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you have to first be liscenced as a reposessor in most states, you need reposessor insurance as well. not a cheap thing to get. if you were to go and repo a vehicle and the cops are called without the proper license, insurance, and the documentation from the lender including a copy of the title you aren't walking away fom it.
What else can I help you with?
How far do you have to be behind on your payments to legally repo in Michigan?
Legally, ONE day. As long as you are in DEFAULT of your contract, the lender CAN repo the collateral. Read the contract for more on DEFAULT.
How long can you be late on car payments before they can repo?
Read your contract. One day. As long as you are in default of the contract, the lender can repo the collateral. That could include no ins. coverage.
Can they repo if payment is less than 30 days late?
Yes, they can repo your vehicle if it is even one day late. Check your contract, though. It might tell you how long exactly you have. If it gives you a time period of, say, two months and they repo it after one month, then you may be able to get your car back because they breached the contract. However, if there is no guaranteed grace period, that probably means they can repo it anytime you default on your loan.
Can a dealer repo withOUT a sales contract?
Yes, if the Lien Holder of the vehicle gives them permission to repo.
Can you repo an auto in Mississippi for no insurance?
Yes, If your auto finance contract requires you to have insurance on the vehicle and you fail to meet that obligation they can certainly repo the car for violation of your contract terms.
Can you repo your vehicle in the state of Virginia if the payment is one day late?
Although it's bad business to do so (banks lose money on most all repo's), they can repo at one minute past midnight the day after your due date. Technically, it's a breech of contract. -Matt
Can you repo a car if the title is in the buyer's name already and they default on the payments?
IF they are in DEFAULT of a contract, you can repo the collateral for that contract,IF the contract specifies repossession as a penalty for DEFAULT. If the contract doesnt specify the penalties for default, then you should go to the replevin process. Consult a local attorney with your contract for state specific advice.
If your payments are 3 weeks ahead can they repo your car if you were in a wreck?
If you did not comply with the terms of the contract, they can repo the car. If you DID comply with the terms of the contract they are in violation of the law if they try to repo the car. It all depends on the terms that you originally signed. If it was a DUI wreck or anything else that willfully contributed to the wreck, you may have violated a condition of the contract. You may need to dig out the old contract and have a lawyer look at it for you.
Breech of contract for a car - how can car be repo?
with a tow truck or a key.
Can you charg storig for repo?
Yes. If you set it up in your contract with leinholder.
Can they repo a leased car 2 months before the end of the contract with payment schedule in place?
READ your lease. The lender can repo as long as you are in DEFAULT. As long as there is money owed on a contract, the collateral can be repossessed IF the contract is in default. Subject to some state guidelines.
Can a car be reposessed if nothing is stated in the sales contract about defaults on a repo?
You may be confused. A repo is an act pursuant to a secured loan, wherein the vehicle is security for the loan. There is no need to use the word "repossession." A repo is only one remedy available to a lender on a secured loan.
