cars  loans


Question by  joe83 (68)

What are the laws concerning car repossessions in the state of Texas?

My car was repossessed last night and I was not given a warning.


Answer by  Advisor (1032)

Your car's registration state has very little to do with repossession, which is outlined by the finance company. In most cases, your "warning" came when you failed to make one payment. Review your loan documents and you will see the lienholder has right to repossess anytime they see fit.


Answer by  Jaggers (1018)

No one in any state is going to warn you of a repossession. If they warned you then it would be easy to avoid them. Part of the joy repo men have is taking your car at the exact moment that a once in a lifetime opportunity is about to occur for you.


Answer by  knightmare (1231)

Most repossessions don't require warnings. The fine print of the contract you signed most likely mentions this. Note that calling your lender and explaining may buy you more time.


Answer by  sathya (237)

The reason is when you buy a car on credit, you should know that, until you have made the last payment your creditor retains important rights in the vehicle.

You have 50 words left!