Welcome to Repossession Guide
Repossession Car Sales Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Car Repossession – What You Need To Know
from:Vehicle or more specifically car repossession can occur anytime that you, as the person that is the process of purchasing the car through a loan option, default on a payment or series of payments, depending on the laws of your state and the terms of your vehicle purchase. Car repossession laws vary from state to state with some requiring the creditor to provide notice that you are in default of the loan and subject to repossession of the vehicle, and others not requiring any notice at all.
Knowing your state's car repossession laws is important so you can be aware of what you need to do to protect yourself. Obviously the most important fact is to always make your loan payments on schedule to prevent car repossession. If you can't make your car loan and you know in advance, talking to your lender may provide alternate options such as making a partial payment or making additional payments to catch up to your repayment schedule. Any type of vehicle repossession will result in a dramatic decrease in your credit score that could serious affect your ability to obtain any type of loan in the future.
If you are concerned about having your car repossessed the first step is to talk to an attorney. The lawyer will be able to advise you specifically on what you can do and how you need to do it to protect yourself and your credit. In some cases the car repossession can be done voluntarily and an arrangement made to sell the vehicle and then pay the difference in the outstanding amount and the sale price. This can sometimes be used as an option to prevent it from reflecting on your credit report.
During the vehicle seizure or car repossession the repossession company and its agents have to follow the law or the repossession can be overturned and you may even be able to file for damages. In all states the repo agents cannot use physical force against an owner and in some states they cannot go into a locked garage or other building to take the vehicle. Coming onto your property, especially if you have a locked gate may also violate some state laws. The vehicle can be repossessed in a public space or on the street in front of your yard or in your driveway if there is no locked gate between the driveway and the street. In some states if you refuse to surrender the vehicle and the repo company attempts to take it anyway they may be breaching the peace, which can result your legal right to filing a suit against the company.
Repossession Car Sales News
As Laws On Repossessed Auto Sales Ease, Economists Show Consumer Access To ... - PR Newswire (press release)
As Laws On Repossessed Auto Sales Ease, Economists Show Consumer Access To ... PR Newswire (press release) CHICAGO, May 8, 2012 /PRNewswire-USNewswire/ -- A key change in Brazilian law simplifying the sale of repossessed cars has enabled low-income borrowers in the country to get credit more easily and buy newer, more expensive cars, a new study shows. |
Upset His Car Was Repossessed, New Haven Man Threatens Business Owner With ... - Hartford Courant
Upset His Car Was Repossessed, New Haven Man Threatens Business Owner With ... Hartford Courant A city man, upset that his car had been repossessed, confronted the owner of the auto sales company holding his car late Saturday morning and threatened him with a stun gun, police said. Shortly before noon, an officer went to Lucky 7's Auto Sales, ... |
Portland's Cross Point NW auto auction grows in a market demanding used cars - OregonLive.com
 OregonLive.com | Portland's Cross Point NW auto auction grows in a market demanding used cars OregonLive.com Four cars every minute move through the auction, started in 2008 in Portland. Its popularity grew as dealers hunted for used cars to meet customers' demand. Cross Point NW loves auto dealers. The signs that dot its Portland auctionhouse say as much. |
Man angry over repossession pulls stun gun - WTNH
Man angry over repossession pulls stun gun WTNH NEW HAVEN, Conn. (WTNH) -- A man was arrested for threatening another man with a stun gun after his car was repossessed Saturday. The incident occurred just before noon, at the Lucky 7's Auto Sales, located at 23 Bernhard Road, New Haven. Police: Man Threatened Business Owner With Stun Gun After Repo |
Man arrested after threatening to use stun-gun on car lot owner for ... - New Haven Register
Man arrested after threatening to use stun-gun on car lot owner for ... New Haven Register By Mark Zaretsky, Register Staff NEW HAVEN — A man who was upset about his car being repossessed had bigger problems to contend with Saturday after he failed to heed police warnings that he take the matter up with the finance company rather than the ... |