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Auto Repossession Law Article
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Consumer Information On Auto Repossession
from:As a consumer it is always important to understand the laws that apply to being a borrower and buying a vehicle on payments. Auto repossession is something that no consumer thinks will ever apply to them, however there are tragedies and changes in employment and income earning ability that can happen very unexpectedly, leaving the consumer without the ability to make a car payment and resulting in a possible auto repossession.
The first step in protecting yourself both now and in the future from auto repossession is to read and completely understand your purchase and financing agreement with the seller. This means taking the time to read all the fine print on the sales contact and financing documents. If you don't understand a particular clause or item, ask about the issue or ask to take the document to your attorney for information. No reputable dealership will have a problem with a legal professional looking over the sales or financing information. If the company seems unwilling to do so, find a different dealership or individual.
The second important factor is to understand under what conditions the lender will start the auto repossession process. How many payments have to be missed before your vehicle will be repossessed? Know what the laws are in your state regarding the rights that you have as a consumer and the right the repossession companies and their agents have. In most states the vehicle can be seized anywhere in public, which may mean your business or employment area parking lot, a shopping mall, movie theatre or any other public parking space. In some states the vehicle may also be subject to auto repossession on your property provided it is not in a locked area or garage.
If the vehicle has been repossessed, you have fewer options to deal with the problem than working with the lender prior to the seizure of the car. If you find yourself unable to make a payment, call the lender and try to work something out, especially if you have corrected the financial issue that is preventing you from making the payment. If you have lost your job but have found another and are missing a pay period due to the transition, your lender will typically work with you to either add a payment on to the end of the loan or accept a partial payment and additional balance payment with the next monthly loan installment. You may be charged a service fee but this is a small price to pay to keep your vehicle and prevent the negative impact of an auto repossession on your credit score.
Auto Repossession Law Specific links
Auto Repossession Law News
Auto Buyers: How to Avoid "Yo-Yo" Financing - MainStreet
Auto Buyers: How to Avoid "Yo-Yo" Financing MainStreet By Brian O'Connell NEW YORK (MainStreet) -- Car buyers who take possession of a new vehicle before the financing is complete are at risk of getting blind-sided financially. Dealers can repossess the vehicle and only offer it back under onerous terms. |
wistv.com - Columbia, South Carolina |Consumer Affairs: Dealerships not ... - WIS
wistv.com - Columbia, South Carolina |Consumer Affairs: Dealerships not ... WIS The guide includes those details, as well as further information about Truth in Lending laws and advertising laws. Lybarker says another important piece of the guide details laws about repossession of a vehicle. "If [the consumer] misses a payment and ... |
Former homicide detective pleads guilty in Melbourne Magistrates' Court to ... - Herald Sun
Former homicide detective pleads guilty in Melbourne Magistrates' Court to ... Herald Sun FORMER Homicide Squad detective Andrew Donald Tait has pleaded guilty to leaking information about a case involving an alleged contract killing plot, a bashing, details enabling car repossession agents to locate vehicles and drug possession, ... |
As Laws On Repossessed Auto Sales Ease, Economists Show Consumer Access To ... - MarketWatch (press release)
As Laws On Repossessed Auto Sales Ease, Economists Show Consumer Access To ... MarketWatch (press release) Prior the change in the law, banks were able to repossess vehicles when borrowers defaulted on their loans but could not resell them until after a trial. As the auto market in Brazil grew, this came to mean a delay of two to three years, ... |
Repo worker got illegal access to Minnesotans' motor vehicle records, state says - Pioneer Press
 CBS Local | Repo worker got illegal access to Minnesotans' motor vehicle records, state says Pioneer Press By Mara H. Gottfried and Sarah Horner An employee at a car dealership who was authorized to view Minnesotans' vehicle data allegedly shared his login information with a friend working at a vehicle repossession company, leading to unlawful data access ... Driver data accessed illegally, state agency says State agency detects unauthorized access to 3K vehicle records Officials stop unauthorized access to vehicle records |