When you take out a loan in order to buy an expensive and important purchase such as a car or a truck, you will have a repayment plan that you must stick to in order to keep the vehicle. The small print in the credit agreement will outline the details of under what circumstances the lender is able to repossess the car.
Therefore, if you do miss some loan repayments due to financial hardship, you may worry that your beloved car is going to be taken away from you. This could have severe repercussions for your entire life, since you may depend on your car to get to work or to carry out your work. Therefore, it is important that you understand when repossession is unlawful in the state of Minnesota and when you can take action to get justice.
You must have a notification of intent to repossess
It is unlawful for a lender to repossess your vehicle without giving your prior notice first. You must first have missed repayments, and as a result, you should have received a notification in writing that the lender intends to repossess your vehicle. If the lender repossesses your vehicle without prior notice in Minnesota, this constitutes wrongful repossession.
The repossession company cannot break into your private property
When you have received notice that you lender has the intention of repossessing your car or truck, you have every right to take legal actions in order to secure it from repossession. This could include storing it in your private garage so that it cannot be taken. Repossession companies can never break into a property in order to repossess a vehicle.
If you believe that you have been a victim of wrongful repossession, it is important to take action to get justice and reclaim your property.
Source: National List, “Minnesota Debt Collection Laws,” accessed June 08, 2018