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...
Someone who discovers their car is no longer in its parking space may assume theft, only to find a repossession occurred. Unfortunately, the actions taken might not follow the law's guidelines. Such incidents could increase as the government notes an increased wave of...
When financial times become tough, making regular payments on cars, motorcycles, consumer electronics, and other items could become challenging. If a Minnesota customer falls behind on payments, the lender may initiate a repossession. Not everyone understands how...
Minnesota residents who fall behind on certain bills such as auto loans may have had an unpleasant visit from repo agents. It's important to remember that repo services aren't part of the police or the government. There are laws that repo agents have to follow, and...
If you are struggling to pay your debts, it may be in your best interest to file for bankruptcy in a Minnesota court. Doing so may prevent property such as a home or car from being seized by creditors. However, there is a chance that your lender may repossess your car...
