Are You the Victim of a Wrongful Auto Repossession?

Auto repossessionWrongful Auto Repossessions

Auto Repossessions never occur at a convenient time. Without warning, the repo agent may come to take your vehicle. You may be at home, work, out shopping, or visiting family or friends. Even if you anticipated the auto repossession, losing your transportation is frightening.

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Can I Be Sued for Not Paying My Car Loan?

Loan Lawsuit with car repossession

The continuing rise in auto loan debt is placing many consumers in a financially vulnerable position, particularly during the current economic downturn. What if you are unable to pay your car loan? Can this lead to a lawsuit? Knowing the process of repossession can both lessen your stress and help you decide the best course of action.

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Understanding Auto Loan Financing

Auto Loan

Cars, trucks, motorcycles, RVs or boats, they’re all expensive.  It’s unusual that these purchases are made in cash.  Whether buying a new or used vehicle, most people choose to finance the purchase and make specified payments over a designated period of time.  Financing can be arranged in two different ways.

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What Can I do if my Car was Illegally Repossessed?

Car Repossession

Illegal or wrongful car repossession typically means that your lender or the repo agent didn’t follow the proper procedures for repossession your vehicle.  Learning about the rights and wrongs of vehicle repossessions can help you determine whether your car was illegally repossessed.  Both the repo agent and the lender must follow the rules.  Whether or not you missed payments, borrowers have rights against the lender and repo agent when a car, truck, motorcycle, boat or RV is repossessed.

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Can the Police Help with My Car Repossession?

Car Being Towed Repossessed

Borrowers facing repossession may contact the police to have an officer on hand when it’s time to surrender their vehicle. As well, the repo agent may request the presence of law enforcement. But can police assist with the car repossession?

Read on to learn more about the role of law enforcement in the process of repossessing a car, truck, motorcycle, RV or boat.

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How Long Does it take for a Repossession to come off your Credit Report?

Low Credit Score from Car Repossession

It’s not enough stress to have your car repossessed, but the consequences  —  collection contact and negative credit reporting  —  can be too much to bear.

Car repossessions carry negative weight to a credit report for 7 ½ years from the date it was first reported as late by the lender.  Credit scores may drop and your ability to get new credit, and credit with favorable terms, may diminish.

In this blog, we’d like to take a closer look at how long a repossession remains on your credit report and what you can do to correct credit reporting errors.

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Will My Car Be Repossessed If I Miss One Payment?

Woman making a car payment

It’s a frightening thought: Money has gotten so tight that you weren’t able to make this month’s payment on your car loan.

Now, you’re worried about car repossession, and imagining the day when a tow truck comes to your house and hauls away your only source of transportation.

But can the lender repossess your car after a single missed payment?

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The Lender Sold My Repossessed Car. Why am I being sued?

Car auction car lot

Perhaps the worst thing about having your car repossessed is that even after your vehicle is gone, the lender may not be done with you.

In some cases, lenders hire collectors or file lawsuits against borrowers to recoup what they’re owed. In this blog post, we’ll look at steps lenders may take after repossessing a car. 

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Car Repossessed? Now Getting Sued by My Auto Lender

Lawsuit with car repossession

Perhaps the worst thing about having your car repossessed is that even after your vehicle is gone, your lender may not be done with you.

In some cases, lenders may file lawsuits against borrowers to recoup what they’re owed. In this blog post, we’ll look at what’s involved with being sued after a  car repossession.

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What Are the Laws Governing Motorcycle Repossession?

Motorcycle on the road

When banks record an increase in credit losses and delinquencies, often there is an uptick in repossessions.  These indicators not only reflect repossessions of cars and trucks, but also pleasure vehicles, such as RVs, boats and motorcycles.

Fortunately for consumers, the laws that protect victims of car and truck repossessions, also apply to motorcycles, RVs and boats.

If you’ve fallen behind on your loan payments and are worried that your motorcycle, or other vehicle, is in danger of repossession, here’s what you need to know.

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