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A Consumer's Perspective On Auto Repossession Laws
from:Knowing auto repossession laws for your state is important, even if you are not in the position of possibly having to deal with repossession of your vehicle. It is reported the repossessions are up over 21%, and this number continues to grow every year as more and more consumers find it harder and harder to make monthly payments on mortgages, cars, student loans and general living expenses in the decreasing economy. Having a general knowledge of auto repossession laws will allow you to direct and support your friends and co-workers that may find themselves in this unfortunate situation.
Some key perspectives and concepts that consumers need to keep in mind with regard to auto repossession laws include:
• Each state has different laws on how repossessions can occur. Some states don't require that the creditor needs to let the borrower know that the car is going to be repossessed, while other states do require this notification.
• The auto repossession laws are designed to protect the lender and the borrower and there are specific rules that each must follow to fulfill their legal requirements. While many people feel that the laws only help the lender, they also protect the borrower from property damage or any types of illegal actions that could potentially be used to attempt to seize the vehicle.
• There are attorneys that specialize in helping consumers that are facing some type of repossession or have had their property repossessed. If someone is worried about repossession, talking to an attorney that works in the area of auto repossession laws can really provide detailed and specific information to help avoid repossession.
• Lenders can work within the auto repossession laws to avoid having to move to actually seizing the car. The more that the borrower or consumer is willing to work with the lender the more likely that some type of repayment plan can be developed. Borrowers that try to hide the vehicle or thwart repossession often have limited options when it comes to negotiating with the lender or car dealership.
• If your creditor or lender has previously accepted late payments on your loan he or she, under auto repossession laws, may not be able to repossess your vehicle. This is because they have previously accepted the change in the payment plan, basically invalidating the original contract. If you know that this has happened, be prepared to show the dates where late payments were accepted.
There are many little details that can occur during the repossession of a vehicle that may make the repossession open for a counter legal action. Talking to an attorney and understanding your rights as a consumer is the first step in ensuring you have been treated correctly through the process.
Repossession News
July had second highest bank repossession on homes - Examiner.com
 CBC.ca | July had second highest bank repossession on homes Examiner.com According to RealtyTrac, July had the second highest rate of repossessed homes. It is expected that more than 1 million homes will be repossessed this year ... Miss. being spared brunt of foreclosure crisis US banks seizing homes at record levels Florida foreclosure levels still high, but new filings ease |
U.K. Repossessed Home-Owners Doing It For Themselves - Wall Street Journal (blog)
 TopNews Singapore (press release) | U.K. Repossessed Home-Owners Doing It For Themselves Wall Street Journal (blog) The number of residential properties that were repossessed by lenders in the UK between April and June fell to the lowest level since ... Repossessions fall further in UK House repossessions fall for third quarter running Simon Read: We must do more to stop the misery of repossession |
Repossession ban does not solve problem - Irish Independent
 Insideireland.ie | Repossession ban does not solve problem Irish Independent THE Government and the banks are fast realising that just because you put a cap on repossessions doesn't mean you put a cap on mortgage arrears. ... One in 20 mortgages now in arrears - up almost 40 per cent in one year Increase in mortgage arrears |
Government transfers cash to Malév, preventing aircraft repossessions - Realdeal.hu
Government transfers cash to Malév, preventing aircraft repossessions Realdeal.hu By MTI-ECONEWS The government has transferred HUF 5.7bn to national carrier Malev to prevent the repossession of some of its aircraft by a US leasing ... |
Home Owners In Danger Of More Repossession - Quick Cash for Properties (blog)
Home Owners In Danger Of More Repossession Quick Cash for Properties (blog) Yet another worry over increasing house repossessions was expressed by Mr. Hargeaves, the co-founder of Financial Adviser Hargreaves. ... |