2006-10-09 19:47:43 · 5 answers · asked by Brandon W 2 in Cars & Transportation ➔ Buying & Selling
Laws are the same in any state.......pay your loan or the lender can take it back & sue you.
2006-10-10 07:03:15 · answer #1 · answered by Vicky 7 · 2⤊ 1⤋
Arkansas Repossession Laws
2016-10-30 08:05:40 · answer #2 · answered by debbie 4 · 0⤊ 0⤋
This Site Might Help You.
RE:
what are the laws for repossession of a vehicle in Arkansas?
2015-08-07 17:17:18 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The laws in every state are not the same by any means, the only 1 law that holds true from state to state is that it is a class 3 or 4 or c or d felony to hide the unit, this is called Withholding collateral from its rightful owner. People can and will go to jail for it.
If you are late on your payment and have not yet been picked up the best thing you can do is stop avoiding the finance company. Call them and make arrangements with them to catch up on your payments. If they have never repossessed you in the past and you have a decent history of payments, they will more than likely make an arrangement with you. HOWEVER if they agree to make an arrangement with you get them to put it in writing, with the words that your account is "put on hold". This says that it has been taken off of the repo list and has been put on hold, until you either make the payment current, then it will no longer be up for repo, or until you break the agreement, at which time it will be picked up and then you may not get it back.
Clean it out right now, you do not want to have to pay the repo. Company to reclaim your personal items, and if you are repo'd you will have to pay an Administrative fee to get your tuff back.
Be polite this is not the time to play tough guy, that will really go against you. If the field agent (repo guy) comes to your door and demands the unit, let him / her have it. Don't lie, don't make excuses. Everything you say and do gets written up in a field report and that goes right to the finance company. If you catch your payments up and they have a lot of negative stuff against you, your account will be flagged and the first time you are late, your unit will be gone, and you will not get it back it will go right to the auction.
Simply call them and ask for time and ask them to work with you, sound humble and give them the "business" it is the best shot you have before they come and get it.
And actually they can not "take it back and sue you" That is simply not true. If you are repo'd the unit will go to an auction. Lets say you owe 3000.00 on it and they get 2900.00 for it, you will be responsible for that 100.00 will they sue you? In my 11 years I have never seen anyone get sued over a unit including semi trucks and light aircraft. They will bill you, they will call you and when you do not pay it off, they will simply charge it off and screw your credit up worse than they already have. If everyone that didn't pay got sued the courts would be so full you would not be able to get a court date before 2099 sometime.
Good Luck.
2006-10-11 04:07:10 · answer #4 · answered by Anonymous · 1⤊ 0⤋
are you in Australia ? 10 or 30 is not a repo problem. just a bad mark on your credit report.
2016-03-14 21:42:41 · answer #5 · answered by Teresa 4 · 0⤊ 0⤋