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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 ...
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 ...
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.
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 ...
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.
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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]
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 ...