How Long Does It Take To.Fix Credit After Identity Theft The Ins and Outs of the Car Repossession Process

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The Ins and Outs of the Car Repossession Process

When a lender finances a car, they reserve the right to repossess it if the repayment terms are not paid as agreed. Each state’s laws set limits on car repossessors. Most state repossession laws are modeled after Article 9 of the Uniform Commercial Code (UCC). Article 9 states that you must be in arrears on the loan before the recovery process can begin. The definition of default will be disclosed in the financial loan repayment agreement. Most loans have language that states default begins after one, two, or three missed payments. Once the loan is in default according to the finance agreement documents, the lender has the right to take possession of the car. In most states, after the car loan is 90 days past due, the lender can repossess the car. For specific loan terms and any repossession actions, please see the financial loan repayment agreement; which is signed by the buyer of the car.

The lender can pick up the car from any location, including: (1) your home, (2) work, or (3) another location where it is stored. In most states, the lender can take the car without a court order. However, many state laws specify that a car can only be repossessed if the lender can do so without “disturbing the peace.” The term “trespass” means that the lender is able to take possession of the car without threatening the borrower or using force. A breach of the peace can be as simple as the borrower telling the lender that they will not cooperate. If force or threats are used to gain possession of the car, the lender may be liable for any damages caused by the repossession. At this point, the creditor must seek court permission. They must document the default and wait for the court to issue a warrant to repossess the car. Once the court has given permission to repossess the car, the lender will likely ask the local police to assist with the repossess. Once the lender has control of the car, they can repair it if they choose before selling the car.

When the lender takes possession, they must notify the borrower of their intention to sell the car. At that point, the borrower’s only option would be to pay off the loan in full and the additional costs associated with repossessing the car. If the borrower chooses not to pay the loan and costs before the notified sale date, the car can be sold at auction. If the lender sells the car for less than the original loan balance, then they can file a deficiency judgment against the borrower for the difference. In order for the lender to issue a default judgment against the borrower, the car must be sold on a commercial basis (no private sales).

For car repossession or any legal matter, it is in the borrower’s (defendant’s) best interest to seek legal advice.

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