Repossession Rights
Repossession Rights
I am curious about the general laws concerning repossession--cars,
equipment, machinery, etc. Does repossession require the serving of
papers, notice, etc. as in a foreclosure? Is there an opportunity to
answer (or remedy) in a court? Or is there a statutory right of the
lender to come by at midnight at take back the item (the repo man)?
If I myself sell a car or machine and take back paper, do I have the
same rights of repossession as do the finance companies?
- Generally not, this form of "self help" is basically contractual, if no
notice is required under the contract then they can take th collateral.
Most states require that it be done with a breach of the peace.
- I think you mea