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Government Repossession Article
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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.
Government Repossession News
No Going Back On Land Repossessions - Dinha - AllAfrica.com
No Going Back On Land Repossessions - Dinha AllAfrica.com By Obert Chifamba and Elita Chikwati, 4 May 2012 GOVERNMENT has adopted a natio-nal policy to either repossess or downsize idle or under-utilised land for redistribution to the landless. Mashonaland Central Governor and Resident Minister Advocate ... |
Councils repossess share scheme homes - Irish Examiner
Councils repossess share scheme homes Irish Examiner By Claire O'Sullivan An increasing number of houses bought with the help of local authorities during the boom are being repossessed in Dublin and Cork, while councils nationwide face mortgage arrears on up to 45% of loans. In Dublin City alone, ... |
Legal Aid battling banks to save repossessed homes - WA today
 WA today | Legal Aid battling banks to save repossessed homes WA today The soaring number of home owners facing eviction for unpaid mortgages in WA has led Legal Aid to step in, persuading lenders to put off repossession. Property repossession applications have more than doubled since 2007-08, during the height of the ... |
Housing minister comments on repossession figures - Mortgage Finance Gazette Online
 Mortgage Strategy | Housing minister comments on repossession figures Mortgage Finance Gazette Online The government's commitment to tackling the record deficit is keeping interest rates at a record low and holding repossessions down, housing minister Grant Shapps said today. The latest figures from the Council of Mortgage Lenders showed the number of ... Tackling Record Deficit Helps Keep Repossessions Down Shapps: Tackling the deficit has kept repossessions low Repossessions show no sign of slowing |
Alex Cox comes to the Harvard Film Archive - Boston Globe
 Boston Globe | Alex Cox comes to the Harvard Film Archive Boston Globe Starring a young Emilio Estevez as a punker who joins up with a car repossession company and falls afoul of criminals, government agents, and plates of shrimp, it reveals a sure filmmaking hand and a bleakly hilarious eye for West Coast culture at the ... |
Repossession laws need overhaul: Law Commission - Stuff.co.nz
 Newstalk ZB | Repossession laws need overhaul: Law Commission Stuff.co.nz The report by the Commission has recommended the Credit (Repossession) Act 1997 be repealed, as part of the government's wider overhaul of consumer credit law. The report made 58 recommendations, including a central licensing body for repossession ... Repossession agents should be registered Repossession law changes |
Commission wants some items banned from repossession - Radio New Zealand
 3News NZ | Commission wants some items banned from repossession Radio New Zealand The repossession of bedding and heaters could be banned under changes to repossession law recommended by the Law Commission. The commission has consulted banks, debt collectors and consumer groups as part of the Government's review of consumer credit ... Law Commission Final Report on Credit (Repossession) Act Changes recommended for repossession laws |
How repossessions reveal the hidden truth about modern housing - The Guardian (blog)
How repossessions reveal the hidden truth about modern housing The Guardian (blog) I was prompted to write this blog after reading an article by Jon Robins from Justice Gap describing the common experiences of lawyers, advisers and defendants in county court housing repossession cases. It was an interesting piece about an area of ... |