Cars are one of those big purchases that many cringe about making, but they know they need a mode of transportation to get to work, to school, or to perform general errands. Owning a car can get expensive; however, for most people, it's simply a necessity to function in their daily lives. Because of this, it's not uncommon for someone to get in over their heads financially and suddenly find himself facing repossession.
Are you being threatened with vehicle repossession, but aren't sure what is legal and what's not legal? Here are a few interesting facts about repossession:
- It is possible to have your vehicle repossessed if you missed just one payment. Some car owners are surprised when the repo man shows up after they've only missed one payment, but depending on the terms of the sales contract when they bought the vehicle, the lender could be totally within his rights to take the car back.
- Your lender doesn't have to tell you in advance that he is repossessing your vehicle. He can come on your property whenever he wants and take the vehicle. You could be sleeping in the middle of the night, look out your window, and see your car being towed away. Your lender does, however, have 60 days to let you know in writing that you have 15 days to arrange to get your car back before it will be sold at auction.
- The repossession agent cannot "breach the peace" when he comes to take your vehicle. Yes, he is allowed to show up whenever he wants; however, he must act appropriately. This means that he cannot threaten you or your family with arrest or violence, hurt anyone physically in any way, enter your home, enter a closed garage, or break any lock or gate.
If you haven't been able to make your car payment because you lost your job or are dealing with some type of financial crisis, you may qualify for Chapter 7 bankruptcy. Filing for bankruptcy in Augusta will give you the opportunity to get your finances back on track and it will also prevent your lender from repossessing your car while you're going through the bankruptcy process. Call (706) 872-7117 today to schedule a free consultation with the Georgia bankruptcy law firm of Seymour & Associates, P.C.