Everything You Need To Know About Repossessing a Car
Regardless of whether you are considering repossessing a car for money owed or looking for information in case someone repossesses your own car, it helps to have an understanding of the repossession processes and procedures of the car. This knowledge can help to protect both parties involved—the creditor and the car debtor.
When a person buys a car and borrows money from a lender or creditor, the borrower then signs an agreement that is legally binding to the terms of the loan ceded to them. If the borrower fails to make payments when due, then the creditor can then repossess the car without further notice. The act of repossession is usually divided into two parts: the taking of the car and the process of re-selling it.
The Actual “Taking”
A creditor or the creditor’s agent can repossess a car in almost any public place. But they cannot trespass on private property to take the car. That includes not only any place considered private property (like a garage or under a carport) but it also includes any place that’s clearly marked as private property (like “no trespassing” signs). Other prohibited activities include reaching over a fence to repossess the car or using a tow truck to unhitch the car from a trailer.
What Happens Next?
After the creditor effectively repossesses the car, it’s usually taken to a storage lot and can remain there until the loan is paid off, or the car is resold. The creditor can resell the car at either a public or private sale. The proceeds from the sale will go to the creditor to pay for any unpaid balance on the loan and for any costs associated with repossessing and re-selling the car.
FAQ
Q. Can a Repo Man Move Another Car to Get to Yours?
Yes, a Repo Man not only can move another vehicle out of their way to get to the car they are repossessing, but it is their responsibility to do so since that is part of the job in more difficult scenarios. This is usually done when a car is parked in a tight parking lot with no room for a tow truck.
Q. Can you repo a Car on Private Property?
No, a Repo Man cannot enter private property or trespass in any way to take possession of a car. The difference between public and private property must always be taken into account and doing such an act can lead to a trespass charge.
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