Welcome to Repossession Guide
Auto Repossession Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Where To Find Repossession Laws
from:When you are facing the possibility of any type of repossession it is always tough to calm down and do the research you need to find out what repossession laws apply to your specific situation. It is also common to resort to rely on information on repossession laws from family, friends and even co-workers who are not usually well informed and truly knowledgeable on the subject.
In reality not all items are subject to the same types of repossession laws and each state has their own specific repossession laws. It is not reasonable to think that repossessing a house would be the same as repossessing a car or a computer system that is not being paid for. Generally most states provide a longer grace period or resolution period for higher priced item such as houses and properties and shorter grace periods for cars and appliances or electronics. In addition the contact that you signed with the seller regarding the payment plans, fees and repossession terms are also considered as part of the legal issues around a repossession. In some contracts even one missed payment may be grounds for starting the repossession process.
Each state has their own specific repossession laws and legal requirements for seizing property or possessions. It is important, as the consumer, to understand what the repossession company can and cannot do to take back the item, as if they don't do it right you may be entitled to compensation and damages. Ideally each consumer that is facing repossession or has had something repossessed should consult with a qualified and licensed attorney to find out what repossession laws apply in their situation and if any legal issues were breached during the process.
Some states require that all repossessions be filed through the court and the borrower or consumer provided notice of a pending repossession. Other states allow the lender to start the process immediately upon breach of the purchase and finance contract; without notification to the consumer. Knowing which option is legal in your state is simple, just use any search engine to look for sites using the search terms of your state name and the phrase "repossession laws". In addition research books at your local library or contact the Better Business Bureau in your area that can provide specific information for your state as will as the type of property you are facing repossession on.
It is critical to use only the information provided on repossession laws for your state and the type of item that is in default payments. If you have the incorrect information you are more likely to make poor decisions that may end up costing you more money in the long run.
Auto Repossession Specific links
Auto Repossession News
Growing Sub-Prime Auto Loans - New Troubles for Automakers? - CNBC.com
Growing Sub-Prime Auto Loans - New Troubles for Automakers? CNBC.com She says this is the natural and healthy evolution of the auto market. Zabritski also pointed out not all non-prime auto loans will wind up in default or repossession. In fact, the vast majority are paid off. If anything, the growth in sub-prime auto ... |
As Laws On Repossessed Auto Sales Ease, Economists Show Consumer Access To ... - PR Newswire (press release)
As Laws On Repossessed Auto Sales Ease, Economists Show Consumer Access To ... PR Newswire (press release) The study from the Consortium on Financial Systems and Poverty examines car loans from one of Brazil's leading banks before and after a 2004 law that enabled banks to sell repossessed cars quickly without going through a lengthy court process. |
Upset His Car Was Repossessed, New Haven Man Threatens Business Owner With ... - Hartford Courant
Upset His Car Was Repossessed, New Haven Man Threatens Business Owner With ... Hartford Courant A city man, upset that his car had been repossessed, confronted the owner of the auto sales company holding his car late Saturday morning and threatened him with a stun gun, police said. Shortly before noon, an officer went to Lucky 7's Auto Sales, ... |
Coeymans man charged with grand larceny - WNYT
 WNYT | Coeymans man charged with grand larceny WNYT RAVENA - A Coeymans man was arrested and accused of having a car repossessed that he did not sell or have a loan on. Police said, 28-year-old Darius Heydari, owner of A-1 Auto on State Route 9W in Ravena, hired a contractor to do work at his business. |
Car dealer arrested for auto theft - Catskill Daily Mail
 Catskill Daily Mail | Car dealer arrested for auto theft Catskill Daily Mail By Tom Tucker RAVENA — The Town of Coeymans police arrested Darius Heydari, 28, the owner of A-1 Auto on Route 9W in Ravena. Heydari is accused of having a vehicle repossessed that he never owned or sold. He had hired a general contractor to do work ... |