in the state of oklahoma can a used car lot repossess you vehicle and turn around and resell it ? probably so but if they can do ...dont they have to wait a certain period of time before doing so?
2007-04-15 15:20:22 · 5 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
heres the deal....... the car lot i bought the car from came and repossessed it..hauled it to an indivduals house.....but i have the title and its still in my name ,,,,,, can i get it back legally and did he do it ILLegally?
2007-04-15 15:36:05 · update #1
If you have the title, then you own. If you owe money, the lender usually keeps the title until the debt is satisfied.
2007-04-23 14:37:03 · answer #1 · answered by EDWARD D 4 · 0⤊ 0⤋
You may have a few days before the car is sent off to the auction lot. However, you better at quick. Local laws vary, but usually there is NO requirement of any sort of waiting period. Repo action is spelled out in your financing contract documents, as well as what triggers it.
Your title is no longer valid since lienholder repossessed. They just haven't filed the paperwork with DMV yet. And don't bother with filing police report or insurance claim. Police already received a notice from repo man that your car will be repo'ed. They are legally required to do so before taking your car. You can be sure they will dot all the i's and cross all the t's since their actions have to stand up in court should you ever challenge them. So pay up, or lose the car.
In general used car lot won't sell the car they took back. They are usually shipped off to auction lot and auctioned off.
2007-04-15 23:19:27 · answer #2 · answered by Kasey C 7 · 0⤊ 0⤋
Also be aware that the car lot doesn't want to auction this off! They want you to cough up your back payments and reestablish your payments. They make more money this way, and they don't LOSE money on the car sale at auction.
You'd be advised to get in touch with the car lot ASAP and see what kind of a plan you can work with them.
2007-04-22 22:46:53 · answer #3 · answered by yeoldevillageidiot 2 · 0⤊ 0⤋
If the person that is having the car repossessed financed the car through that lot then it's their car and they have the right to do what they need to do.
2007-04-15 22:33:44 · answer #4 · answered by Jeremy G 4 · 0⤊ 1⤋
as far as I know, the repo-man can do anything he wants
2007-04-15 22:28:29 · answer #5 · answered by dark_forsaken_wolf 3 · 0⤊ 1⤋