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Subjects>Auto>Automotive Information

How does repossession work?

Anonymous

∙ 18y ago

Updated: 9/11/2023

The crux of repossession depends on the contract you took out at first with the other party. My suggestion would to refer to the contract and find any clauses pertaining to repossession. The legality behind repossession is quite complex and difficult to outline and I am not a lawyer to give advice on that matter but can only give suggestions as a public person. For example, if you went into contract to buy a new car and overtime you could not pay the monthly installments then the other contracted party can take court actions through specialized repossession agencies to repossess your car. This may include further charges and expenses the other party can incur upon you on top of what you have in debt with that party. The list is long. Do not quote me as this website is open to international viewers thus each country and legal system may operates differently. It is wise to seek legal advice or talk to someone who has experienced it before.

Wiki User

∙ 18y ago

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Related Questions

Do you need a repossession license to work for a repossession company in Michigan?

only a drivers license

What are the work hours of vehicle repossession?

24/7/365

Are there any car repo companies in Detroit Michigan?

Yes, there are. Most repossession services are actual towing companies who also do repossession work.

What is the difference between repossession agencies and repossession forwarding companies?

Repossession Agencies are independent and corporate tow companies who may work directly with and for Lending Institutions while the Repossession Forwarding Companies are organizations that accept repossession work on a national level and then forward that work out to these Repossession Agencies. The benefit forwarding companies bring to financial institutions is access to a larger base of Repossession Agencies rather than dealing directly with each one across multiple jurisdictions. Repossession Forwarding Companies traditionally have lower rates of recovery due to the economy of scale they offer. Repossession Agencies may still have a competitive advantage locally as they will be more familiar with their territories in the similar fashion a small business will usually have the "home base" advantage over larger corporations.

Can Oklahoma garnish your wages for a repossession if you work in Texas after 10 years?

YES

Can a repossession man come inside work and harass you?

The repossession man must obey the laws pertaining to the country in which you live. If you need help or advice, contact an attorney (a lawyer).

Can a repo take place at your work in Florida?

A repossession can be executed anyplace or time that a person holding the repossession order sees the vehicle in question, as long as the repo man does not violate the law in doing so. That said, Florida law does not restrict repossession according to location.

Can the repossession company hold your personal belongings after a repossession in Wisconsin and charge you for the storage fee?

Yes, they can. Ultimately they have to PERFORM WORK to gather, label, secure, and keep safe your belongings. They can charge you for this because they were forced to perform work. The law allows them to be compensated for it.

How can I fight against Repossession?

The best way to fight repossession is to pay your bills on time. If you can't do that call your creditors and see if you can work something out. The sooner you call the better chance you have of keeping your stuff.

Does a voluntary repossession affect credit the same way as a reposession?

Yes, there is no difference. A repossession is a repossession.

How will a voluntary repossession affect your purchasing a car within a year from the voluntary repossession?

A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.

Can you remove a repossession off your credit report if your cosigner has a judgment on the repossession?

No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.

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