What is the vehicle repossession law?

Answer by  patti (29325)

Read the sale contract. It will detail the reasons for which the vehicle can be repossessed by the creditor, including non-payment and/or misuse.

Answer by  patti (29325)

Vehicles are repossessed due to failure to meet the contract to pay. The lender resumes ownership to recover monies still owed. The debtor is notified at every step.

Answer by  PercivalWMadison (18)

Repossession is a term that refers to the means by which a lender can resume legal possession of a vehicle after the possession right has passed to one who has acquired the vehicle for value but has not perfected right to the vehicle title outright. It is a legal proceeding.

Answer by  tamarawilhite (17883)

Your car cannot be repossessed for any other kind of debt, such as credit card debt. The car can be repossessed for failing to make payments and for failure to maintain car insurance. You have the right to redeem the repossessed car up to the time the re-possessor arranges to sell or auction it.

Answer by  Dean (4035)

Look at the contract. The car can be repossessed for violation of any of the terms. The lienholder can take the car in a manner that is "peaceful".