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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 Rules News
New bank capital rules a 'positive vision' - PublicServiceEurope.com
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How repossessions reveal the hidden truth about modern housing - The Guardian (blog)
How repossessions reveal the hidden truth about modern housing The Guardian (blog) Two legal frameworks dictate how a lender should proceed when their borrower is in arrears: the mortgage conduct of business rules and the mortgage pre-action protocol. Both clearly state that repossession should only be pursued after all other ... |
Figures due on repossession numbers - MSN Money UK
Figures due on repossession numbers MSN Money UK New figures will show whether continued pressures on living costs have driven up the number of repossessions. Some 36200 properties were repossessed in 2011, around 4000 fewer than had previously been forecast, but the Council of Mortgage Lenders (CML) ... |
How Small Businesses Can Dispose Assets - Fox Business
How Small Businesses Can Dispose Assets Fox Business But if the abandoned property is tied to debt, there are special rules, so check with your tax pro. There could be issues with cancellation of debt. Repossession and Foreclosure. A repossession or foreclosure of business property may result in a gain ... |
Landlords urged to brush up on law - Stride
Landlords urged to brush up on law Stride "In particular, there are strict rules about the paperwork and notices for repossession claims," Ms Shepperson added. The industry expert went on to explain that many landlords are doing well and taking advantage of the ongoing property shortage. Landlords 'must be aware of legal obligations' |