|Posted by Percy A Lowe on May 7, 2016 at 1:10 AM||comments (4)|
It's a bad day when your car gets repo-ed. Ending your work day by discovering the repo man has come and gone is a terrible situation. We don’t always have enough money to pay our credit cards, but not making our car payment carries a whole separate set of circumstances. One being, your transportation can vanish!
When you buy a car, truck, or other vehicle on credit, you should be aware that, until you have made the last payment your creditor retains important rights in the vehicle. These rights are established by the contract you signed and by the laws of your state.
Your failure to make timely payments on the vehicle carries serious consequences. Your creditor has the right to "repossess" -- take back your car without going to court or, in many states, without warning you in advance. It's completely legal to take back a car that's behind on payments.
However, your creditor's right to repossess your car is subject to some limitations. In particular, state law places limits on how your creditor may repossess the vehicle and resell it to reduce or eliminate your debt. If any rules are violated, your creditor may lose other rights against you, or even be required to pay you damages. For further information about the rights discussed generally ask the company or person doing your credit do they know your state rights on repossess. If they pause then they don't, if they say yes tell them to show hat they are. This is a in justice to the consumer if you claim you know about credit and can't fix this problem of both involuntary repossessions or repo's.