Auto Repossession

With credit scores and history of ever-growing importance, it is not unexpected that there are sectors created to capitalize on the lack of credit or even the bad credit of consumers. One fringe industry that has gained notoriety for exploiting the lack of credit or bad credit of consumers is…

The car buying process can be particularly intimidating and buyers navigating the process may have numerous concerns ranging anywhere from whether they are getting good deals to whether the mechanics of the car are as represented. One added concern is whether the dealership or seller will engage in “yo-yo financing.”…

Being able to keep their car is one of the main concerns people having when considering whether to file for bankruptcy relief. In South Florida, especially, most people need a car to get around and commute to and from work. The following factors are considered in determining which bankruptcy chapter…

If you go into default on your loans or fall behind on payments, your lender may be able to repossess any property associated with the loan or offered as collateral, such as an automobile. In many cases, your lender is permitted to do so and either hold onto the car…

When you purchase a car on a loan from a bank or other creditor, you do so under an agreement that you will ensure the vehicle is protected to prevent serious losses as well as make payments with interest until the balance of the loan is paid off. However, when…

With over $1 trillion dollars of outstanding debt for car loans in the United States everyone is talking about the next big bubble, and no doubt it’s connected to subprime automobile loans. While the damage won’t equal the impact the subprime mortgage crisis had on the economy in 2009, in…

Repossession of an automobile, motorcycle, motor home, boat or other vehicle is damaging to an individual’s credit score. Credit experts report that a repossession remains on a credit report for seven years after the original delinquency date. Obviously, such a reporting may negatively impact credit for the entire duration of…

Fla. Stat. § 537.012 applies the repossession and disposal of pledged property. In the case of repossession, the term “pledge” is used to describe the motor vehicle which is the secured collateral for a motor vehicle purchased on credit. If a vehicle is purchased on credit, the lender holds contract…

The Florida Office of the Attorney General states that Florida law applicable to repossession of a motor vehicle by a secured creditor neither requires a court hearing nor written notice warning the consumer of imminent repossession. However, there are ways for consumers to avoid this situation and retain a motor…