Search results
Results From The WOW.Com Content Network
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 ...
The most common forms of default resulting in repossession are failing to make required payments and failing to maintain adequate insurance coverage. Many U.S. states have enacted additional laws that apply specifically to the repossession of purchased and leased automobiles, and which are intended to afford additional consumer protections. [3]
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.
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 ...
If the party has the ability to do so directly, the action is referred to as repossession. For example, in the states of Wisconsin and Louisiana, if a person who finances an automobile, becomes a registered owner of that vehicle and fails to make payments as agreed, the lienholder cannot simply repossess the vehicle. The lienholder must go to ...
For premium support please call: 800-290-4726 more ways to reach us
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 ...
Ads proclaiming "Government Vehicle Disposal" and "The Repo Joe Sale" are designed to steer buyers to special used car sales events under the pretense they're getting a special deal. But the ...