Welcome to Repossession Guide
Repossession Equipment Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Vehicle Repossession Laws: Who Do They Benefit?
from:Whenever you buy any type of vehicle on credit always remember that until the final payment is made on the vehicle the creditor continues to have certain rights in the vehicle. These rights are determined by the laws of the state and the contract that you signed with the lender as the seller. If you don’t make timely payments on the vehicle, vehicle repossession laws may come into play. Your negligence in payment will usually give the creditor the right to seize your vehicle without going to court and with no advance warning to you.
There are limitations to the creditor’s right to seize your vehicle. These limitations include but are not limited how the creditor may seize the vehicle and resell it to go towards your debt on the vehicle. If the creditor violates certain rules, vehicle repossession laws would make it possible for the creditor to lose other rights or even be indebted to you for damages. Each state has its own specific vehicle repossession laws; it would benefit the consumer to know what they are. The consumers can find out what the specific vehicle repossession laws of their state are by contacting a consumer protection agency or through private legal counsel.
According to vehicle repossession laws, the creditor has the legal right to repossess as soon as your loan is in default. To find out what would be classified as a default the consumer should refer back to the contract, but a late payment could be considered as default. If the creditor allowed the borrower or buyer to make late payments or change the date of payments it would change the terms of the original contract; this could be agreed upon through a conversation or in writing, it would be better for the consumer if it were in writing. If the creditor continuously accepted late payments without complaining that action might be perceived as a change in contract, even if there was no direct conversation on the subject.
At the point of default, vehicle repossession laws would allow the creditor to legally seize the vehicle at any point and time, without giving any notice. They even have the right to come on your property in some states. When seizing the vehicle the creditor has to be careful not to commit a “breach of the peace”, an example of it would be use of physical force or the use of threats. If the creditor does commit a breach of the peace when seizing the vehicle it may result in a penalty for them and/or compensation to the consumer for any damages. Vehicle repossession laws could also determine whether or not the creditor is able to collect a deficiency judgment, which is the difference between what is owed on the loan and the amount that is received when the vehicle is resold.
Repossession Equipment Specific links
Repossession Equipment News
Repossession laws need overhaul: Law Commission - Stuff.co.nz
Repossession laws need overhaul: Law Commission Stuff.co.nz Families in debt shouldn't have basic necessities like bedding, medical supplies and cooking equipment repossessed, the Law Commission says. The report by the Commission has recommended the Credit (Repossession) Act 1997 be repealed, as part of the ... |
Your rights if the repo man calls - Stuff.co.nz
 Stuff.co.nz | Your rights if the repo man calls Stuff.co.nz However, the exhaustive review of credit repossession doesn't stop there. Amongst the Commission's wide-ranging recommendations are exemptions for repossessing bare basics _ like bedding, medical equipment, cooking equipment and washing machines. |
Second charge repossessions have dipped - Stop-Repossessions.co.uk
Second charge repossessions have dipped Stop-Repossessions.co.uk The number of second charge repossessions carried out in the UK dipped in the first quarter of 2012 when compared with that recorded for the previous three-month period. According to new figures released by the Finance and Leasing Association (FLA), ... |
How Small Businesses Can Dispose Assets - Fox Business
How Small Businesses Can Dispose Assets Fox Business By Bonnie Lee Whenever you dispose of a business asset, whether you junk it, sell it, lose it, donate it, trade it in, get it repossessed, destroyed, or converted to personal use, you may have a taxable event. The decision might not be taxable, ... |
Habitat for Humanity Tries Big-Scale Approach to Housing in Oregon - New York Times
 New York Times | Habitat for Humanity Tries Big-Scale Approach to Housing in Oregon New York Times In a depressed real estate market, Habitat, the nonprofit housing group, was betting big: trying to buy vacant land on the cheap, shopping from banks in repossession and foreclosure sales to squirrel away for housing projects years in the future. |