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Voluntary Repossession Laws Article
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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.
Voluntary Repossession Laws News
Repossession laws need overhaul: Law Commission - Stuff.co.nz
 3News NZ | Repossession laws need overhaul: Law Commission Stuff.co.nz Families in debt shouldn't have basic necessities like bedding, medical supplies and cooking equipment repossessed, the Law Commission says. The report by the Commission has recommended the Credit (Repossession) Act 1997 be repealed, as part of the ... Repossession law changes Repossession law change to exclude washers Repossession agents should be registered |
The repo man is never popular, but he has a job to do - CBS 21
The repo man is never popular, but he has a job to do CBS 21 Usually when the repo man comes knocking, he's not welcomed with open arms. But where does the law stand when it comes to repossessing property? For the most part, police say repossession is a civil matter. Nick, a York County repossession expert we ... |
Foreclosure Filings Plummet to Lowest Since June 2011 - LoanSafe
 ABC News | Foreclosure Filings Plummet to Lowest Since June 2011 LoanSafe There were 88 repossessions, which was the lowest since last May. In the two years before the law's change, lenders were typically filing 900 to 1600 foreclosure filings a month. The drop-off in April gave Hawaii the 36th lowest rate of foreclosures ... Prospects for housing market get brighter in Shasta County; foreclosures fall ... Housing Analysis Biased Toward Removing People From Homes By Any Means Necessary |
Changes recommended for repossession laws - 3News NZ
 3News NZ | Changes recommended for repossession laws 3News NZ By 3 News online staff The Law Commission has recommended making changes to New Zealand's consumer credit repossession laws, including making it impossible to repossess passports, bedding and washing machines. As part of a legal overhaul the Commission ... Commission wants some items banned from repossession Law Commission Final Report on Credit (Repossession) Act |
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) Prior the change in the law, banks were able to repossess vehicles when borrowers defaulted on their loans but could not resell them until after a trial. As the auto market in Brazil grew, this came to mean a delay of two to three years, ... |