What is car repossession?
When you buy a vehicle on a credit, your creditor holds rights on the vehicle until you have paid the last installment. These rights are established by state law and the contract that you and the creditor have signed. When you sign a car loan agreement, the creditor puts a lien on your vehicle. The creditor is listed as lien-holder on the title and registration of your vehicle to establish your vehicle as collateral for the loan. If you become delinquent on a car loan, your creditor will have the right to repossess or seize your car and sell it off to retrieve the payment. Though repossession men are not supposed to break into a locked garage, they can arrive at the carport or driveway and simply take away the vehicle at any time of the day. Repossession is regulated by state laws. The law in every state prohibits the repossession men from “breaching the peace” while repossessing your vehicle. If any laws are broken, your creditor may lose all rights against you and be required to pay
