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Know the Law. The process of repossession is intrusive and frustrating and can be intimidating. The laws are murky and vary from state to state, but a court order is almost never needed for a ...
When a provision of law requires that repossession takes place, the lien holder has a non-delegatable obligation not to cause a breach of the peace (which is synonymous with disturbing the peace) in performing the repossession or the repossession will be reversed, and the party ordering the repossession will be liable for damages (or the lienholder will be held responsible).
The effects of the coronavirus pandemic have been especially burdensome on auto loans borrowers. Unlike student loans and mortgages, there are no government-backed relief programs to cover a ...
Consumers who become delinquent on their auto loans run the risk of car repossession and ruined credit. If your car has been repossessed, you need to take action right away to get your finances in ...
Vehicle immobilization is a key part of the act of impounding.. Vehicle impoundment is the legal process of placing a vehicle into an impoundment lot or tow yard, [1] which is a holding place for cars until they are placed back in the control of the owner, recycled for their metal, stripped of their parts at a wrecking yard or auctioned off for the benefit of the impounding agency.
Insurance companies provide a motor vehicle owner with an insurance card for the particular coverage term, which is to be kept in the vehicle in case of a traffic collision as proof of insurance. Recently, states have started passing laws that allow electronic versions of proof of insurance to be accepted by the authorities.
The new car loan rate for September was 7.4% compared to the average rate of 6.9% at the beginning of 2023. The percentage of car owners that pay at least $1,000 a month jumped to 17.1% in the ...
This occurs, for example, when a financial institution repossesses a car on which it holds both the title and a defaulted note. Individuals may resort to self-help when they retrieve property under the unauthorized control of another person or abate nuisances, such as using sandbags and ditches to protect land from flooding.