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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 ...
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]
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.
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 order directs repossession agents to recover the vehicle. Baldwin and Wingard said documents signed by the vehicle’s owner during the financing process allow banks this ability.
Sanchez 836 S.W.2d 151 (Tex. 1992), was heard by the Texas Supreme Court. Sanchez was the registered owner of a vehicle on which MBank El Paso was the lienholder. When a tow truck operator hired by the bank attempted to repossess the vehicle, Sanchez locked herself in the car.