Repossession

Repossession refers to the process of your creditors taking back the toys that you were unable to pay for.

Car Repossession
Car or auto repossessions are the most frequent but any debt secured by collateral is subject to repossession should you be unable to fulfill your commitment to the lender.

Repossession Law
Repossession will proceed after 3 consecutive payments are missed. Repossession law is not nearly as complicated as foreclosure which involves court proceedings.

The lender simply hires an agent to collect the item in question. There is no court order required for repossession.

Repossession law and repossession procedure is governed by the ”Fair Debt Collections Protection Act”.

Repossession Agent
Repossession laws vary from state to state and can allow repossession to be carried out without warning. An agent for the lender can arrive at any time and take possession of the items in question.

The repossession agent is under strict guidelines as to what they can and can't do. The agent can not threaten you or repossess property while you protest. They may not force entry into closed garages or any other part of your property.

In some states you receive notification of the intent to repossess and you are afforded time to pay the amount of arrears.


Repossession and your Credit Rating
Your repossession will be recorded on your credit report. This is a clear signal to potential lenders that you failed to repay your debts and that you will likely default on your financial obligations in the future.

The record of repossession may remain on your credit report for up to 7 years. This means that it will be very difficult to obtain credit and that if you do so it will be provided at the highest of interest rates.




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