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Can a vehicle be recovered by a repossession agency working for the lender and the car be placed on the lot and resold without the borrower being notified in Texas?
Wiki User
∙ 18y ago
Not sure of TX law, but in AZ there is a 10 day right to cure period. In other words, a repo'd vehicle in AZ cannot be sold for 10 days after repo. In Ohio we deal with many "buy here, pay here" lots that send us orders to repossess vehicles. The way it works here is once we repo the car, the lender can't do anything with the vehicle for 20 days. If the debtor hasn't contacted the dealership (lender) after 20 days, the dealership will have the title transferred back to the dealer's name and depending on the vehicle's value they will usually re-sell it on the lot but sometimes will send it through an auction. Most people think that if their vehicle is repossessed that the only thing the lender can do with it is sell it at auction. This is not true. They own the vehicle now and can sell it however they want whether that is on their lot, auction, private sale, or they can take bids on it.
Wiki User
∙ 18y ago
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Can a creditor get a warrant for vehicle repossession?
The creditor can obtain a replevin order from the court if it becomes necessary. Wisconsin is the only state which requires a replevin order to be in place before a vehicle can be recovered. All other states allow repossession under the UCC laws, although some do require the borrower to be notified and given a specified time to bring the account current before the vehicle can be seized..
What is the legal procedure a small independent car dealer needs to take to reposssess your car?
The lender regardless of status (corporation, bank, "buy here, pay here" private seller, etc simply needs to hold a valid lien against the vehicle and have the vehicle recovered by a licensed repossession agency. A few states require the borrower to be notified before a repossession is possible, in most states a vehicle can be recovered as soon as the contract is defaulted upon. Wisconsin is the only state that requires a lender to obtain a replevin order from the court before seizing a vehicle.
Is the voluntary relinquishment of a vehicle by the borrower as damaging as a lender's repossession?
Yes, it is the same thing.
Can a repossession agent take a vehicle without waiting for the borrower to show proof that payments have been made?
Yes. It is perfectly legal for a repossession agent to take possession of a vehicle when they are acting on behalf of the lender. The repossession agency does not have the option of allowing the borrower to retain the vehicle even though proof is presented that payments have been rendered. Such issues are strictly between the borrower and the lender. The lender and/or court being the only parties that can rescind the repossession action.
In New York State can an automobile be repossessed if it is in a carport and the repossessing agent does not notify you of his presence?
Yes. New York follows UCC laws when it pertains to the repossession of a vehicle. The borrower does not need to be notified of the action and the vehicle can be taken if it is not in an enclosed garage or locked property and there is not a breach of peace.
When the borrower agrees to a voluntary repossession but their mother contests the action is that a wrongful act of repossession?
No, if the vehicle is subject to repossession due to a default in the lending agreement, it is irrelevant whether or not the parent agrees to the action.
Does gap insurance cover a repossession?
Gap insurance only pays if the vehicle is totaled in an accident or stolen and not recovered. It does not cover the deficiency balance after a repossession sale.
What happens if your vehicle is repossessed for Florida residents?
The vehicle will be taken to a storage lot, or sent directly to auction. The borrower will be notified by mail of the lenders intent to sell the vehicle either by an Order of Repossession or a Notive of intent. The vehicle will either be sold at auction or redeemed by the borrower. If sold at auction, the purchase amount will be applied to the loan debt. If the purchase price exceeds the debt plus all repo fees, the remaining amount will be refunded to the borrower. If the purchase amount is less than the loan debt (the more common scenario), the borrower will be required to pay the remaining amount of the debt.
If you repo'd a car and after the fact the customer's attorney called and notified you that the customer had filed for bankruptcy and you were required to return the vehicle do you have to return it?
Absolutely. Any creditor action including repossession cannot be taken after the filing of a BK and/or before the BK is completed and discharged. The vehicle will have to be returned to the borrower to await action by the lender such as requesting the BK stay be lifted or a reaffirmation agreement made between the lender and borrower.
Will the surviving spouse's credit rating be affected by the repossession of the deceased spouse's car?
AnswerIf the surviving spouse was not a joint borrower on the vehicle loan the repossession affect/appear on their credit report.
Can your wages be garnished for the repossession of a vehicle in Louisiana?
If the lender decides to sue the borrower and wins a judgment, the judgment can be executed as a wage garnishment
What will happen if you have been concealing your vehicle from repossession for over three years?
The lender has the option of foregoing repossession and filing a suit against the borrower for the amount owed plus interest, applicable fees and legal costs.
