Search results
Results From The WOW.Com Content Network
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.
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 ...
However, as the Federal Trade Commission notes, once you default, lenders in many states can repossess your vehicle “at any time, without notice, and come onto your property to take it ...
According to the City of Chicago, "assets managed by the Department include more than 11,000 pieces of equipment and vehicles and more than 425 leased and owned facilities." [1] Among the types of vehicles and equipment handled by the departments are police cars, pickup trucks, refuse trucks, fire ladders, and airport all-purpose runway brooms. [2]
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.
Anyone who's seen any of the myriad reality shows featuring repo men and women know that it can sometimes be rough work, but c'mon -- it usually involves a car or some other material possession ...
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 ...
Because the right of redemption is an equitable right, foreclosure is an action in equity. To keep the right of redemption, the debtor may be able to petition the court for an injunction. If repossession is imminent, the debtor must seek a temporary restraining order. However, the debtor may have to post a bond in the amount of the debt.