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If the business that bought the vehicle then rented it to someone, that individual would then have possession but would not have right of possession. The company renting the vehicle to them could repossess the vehicle, for example, if they hold the vehicle past the contract period. Also, if the rental company missed payments to the lienholder ...
The repo agent has the right to take your car, but the personal items inside are yours. ... The first question to ask is why the car was repossessed. You probably already know — in the vast ...
For example, it was reported that Wells Fargo Auto is giving repossession agencies an extra $500 per vehicle to rope in car owners who have strayed off the payment path.
Various objects can be repossessed, including boats and aircraft, but most repossession agencies focus on car repossession. The repo agent normally uses a tow truck or pickup truck with a special towing attachment called a boom. They also may obtain the key from the car owner. Usually, the vehicle owner must be notified of a repossession.
The California Vehicle Code, informally referred to as the Veh. Code or the CVC , is a legal code which contains almost all statutes relating to the operation, ownership and registration of vehicles (including bicycles [ 1 ] and even animals when riding on a public roadway [ 2 ] ) in the state of California in the United States .
The debtor is in debt $10K to the secured creditor and $2000 to the unsecured creditors. Assume the debtor defaults and his only asset is the automobile. The dealership can repossess the auto and sell it to satisfy its debt. Two things can happen here: 1) The dealership sells the collateral (car) for more than the amount of the debt (let's say ...
Tell that to repo man Leo Song, who backed over 42-year-old Lisa Via and killed her, while trying to repossess her 2002 Buick, parked in the driveway of her Chino Hills, California mobile home at ...
While this equitable right exists, it is a cloud on title and the lender cannot be sure that they can repossess the property. [4] Therefore, through the process of foreclosure, the lender seeks to immediately terminate (that is, literally foreclose any future use of) the equitable right of redemption and take both legal and equitable title to ...