Although there are a number of things that can be repossessed, most repossession involves automobiles. The whole process begins with the signing of a contract between the buyer and the seller. Close attention should be paid to the terms of the contract. It is essentially the provisions or conditions of the buyer’s relationship with the loaning company or seller of the vehicle. In most cases, the buyer would have to be in default on the loan for 30-90 days before repossession actions can occur. In the state of Tennessee, one missed payment can start the process and this is spelled out in the contract. The first surprise is there is no requirement to go to court. In Tennessee, the loaning company can simply hire a tow truck to recoup the automobile as long as the peace is not broken. Next, if the borrower has paid 60% of the loan, then they have the right to redeem the vehicle if they wish. The creditor has to notify the buyer regarding the intention to sell the item. The buyer has 21 days to respond. In other words, the repossessed item cannot be sold immediately to regain losses. If the borrower paid less than 60% of the loan, the loaner can sell the car with no wait time. If they sell it at a loss, the borrower can be sued for the difference. Every state has its own statues when it comes to repossession laws. It is important, in these trying financial times, to make wise choices at the outset of any contract to avoid the possibility of repossession in the future.
My car was repoed and I was only 55 days late.Also the driver that repoed my car gave out personal information to someone not on my loan...
When you sign a contract to finance the purchase price of a car, you are obligating yourself to pay the full amount of that contract. If this car is repossessed and sold, chances are it will be for less than you paid. You are responsible for the remainder of the contract price. For example, if you finance $10k for a car, the creditor is entitled to its $10k back from you (plus interest). If you pay $1K and default, they will repossess the car. If they sell it at au tion and get $4k for it, the creditor is still out $5k of the original $10k. If they get a judgment agasint you, they can lien your property and garnish your wages until they get their full $10k back. There is also typically an acceleration clause in these contracts stating that if you are in default, they can demand payment in full. In other words, they do not have to work out a payment plan with you. You can however, go to court after a judgment is entered an file a slow pay petition and see if the court will allow you to make payments. It will depend on your financial situaiton.
Voluntary means your giving it up so they can sale it too try and pay off your loan your still responsible for the balance,,,if I buy you car for $10,000 dollars give you $2,000 up front owe you $8,000 and drive it for 3 yrs is it okay for me just to give you the car back high mileage , maybe damaged, run to death, filthy seats, and if you sale it and get $1,000 out of it,, that would be fine with you,, if so give me a call I need a loan,, thanks craig ----tn
I got my car repoed its been 60 days but I called the carlot and talk to the owner and ask if I could pay the car off if I can get it back he tells me that he sold the car but the whole time the car was at his house where he keeps his repoed cars I call 2 or 3 time try to get him to let me pay the car off so I can get it back he say no the car is sold but I saw the car today on his car lot for sale can he do that and me willing to car in and pay the note off.
If a car is voluntary repossessed do I still have to pay anything
If a bank repossess your car can they put a lien on your property for the balance?
There is a huge list of laws and clauses. You can find Tennessee laws on repossession on the following link. This link has detail of everything.
I recently had my truck repossessed and finance inst. Is giving me 10 days to pay off loan in full and wont let me catch up payments to get it back is this legal in TN?