what are the legalities of voluntary vehicle repossession
The federal laws on this matter.
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.
It is a civil court action. Do not make the mistake of believing that you OWN the vehicle. The lender owns the vehicle up until the day the final payment is made. You undoubtedly signed an agreement, contained within the financing papers, that you agreed to make the required payments on time. When you fail, all the lender has to do is show cause that the contract was not honored and apply for repossession in order to recover his property.
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.
arkansas selfdefence laws
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
YES LEASED VEHICLE SCAN BE REPO'D, YOU NEED TO READ YOU LEASE AGREEMENT AND CHACK LOCAL AND STATE LAWS.