What Happens If I Do Not Track Down a Repossessed Car?
The situation can get out of hand pretty fast when a repo man is not able to find the vehicle for repossession and as it did, various legal and financial repercussions await the borrower. This is what happens when a repo man can’t find the carUsingEncoding
Legal Actions by Creditors
When the repo man cannot find the carThe repossession agent will often notify to lender if they were unable to locate your vehicle. Then the lender becomes entitled to take legal action and reclaim back your vehicle. Usually, this is done by filing a lawsuit for “replevin” which asks the court to order the borrower to return then lender’s car. Failing to comply with such an order can lead to further criminal charges, and perhaps civil fraud or theft penalties under state law16.
Financial Consequences
If the repo man can’t locate your automobile, then that doesn’t suggest you no longer owe for the certifying remains to raise up– as well as those expenses do not simply vanish! Instead, these fees are typically tacked on to the current outstanding loan balance of a borrower.repossession (ad) This is bad news for people trying to dodge repossession, as it means simply staving off the inevitable temporarily and accruing more fees for the lender in their efforts to secure a repo35.
Further Surveillance Strenghtenign
The most common methods include GPS technology and various forms of public records tracing that the trained professionals will do to find a vehicle. Should the first method prove to be unsuccessful, they may turn their attention and step up surveillance typically including watching locations that are known to have been frequent by borrower. They will chase you and yet be repossessing your car at times and places that are unexpected, making for a very difficult situation if youre looking to avoid repossession24.
To sum it up, not being found and due diligence to locate the car do not relieve borrowers of their responsibilities but instead make his financial matters far more intricate with additional legal implications.
