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In short form, if a payment is missed, the vehicle is up for repossession. The company who owns the note may repossess the vehicle themselves, or may hire an independant company to repo it. Once repossessed, the company who owns the lein has to send a notice of repossession letter to the debtor, giving the debtor 10 days to either pay the car off in full, or catch up on payments missed. This is at the sole discretion of the owner of the note. The lein holder has to hold the debtors personal property for 15 days, and may charge the debtor a fee to retrieve the property. If the car is not claimed in ten days, the lein holder may sell the vehicle to the highest bidder. If the amount received exceeds the amount owed on the vehicle, the lein holder must refund the excess amount to the debtor, if the amount received is less than the amount owed, the lein holder may sue the debtor for the rest of the amount. A modest repossession fee may be applied to the total owed.
What else can I help you with?
What are car repossession laws in Missouri regarding notification to auction a vehicle?
what are the legalities of voluntary vehicle repossession
Is a lender in Missouri required to send the borrower a Notice of Right to Cure before repossession action?
No, Missouri has no laws that require the creditor to notify the debtor that a vehicle is subject to repossession.The lender can have the vehicle repossessed without notice as long as the repossession does not commit a breach of peace as defined by the laws in the jurisdiction where the vehicle is seized.ADDED: While the above answer may have been correct at the time it was written - it is no longer applicable.Quote: "As per the UCC, repossession is allowed and permitted as long as it is peaceful, after a Twenty Day Right To Cure Letter from lienholder to debtor. One time cure law in effect in Missouri; all others per contractual agreement." unquoteSee below link:
Does the repossession company have to notify the police that they are repossessing a car before they take it in Missouri?
Yes
What are car reposession laws in MO?
The repossion lasw in Missouri are "As per the UCC, repossession is allowed and permitted as long as it is peaceful, after a Twenty Day Right To Cure Letter from lienholder to debtor. One time cure law in effect in Missouri; all others per contractual agreement.
What are automobile repossession wage garnishment laws for Alabama?
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How do you get state repossession laws?
Just log on to WWW.statelaws.com and ask questions.
What are the vehicle repossession laws in Arkansas?
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.
Can an auto lender use an investigator for repossession?
Yes, an auto lender can use an investigator for repossession. This is often done to locate the vehicle and ensure that the repossession is conducted legally and safely. Investigators can help gather information about the borrower's whereabouts and the vehicle's location, which can streamline the repossession process while adhering to relevant laws and regulations. However, the lender must still comply with state laws regarding repossession practices.
What are the repossession laws in Illinois?
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.
Which repossession laws apply when a car is purchased and registered in Nevada but the finance company is based in Arizona?
It isn't relevant as both states allow repossession of a vehicle under UCC laws (without a breach of peace).
Where do you find state laws regarding auto repossession?
Repo Laws can be found at a site called www.dmv.org or you can also check your local laws.
If you purchased a car in Delaware and moved to Texas what are the laws for repossession?
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.
