as defined under Colorado law (vehicle cannot be removed from a garage or other private building locked or unlocked, vehicle cannot be removed from posted property or by means of removing a lock or other device upon a gated area, and so forth).
what are the legalities of voluntary vehicle repossession
You are guilty of grand theft auto.
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.
Laws on private sale on a vehicle with mechanical problems
It isn't relevant as both states allow repossession of a vehicle under UCC laws (without a breach of peace).
Forever Adding: I believe the questioner may actually mean to say - does the lien holder have to wait to sell it. Perhaps he doesn't understand that after repossession, it is then "their", that is the lenders, vehicle.
the state the car is in govern the repossession, the lenders choice on which state governs collection efforts. Read your contract.
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.
In the state of New York, provided there is a legal order for repossession, once the vehicle is located, it may be secured and recovered. The repossession agency has 24 hours to notify the registered owner of the repossession, but they are only required to do so by mail, and may do so to the address of record on the registration. They do not have to notify anyone at the time of repossession other than local law enforcement of jurisdiction. They must inventory and secure any property contained in the vehicle, and may charge a storage fee for that property.
can you repossess a car for non payment of late fees even though the initial payment has been made in Colorado
Sample letter of vehicle repossession for the state of texas
This is one question that I had to get the answer to recently, and with the quickness! I learned that the laws governing the rules of repossession vary from state to state. You will need to look up the laws to find out your states terms and conditions. The lending bank's state of origin does not matter, it depends solely on the state the vehicle is registered in. Massachusetts requires