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A "repossession notice" is a civil matter. A police oficer cannot hold the vehicle for repossession. Unless, there has been a court proceeding and the judge has ordered the vehicle held if stopped. A repossession notice also cannot stop the registration of a vehicle.
The most common type of repossession notice when a person has not been making loan payments for a car or truck. If the lender does not receive payments, the vehicle may be towed away.
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There is no specific time limit for a repossession in Florida. Florida law does not require a creditor to give notice before starting a repossession.
Repossession without judicial process is allowed if the lender has not breached peace. A lender repossessing an automobile must issue a notice to the borrower, and a lender can sell an item via public auction after repossession.
Under California law, a creditor can repossess the vehicle if it is in default without notice, even if the car payment is one day late. However, if there is a co-borrower on the loan, the creditor is required to give notice before repossession.
NOTICE OF DROPPING PARTY DEFENDANT
The car company generally has to give you notice before going through with a repossession. Also, they should give you the opportunity to pay the outstanding bill before resorting to a repossession.
California allows self help repossession as long as there is no breach of the peace. There is no requirement to send a Right to Cure letter unless your specific contract says that one must be sent prior to repossession.
In a few states both the primary borrower and the cosigner must be notified by the lender through a "Right To Cure" notice before repossession action can occur. In Wisconsin a replevin order is necessary before a repossession can take place, but the cosigner is not always notified. In the majority of states the lender does not need to give either the primary or the cosigner notice of repossession action.
It means the lender wrote off the interest they DIDNT get from the debtor. Its just an accounting term.