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Florida Repossession Laws Article
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Frequently Asked Questions About Repossession Law
from:While there are lots of fairly easy to find and surprisingly easy to understand legal websites out there, reading through a few quick FAQs about repossession law is often all that most people need to get a general idea. Whenever you are in a situation it is important to get legal advice on repossession law as it does vary from state to state. In addition the specific repossession law that applies in your situation will vary depending on the type of item that is being repossessed as well as the terms of your agreement with the lender.
The following are general information questions about repossession law issues that apply throughout the United States:
1. If something is repossessed, do I still owe any money or is my debt cleared?
Repossession does not clear your debt and in most cases it can actually add to the amount of money that you owe the lender. The lender must credit you for market value of the item, however that will be the used price, not what you purchased it for. In addition you will have to pay legal fees, repossession charges and even the legal fees the lender incurred in the repossession paperwork.
2. I have made almost all the payments on my car and I heard that it is no longer possible for the dealership to repossess the vehicle. Is that right?
Unfortunately that is not correct. The lender has the right under the financing agreement that you signed and the repossession law to take back the car any time the note is in default up and until the final car payment. The lender actually holds the title to the car until that final payment is made, technically making it his or her property.
3. Can a repo agent take my car from my place of work?
Yes, they can. Often repossessing a vehicle at your place of work is a typical repossession company strategy. It prevents issues with going on your private property and it also tends to be less confrontational and less likely to result in someone calling the police.
4. If the property the repossession agent wants is in my house, can they come in without my permission?
No, the repossession agents cannot do anything illegal such as entering your house or residence using force or against your consent or permission. They cannot breach the peace or break any laws in the completion of the repossession or you may be able to take them to court for damages.
5. Do lenders really work with consumers to try to resolve non-payment issues?
Generally most lenders would rather work with people than go on to repossession. If you know you can't make a scheduled payment call the lender, explain the reason and have a plan to present on how you can repay the defaulted payment and get back on track. Talking to the lender as soon as possible and up front of defaulting typically results in a better solution for both the lender and the consumer.
Florida Repossession Laws Specific links
Florida Repossession Laws News
Metro repossessions rise in 1st half of 2010 - Detroit Free Press
 Boston Globe | Metro repossessions rise in 1st half of 2010 Detroit Free Press Bank repossessions in metro Detroit are up 43% for the first six months of the year as foreclosures delayed under state law last year start ... RealtyTrac: Foreclosures rise in South Florida Foreclosures Fall 5 Percent Foreclosure activity up in 5 Louisiana metros |
Conrad Black to be released on bail - Financial Times
Conrad Black to be released on bail Financial Times Lord Black had until September to sell the property, Mr Estrada said, before the finance company would repossess it. Lord Black still owned a home in ... |
In South Florida, pace of repossession jumps 83 percent - MiamiHerald.com
In South Florida, pace of repossession jumps 83 percent MiamiHerald.com In 2009, 30400 repossessions took place in South Florida, the report found. In Miami-Dade County, there was an average of more than 1800 repossessions per ... |
First Commonwealth Announces Second Quarter 2010 Improved Financial Results - MarketWatch (press release)
First Commonwealth Announces Second Quarter 2010 Improved Financial Results MarketWatch (press release) An additional specific reserve of $1.8 million for a $39.6 million condominium construction project in south Florida based upon updated appraisal values. ... |
Northern Rock, Cantor, Morgan Crucible, Saad Group, Volvo in Court News - Bloomberg
Northern Rock, Cantor, Morgan Crucible, Saad Group, Volvo in Court News Bloomberg The correct figures would have increased the number of late payments by customers by more than 50 percent or quadrupled the amount of repossessions, ... |