Repossessions
Definition:
Repossession is where the lender takes over ownership of the property,
or vehicle usually for failure of non-payment. A lender can take repossession
of whatever it is that is being repossess and sell it to recover the debt
owed.
Consequences of Vehicle Repossession:
Most common repossessions are vehicles. Once a vehicle has been repossessed, the auto loan lender can obtain a transfer of title in order to sell the vehicle at an auction. Most auto loan lenders will give you a 10-day notice prior to the auction during which time you may pay the entire remaining balance of the auto loan. Most people find themselves losing their vehicle completely because they can not come up with the remaining balance in 10-days.What a Lawyer can do for you:
A repossessions lawyer can directly intervene with judgment and protect you from further attempts to collect on the unsatisfied balance of the creditor's claim. If you have been sued by a creditor after repossession, contact a consumer lawyer, who can inform you on your legal rights.Lawyer Referral Service:
If your car was recently repossessed, or you have been threatened with car repossession, call us and we will assist you in finding the right repossession lawyer for your repossession case.
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