The creditor ignores the oral agreement to extend the time of payment and arranges for an immediate repossession. This tactic has been deemed unlawful by numerous courts. If a lender finds itself in the situation of needing to repossess property while the borrower attempts to avoid this, the dealer may contract the work of repossession out to a repossession agent.
Many things can be repossessed, but most repossession agencies focus on auto repossession. The repo agent normally uses a tow truck or pickup truck with a special towing attachment called a boom, but sometimes they pick the lock or obtain the key from the car owner. Usually, the vehicle owner must be notified of a repossession.
The repossession agent will find the car and check its information such as the serial number to make sure they have the right vehicle. If there is a match, they will attempt to hook up the car to the tow truck and tow it away or pick the lock and drive it away. However doing so does not absolve the repossession agent's requirement to be covered under an active insurance policy for the vehicle under the applicable criminal traffic laws.
Thus, an agent who elects to do this may be subject to arrest for the violation of criminal traffic laws which apply to insurance requirements.
Repossession does not necessarily satisfy the loan. If the repossessor sells the asset for an appropriate amount, and if that amount is less than the amount of the loan, and if the repossessor sues the debtor for the balance plus reasonable fees if applicable in a timely manner, the debtor may be liable to pay the balance sometimes called the "deficiency". This is because such a failure directly contributes to any remaining deficiency.
Whether a debtor is actually liable for a balance depends on jurisdiction and on the details of the loan contract. In the case of a nonrecourse debt , for example, the debtor is not personally liable for a deficiency. In , there looks to be a downtrend though, as lenders seized 9, properties in April, May and June, fewer than in the first quarter of , according to the Council of Mortgage Lenders CML.
Repossession in the form of self-help is generally illegal, and an act of self-help repossession constitutes theft. In almost all cases, if the debtor is unable or unwilling to pay an outstanding debt, the creditor must first obtain either a court order authorizing the repossession Vollstreckungsbescheid , only possible if the debtor does not contest the debt or a regular court judgment. The debt must then be collected by an officer of the court Gerichtsvollzieher ; only this officer of the court may use force such as forcing open a door, or enlisting help from police forces to collect the debt.
Some very specific forms of self-help repossession are legal. For example, a landlord may seize the tenant's property in the rented object if there are outstanding payments. From Wikipedia, the free encyclopedia. This article needs to be updated. Please update this article to reflect recent events or newly available information. May The examples and perspective in this article deal primarily with the English-speaking world and do not represent a worldwide view of the subject.
You may improve this article , discuss the issue on the talk page , or create a new article , as appropriate. December Learn how and when to remove this template message. GMAC Corp. Retrieved 27 April Retrieved 27 April — via www. Knowing it is all for the enjoyment of the success and wealth that comes with it!
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