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Auto Repossession Business Article
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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.
Auto Repossession Business Specific links
Auto Repossession Business News
Growing Sub-Prime Auto Loans - New Troubles for Automakers? - CNBC.com
Growing Sub-Prime Auto Loans - New Troubles for Automakers? CNBC.com I don't buy that, especially after going over the numbers with some of the most cautious players/analysts/observers in the auto business. Experian Automotive crunches the data on all the new and used loans written every quarter. |
Two women find second career in repo, towing business - StarNewsOnline.com
Two women find second career in repo, towing business StarNewsOnline.com Both of them had lost jobs in the automotive industry as the economy spiraled downward, and they needed to get back to work. Eventually, Thompson found herself sewing black and pink stripes and adding distinctive oval name patches to some bland, ... |
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 Cross Point NW loves auto dealers. The signs that dot its Portland auctionhouse say as much. Its growing business -- launched nearly four years ago as the auto industry faced a new reality -- proves the sentiment true. The dealers-only auto auction ... |
Car dealer arrested for auto theft - Catskill Daily Mail
 Catskill Daily Mail | Car dealer arrested for auto theft Catskill Daily Mail Heydari is accused of having a vehicle repossessed that he never owned or sold. He had hired a general contractor to do work at his business and after a dispute with the contractor, hired a repossession agent to repossess the contractor's truck. |
Police: Man Threatened Business Owner With Stun Gun After Repo - Hartford Courant
Police: Man Threatened Business Owner With Stun Gun After Repo Hartford Courant By HILLARY FEDERICO, hfederico@courant.com The 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. Man angry over repossession pulls stun gun |