What Are Vehicle Repossession Laws in Texas?
pickup truck image by Tonda from Fotolia.com jQuery(document).ready(function(){ jQuery(‘#jsArticleStep1 span.image a:first’).attr(‘href’,’http://i.ehow.com/images/a06/6b/nk/vehicle-repossession-laws-texas_-1.1-800X800.jpg’); }); Want to keep your pickup? Pay off your loan. Texas has adopted the Uniform Commercial Code in its statutes that govern sales and secured transactions. A secured transaction occurs when a consumer purchases an item, like a vehicle, on credit. The creditor uses the vehicle as collateral for the loan. That means until the purchaser (or borrower) repays the entire loan, the creditor has certain rights to the item, including repossessing the vehicle if the borrower defaults (stops making payments). Sales Contract The sales contract typically defines the terms of the agreement that the buyer, seller and creditor reach. Usually, the sales contract will define what constitutes a default. The contract could define default as missing one payment, going 90 days without ma
