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Frequently Asked Questions About Repossession Law
from:While there are lots of fairly easy to find and surprisingly easy to understand legal websites out there, reading through a few quick FAQs about repossession law is often all that most people need to get a general idea. Whenever you are in a situation it is important to get legal advice on repossession law as it does vary from state to state. In addition the specific repossession law that applies in your situation will vary depending on the type of item that is being repossessed as well as the terms of your agreement with the lender.
The following are general information questions about repossession law issues that apply throughout the United States:
1. If something is repossessed, do I still owe any money or is my debt cleared?
Repossession does not clear your debt and in most cases it can actually add to the amount of money that you owe the lender. The lender must credit you for market value of the item, however that will be the used price, not what you purchased it for. In addition you will have to pay legal fees, repossession charges and even the legal fees the lender incurred in the repossession paperwork.
2. I have made almost all the payments on my car and I heard that it is no longer possible for the dealership to repossess the vehicle. Is that right?
Unfortunately that is not correct. The lender has the right under the financing agreement that you signed and the repossession law to take back the car any time the note is in default up and until the final car payment. The lender actually holds the title to the car until that final payment is made, technically making it his or her property.
3. Can a repo agent take my car from my place of work?
Yes, they can. Often repossessing a vehicle at your place of work is a typical repossession company strategy. It prevents issues with going on your private property and it also tends to be less confrontational and less likely to result in someone calling the police.
4. If the property the repossession agent wants is in my house, can they come in without my permission?
No, the repossession agents cannot do anything illegal such as entering your house or residence using force or against your consent or permission. They cannot breach the peace or break any laws in the completion of the repossession or you may be able to take them to court for damages.
5. Do lenders really work with consumers to try to resolve non-payment issues?
Generally most lenders would rather work with people than go on to repossession. If you know you can't make a scheduled payment call the lender, explain the reason and have a plan to present on how you can repay the defaulted payment and get back on track. Talking to the lender as soon as possible and up front of defaulting typically results in a better solution for both the lender and the consumer.
Repossession Agent News
Man arrested after he tries to run over repo agents - CBS 21
Man arrested after he tries to run over repo agents CBS 21 A man in York is arrested and charged with attempted aggravated assault after two repossession agents try to take his truck. According to the criminal complaint, West Manchester Township Police say it all happened around 1045 Wednesday night when ... |
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 agents should be registered - Newstalk ZB
 Newstalk ZB | Repossession agents should be registered Newstalk ZB The Government's being encouraged to follow through on the Law Commission's recommendations on repossession laws. Among its suggestions is for a number of essential household items to not be subject to repossession, and for repossession agents to be ... Repossession laws need overhaul: Law Commission Repossession law change to exclude washers |
Woman Pleads in Repo Man's Stabbing - Mountain News
Woman Pleads in Repo Man's Stabbing Mountain News A 47-year-old woman accused of attempting to kill a repossession agent in Cedar Glen last February when he tried to take a car she had allegedly stolen from a dealership has pleaded no contest to two felony charges. Christina Darlene Johnson ... |
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, ... |
Coeymans man charged with grand larceny - WNYT
 WNYT | Coeymans man charged with grand larceny WNYT After having an argument with the contractor, Heydari contacted a repossession agent to repossess the contractor's truck. The truck contained the contractor's tools. Police said Heydari did not purchase the truck and he had no ownership on it. |
A fundamental concept of law is providing due process - StandardNet
A fundamental concept of law is providing due process StandardNet Delbert decided that having his son-in-law's hay truck repossessed is a bad idea and drove off Main Street, right at the repossession agent trying to hook to the hay truck. Delbert's truck was not moving fast, because it never moved fast, ... |
Car dealer arrested for auto theft - Catskill Daily Mail
 Catskill Daily Mail | Car dealer arrested for auto theft Catskill Daily Mail 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. Heydari had no ownership claim or lien on the vehicle. The repo man was in possession ... |