The Road to Repo

The Road To Repo Up to 2 million cars will be repossessed in 2009, up 11% from 2008 |ONE WAY //01 A financed or leased car contract includes a security interest clause: miss a payment, and the lender gets the green light to take the Once the vehicle is repossessed, it's a one-way street. Lenders are not required to send an advanced notice, but they car. should send an invoice of amount past-due, plus fees. PAYBACK 707 DAYS 15 After repossession, debtors have 15 YIELD days to pay back the balance and come up Many contracts allow for a grace period for late payments, but once it ends, there's no turning back-the loan with a new payment plan with the lender or pay off the balance. goes into default. Most banks, car dealers and loan companies yield collections to TOW-AWAY repossession agents, giving them the right of ZONE //08 way to reclaim property in default. The lender has up Before repossessing a car, the agent will typically call the police-allowing them to legally "steal" the vehicle. to 6 months to sell or auction off the repossessed vehicle. The debtor can bid Agents can typically repossess a car as long as there is no "breach of peace" -they can treat your driveway as a tow away zone, but can't break into a garage. to regain control of the vehicle. POLICE In the end... If the vehicle sells for less than owed on the loan, the lender can sue the debtor for the balance. If it sells for more, the remainder must be END returned to the debtor. Repossession can put a dent in your credit and keep you from getting another car loan. Try and lenders may lock you out. VIA * statistics compiled by MVTRAC E0//

The Road to Repo

shared by maggie on Mar 31
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The life of a repo man is always intense. More than two million cars will be repossessed this year and numbers continue to rise. This infographic shows the path a car goes on before it is repossessed...


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