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Illegal 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.
Illegal Repossession News
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Repossession laws need overhaul: Law Commission - Stuff.co.nz
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Former homicide detective pleads guilty in Melbourne Magistrates' Court to ... - Herald Sun
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Debt collector may not call you at work - Victoria Advocate
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Bridging north-south divide, EADB where art thou? - Daily News
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Benton Police Now Say "Repossessor" is Legit - KARK
Benton Police Now Say "Repossessor" is Legit KARK ... its investigation has found that the repossesser does indeed work for a legitimate repossession company and this incident was an actual legal attempted repossession. The BPD says it has determined that the repossessor did nothing wrong or illegal, ... |
Grabbing the Bolt-Cutters With Take Back the Land - Huffington Post (blog)
Grabbing the Bolt-Cutters With Take Back the Land Huffington Post (blog) This repossession would not only be a victory for Catherine Lennon-Griffin and her grandchildren, who lived in a homeless shelter until the reoccupation, and a major setback to Bank of America, the current leader both in national foreclosures and in ... |
Landlords urged to brush up on law - Stride
Landlords urged to brush up on law Stride "In particular, there are strict rules about the paperwork and notices for repossession claims," Ms Shepperson added. The industry expert went on to explain that many landlords are doing well and taking advantage of the ongoing property shortage. |