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How Much Does a Voluntary Repossession Affect Your Credit?

Sawin & Shea

Voluntary repossession is sometimes the best option for borrowers who can no longer afford their car payments. So how much does voluntary repossession affect your credit? Should I Allow a Voluntary Repossession with No Late Payments? What Is Voluntary Repossession?

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How to Remove a Repossession From Your Credit Reports

Better Credit Blog

In lending terms, this is called repossession. Read on to find out how to remove an invalid repossession from your credit report. A repossession could happen in two ways: You could surrender the vehicle voluntarily and retain some control over the process.

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How to Handle Vehicle Repossession

Nerd Wallet

If you think your car could be repossessed, you might feel that you’ve reached the end of the road. But there may still be ways to avoid repossession or, barring that, lessen its damage. The article How to Handle Vehicle Repossession originally appeared on NerdWallet.

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CFPB Moves to Thwart Illegal Auto Repossessions

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) is moving to thwart illegal repossessions in the heated auto market. Press release Compliance Auto loans

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INDIANA REPOSSESSIONS DURING COVID-19 PANDEMIC

Indiana Consumer Law Group

It is my hope in these trying times that creditors exercise restraint and avoid repossessions altogether. Unfortunately, I am afraid that repossessions are still going to occur during the Coronavirus Covid-19 pandemic. First, repossessions are likely prohibited.

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Car Payments and Car Repossession

Sawin & Shea

Is a car repossession looming in your future? Car repossession is one of the many reasons people contact the Indiana bankruptcy attorneys here at Sawin & Shea. Here’s some good news: You don’t have to just give up and allow your car to be repossessed.

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Recovering Personal Property Collateral: When Should Secured Creditors Consider Replevin Instead of Self-Help Repossession?

Jimerson Firm

Many secured creditors are aware of the right to “self-help” repossession—a process that is often fraught with risks and limited to the recovery of assets with a known location. Self-Help Repossession. Self-help asset recovery is more commonly known as repossession.

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Car Repossessions During the COVID-19 Crisis

Sawin & Shea

I’m here to talk to you today about repossessions. I know currently with this current COVID-19 crisis, many car lenders have voluntarily suspended repossessions. There is no state mandate keeping them from repossessing cars. Transcript.

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CFPB Warns Auto Finance Companies About Inadvertent Repossessions

Troutman Sanders

On February 28, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a bulletin and accompanying press release , highlighting an issue that the agency has written about frequently over the past several years: inadvertent repossessions.

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Wells Fargo fined $3.7 billion for illegal activity including unjust foreclosures and vehicle repossessions

Public Citizen

Consumers were illegally assessed fees and interest charges on auto and mortgage loans, had their cars wrongly repossessed, and had payments to auto and mortgage loans misapplied by the bank. The Consumer Financial Protection Bureau today ordered Wells Fargo Bank to pay more than $2 billion in redress to consumers and a $1.7 billion civil penalty for legal violations across several of its largest product lines.

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How Can a Secured Creditor Repossess Collateral Without Breaching the Peace?

Jimerson Firm

The quickest and cheapest way for a secured creditor to take possession of the collateral is by self-help repossession. In Florida, a secured creditor may use self-help repossession without going to court, provided it does not “breach the peace.” § 679.609(2)(b), Fla.

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Can you keep a car once the lender starts repossession efforts?

Roths Child Law

When you fall behind on payments, the lender who financed the purchase might decide to repossess the vehicle. How does repossession work? Repossession usually starts with the lender warning and then formally notifying the vehicle owner about arrears on their payments.

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CFPB Supervisory Report Finds Unlawful Auto Repossessions, Breakdowns in Credit Report Disputes

Consumer Finance

Today the Consumer Financial Protection Bureau (CFPB) released its Supervisory Highlights report on legal violations identified during the CFPB’s supervisory examinations in the second half of 2021. The report details key findings across consumer financial products and services.

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Can you keep a car once the lender starts repossession efforts?

Roths Child Law

When you fall behind on payments, the lender who financed the purchase might decide to repossess the vehicle. How does repossession work? Repossession usually starts with the lender warning and then formally notifying the vehicle owner about arrears on their payments. If they don't quickly resolve the issue, the financial company will then likely start repossession efforts. . The safer and faster approach will typically involve attempts to avoid repossession. .

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Santander Sued by Indiana Consumer for Breach of Peace Repossession

Indiana Consumer Law Group

over a repossession that allegedly did not comply with Indiana law. Specifically, the repo agent is alleged to have breached the peace in repossessing the plaintiff’s vehicle. Indiana law, like most states’, permits a lienholder to repossess a car when the owner defaults on the note. One of those requirements is that the repossession absolutely must be conducted without a “breach of the peace.” PRESS RELEASE.

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Consumer Financial Protection Bureau Settles with Nissan Motor Acceptance Corporation for Illegal Collections and Repossession Practices

Consumer Finance

The Consumer Financial Protection Bureau issued a consent order against Nissan Motor Acceptance Corporation, which services auto loans and leases originated by Nissan and Infiniti dealerships nationwide. Press release Auto loans Enforcement

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Tri-Force and Ally Financial Sued for Wrongful Repossession in Indiana

Indiana Consumer Law Group

The lawsuit alleges that agents of Tri-Force breached the peace when they attempted to repossess a vehicle from our client and then, when our client physically resisted the repossession (as was his legal right to do), engaged the police to coerce our client to relinquish possession of the vehicle and thereby accomplish the wrongful repossession. Our office has noticed a disturbing trend of more aggressive repossessions in 2017.

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Nissan Becomes Most Recent Target of CFPB Ire: Auto Finance Company Enters into $4 Million Consent Order for Alleged Unlawful Repossession Acts

Troutman Sanders

Specifically, the CFPB alleged that Nissan violated the Act in four ways: By repossessing vehicles between 2013 and 2020 even though customers had already made payments or taken action that should have prevented repossession; By requiring customers to pay a $7.95

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CFPB Supervisory Highlights: Auto Loan Servicers Should Re-Examine their Repossession Fee Policies

Consumer Financial Services Law

Auto loan servicers need to pay careful attention to their repossession practices and particularly, their policies concerning repossession fees. The clear message from the CFPB’s Supervisory Highlights is that examiners are focused on repossession activities, “including whether property is being improperly withheld from consumers, what fees are charged, how they are charged, and the context of how consumers are being treated to determine whether the practices are lawful.”

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CFPB, NY AG Sue Auto Lender For Predatory Practices, Aggressive Collection Efforts

Account Recovery

The Consumer Financial Protection Bureau and the Attorney General of New York yesterday filed a lawsuit against an auto lender, accusing it of tricking consumers into high-cost loans on used cars that resulted in unaffordable monthly payments, vehicles being repossessed, and customers facing debt collection lawsuits.

Lender 205
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CFPB Doles Out Largest Fine Ever Against Wells Fargo

Account Recovery

billion in an enforcement action related to “widespread mismanagement” that led to illegally repossessing cars and consumers losing their homes while also … The post CFPB Doles Out Largest Fine Ever Against Wells Fargo first appeared on AccountsRecovery.net.

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CFPB Supervisory Highlights Report Spotlights Issues Found in Debt Collection Exams

Account Recovery

The Consumer Financial Protection Bureau issued its latest Supervisory Highlights report yesterday, which offers violations uncovered by the regulator during supervisory exams that were conducted during the second half of 2021.

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NMAC Pays $5M In CFPB Consent Order; Third-Party ‘Deprived’ Consumers of Lower Pay-by-Phone Options

Account Recovery

The Consumer Financial Protection Bureau yesterday announced it had entered into a consent order with Nissan Motor Acceptance Corp.,

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Finding a Second-Chance Auto Loan

Nerd Wallet

Ads for “second-chance auto loans” may catch your attention if you need to buy a vehicle and have bad credit, past bankruptcy or previous car repossession.

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What Is a Bad Credit Auto Dealer?

Nerd Wallet

Bad-credit car dealerships sell and finance vehicles for people with low credit scores, no credit, past bankruptcies, car repossessions or other credit issues.

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What Is the Automatic Stay in Bankruptcy?

Nerd Wallet

The automatic stay temporarily halts most judgments, collection activities, foreclosures and repossessions of the consumer’s property, which is known as the bankruptcy estate.

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How Do Car Loans Work?

Nerd Wallet

Until you fully repay the loan, the lender holds the title to the car and can repossess it if you fall behind. Car loans work by providing a lump sum of money for you to buy a car. Then, it’s yours to drive, while also making monthly payments on the loan (with interest) over time.

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Mistakes to avoid when filing for personal bankruptcy

Roths Child Law

Either way, overlooking the writing on the wall can give your creditor room to do the following: Place liens or obtain judgments on your property Foreclose your home Repossess your vehicle Start garnishing your paycheck Are you drowning in debt?

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What Happens to My Personal Loan After Bankruptcy?

Sawin & Shea

If you fail to repay an unsecured personal loan, the lender cannot repossess your assets. Repossession deficiency claims. Unlike unsecured personal loans, secured loans involve some form of collateral that the lender can repossess if the borrower fails to make payments.

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How Can a Lienholder Obtain Release of a Vehicle That Is Subject to a Lien From a Motor Vehicle Repair Shop Under Section 559.917, Florida Statutes?

Jimerson Firm

Once the lienholder obtains the certificate of release from the clerk’s office, the lienholder or its repossession agent should take the certificate of release to the repair shop in exchange for release/possession of the vehicle.

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How Can a Lienholder Obtain Release of a Vehicle That Is Subject to a Tow Lien Under Section 713.78, Florida Statutes?

Jimerson Firm

Once the lienholder obtains the certificate of release from the clerk’s office, the lienholder or its repossession agent should take the certificate of release to the towing company in exchange for release/possession of the vehicle.

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Order of Replevin: Getting Your Goods Back With Court Order

FFGN COLLECT NY

When most people think of taking back goods or other collateral, they think of the “repo man” breaking in and repossessing a vehicle in the dead of night without a court order or sheriff tagging along.

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What Is a Reaffirmation Agreement in Bankruptcy?

Sawin & Shea

For those that choose a Chapter 7 bankruptcy, a reaffirmation agreement can help protect property from being repossessed as collateral. However, if you breach the agreement, your property once again can become collateral and could be repossessed to help pay for your debts.

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Can creditors keep hounding you after you file for bankruptcy?

Roths Child Law

They may try to repossess items that you own, continue to hound you through your work or neighbors or even contact you directly. There are all kinds of pitfalls associated with being in financial disarray, including getting bothered incessantly by their creditors.

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Surviving Debt – Free Book During Coronavirus Pandemic

Debt Free Colorado

Vehicle Repossessions. Free book about dealing with debt during COVID-19. The National Consumer Law Center is offering free access to the digital version of its book, Surviving Debt, during the COVID-19 emergency.