Repossession is a concern for anyone who finances a vehicle purchase. Until they pay off the vehicle loan in full, the lender could reclaim the property as the collateral for the loan. People sometimes wake up in the morning to find their vehicle missing from their...
Many people need a vehicle to get around, especially when public transport is lacking in their area. Unfortunately, buying one is expensive and usually requires taking out a vehicle loan. Most people enter a vehicle loan with the ability to make require payments;...
Imagine that you hear the sound of a truck outside, and you look out to see your car being repossessed from the street in front of your house. You can’t believe it. You’ve heard about repossessions on television, but you never thought it would happen to you. As far as...
If you have lost your car due to a repossession you consider unfair, then you might wonder if there is anything you can do, or if that is the last you will see of the vehicle. Firstly, you need to remember that fair is a subjective term. The lender that took the car...
Vehicle loans are a form of secured financing. The car or truck that someone purchases serves as collateral property for the loan. If they default on their payments, the lender can reclaim the vehicle as a means of recouping what the company has invested. In some...
If your car is in danger of being repossessed in Minnesota, you may be considering hiding it to avoid the process. Hiding a car does not mean that the repo man will never find it – they are very good at their job and have many resources. However, you may think it can...
Financing or leasing is often an easier way to get a vehicle in Minnesota. Doing that means the lender has an interest in the car if you default on your monthly payments. This could lead to vehicle repossession – but what if you believe that repossession is wrongful?...
Anyone who owes debts or obligations must pay them or face collection action. Collections agencies do not have free reign to do anything they wish. Minnesota law as well as federal statutes regulate their behavior. Unethical collection agency behaviors Once an account...
Auto lenders in Minnesota may choose to repossess your car if you fail to make loan payments in a timely manner. Technically, your vehicle can be repossessed if a payment is 31 or more days past due. However, lenders generally won't do so unless your account is at...
One of the most overwhelming, confusing things that could happen is that your car is repossessed. If the repossession was wrongful, you have rights under Minnesota and federal law. Ask why the vehicle was repossessed Car repossession is only legal if you have...
