Imagine a scenario where you drove to your kid’s school to meet with the school authorities. You headed for the parking lot, picked a safe and convenient spot, and parked your car.
When the meeting ended, you and your kids headed to the parking lot. Not only are they excited and talking about school. They were more in high spirits because you will stop by their regular ice cream for a treat.
However, when you got to the parking lot, the spot where you parked the car was empty, your car is gone.
That shiny new ride you invested resources into is no longer in the spot you left it. Did you park it somewhere else?
A bunch of possibilities goes through your head. Yet, one of them might be – “Was my vehicle repossessed or stolen?!”.
Before Reporting Your Car As Stolen
You are dazed. You are murmuring and pacing, “My car is stolen. Somebody took my ride.” You start composing and typing away into your phone. “Does insurance cover the stolen vehicle? You are additionally calling the Police. Fast.
How about if you hold on for a moment and think for a little bit? Before you call the Police or raise on excessive alert, concentrate on the most proficient method to make an awful hex for vehicle theft.
You should spare a little embarrassment and affirm your car has indeed stolen or repossessed.
In all actuality, time is of the quintessence. Thus, if you are confident, whip out your telephone (hopefully, you did not leave it in the vehicle) and call the Police.
Yet, if there’s any uncertainty in your mind, think hard first and ensure you’re standing where you left your car.
It is safe to say that you are on the parking lot’s correct spot, or perhaps in the east parking area while your car is in the west?
In case you’re sure you’re in the correct spot, check for “no parking” signs or some other explanation your vehicle may have been towed. At long last, affirm, the repo man has not visited you.
There is a chance in case you’re behind on your installments. If you had a GPS Tracking Device installed in your vehicle, it is conceivable to find your car quickly. Additionally, if your car is indeed stolen, you will be promptly alarmed.
In case you’re sure the vehicle is gone, call the Police.
Confirm If Your Car Is With The Repo Man
Vehicle repossession is ever on the rise even more than foreclosures. It has been the highest in the last decade. Furthermore, on the off chance that you miss even a single installment, whatever is the explanation, or are behind your installment over 60 days.
There is a decent possibility that your vehicle will be repossessed whenever. Repossession is possible at whenever and anyplace, without prior warning.
At the point when you finance or lease a vehicle, your creditor or lessor has significant rights that end once you have taken care of your credit or rent commitment.
These rights are set up by the contract you signed and your state’s law. For instance, on the off chance that you do not make reasonable installments on the vehicle.
Your bank may reserve the right to “repossess” — or reclaim your vehicle without going to court or notify you ahead of time.
Likewise, your lender might have the option to offer your agreement to a third party, called an assignee.
This individual or organization may have the same right to hold onto the vehicle as the initial creditor.
The Rights Of The Repo Man
- When the period to make up for lost time with your installments has passed, the lender can repossess your vehicle, yet they need to follow these rules.
- The repossession agent can not use force while repossessing the vehicle.
- The individual sent to get the vehicle is not permitted to go onto your personal property unless you allow it. Be that as it may, if your car is left in the street close to your property. The Repo man does not need to have your consent.
- Repossession from other public or private areas is usually permitted. So far as the repossession agent does not “breach the peace” or participate in misconduct.
- The individual sent to get your vehicle needs to tell the local Police about the repossession within an hour.
Notwithstanding the technique used to discard a repossessed vehicle, a leaser may not keep or sell any personal property discovered inside. If you got your car through a finance or lease contract, it is crucial to keep an eye on your dates and payments.
The refinance or leasing company may not contact you before a repossession is carried out to recover the car and resell to another buyer or auction it.
There is always the excitement of getting a car that makes us forget to read all the details in a lease contract.
These conditions are activated when you start to default on your payments.
Also, keep in touch with the leasing company if there will be a change in your cash flow that will affect your regular installment. Arrange for a meeting that and seek some adjustment on the terms of payment.
James has been a car enthusiast since his childhood when he learned the differences between a ford and a chevy from his father. He loves to drive and restore old cars with a special drive for Italian marvels. Currently, he has a 1968 Alfa Romeo. He has studied aeronautics and civil aviation in his college and still gets smitten by Galant SS and Lancer GSR.
He is a New York-based product training director working with a giant automotive retailer. He loves to review and uncover the vehicles and their fascinating stories. He believes in keeping it legitimate with a keen passion for research on the latest technological upgrades in cars. While reading his articles or blogs, you can sense the extensive research and dedication backing the piece of text. He loves fried chicken, music, and spending quality time with his pet dog.