Car Repossession 101
Car Repossession 101 is a comprehensive guide designed to help consumers understand the process of car repossession. Having your car repossessed can be intimidating, especially if you don't know what to expect. This guide will provide an overview of the key steps involved in the repossession process, and explain the rights and responsibilities of both parties during this time.
When a borrower has defaulted on their loan payments, they will typically receive a letter from their lender informing them that they are facing possible repossession of their vehicle. The next step is for the lender to contact a repossessor or tow truck company who will come to collect it from its location - often without warning. During this time, borrowers should remember that lenders have the legal right to take possession of any collateral pledged against delinquent amounts due on a loan (such as cars).
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