Can Finance Company Repossess Car On A Litigation Against Them Wrongful Repossession – Laws to Protect Consumers

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Wrongful Repossession – Laws to Protect Consumers

For many consumers, having a repossessed vehicle is a stressful and traumatic event. Transportation concerns and credit rating concerns can make a bad situation even worse. However, in some cases, consumers have legal recourse against wrongful repossessions and can even collect damages against both the lender and the repossession company. Here are some guidelines to help you determine if you have been the victim of a wrongful foreclosure.

Recovery rules

Although a lender can generally repossess a vehicle when the borrower falls behind on payments, there are certain rules the lender must follow in order to take legal possession of the vehicle. Your lender’s failure to follow these rules can make the loan company liable for any damages you suffer due to the wrongful repossession, including the value of the repossessed vehicle and any other costs that result from the company’s action. .

The takeover must be done legally

Perhaps the most important rule is that the repo agent cannot breach the peace during recovery. This means they cannot break into your home or enter your locked garage to take possession of the vehicle. During the course of the repossession, the company representative must not make any threats of physical violence or use force against you to regain possession of the vehicle. If the repo company, or any of its agents, breaks the law, you can sue them and collect damages.

The loan must be in default at the time of recovery

If your lender has repeatedly accepted late payments on your account, they usually cannot repossess your vehicle without giving you written notice of their intent to repossess in advance.

By knowing your legal rights when a lender threatens to repossess your vehicle, you can protect yourself against repossession and even recover damages if your rights are violated by lenders or repo companies.

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