This message is just a helpful hint to anyone that has a vehicle repossessed.
1st thing to do is check with Consumer Affairs for the state you reside in. Most lienholders will not tell you what you can legally expect. Most states are non-redemtion states meaning the financial institution can demand full pay-off to release your vehicle back to you. However, several states require the lender to allow you so many days to pay the account up to date and the MUST give your vehicle back to you.in Maryland, you are allowed by law 15 days to satisfy late payments. However, if you have a second repossession within 18 months, they can demand payoff. NOTE: if a second repossession occurs after an 18 month period, they are required to let you redeem the vehicle the second time.
Washington, DC allows 10 days to redeem. Regardless if it is the 1st time or 5th time, lenders are required by law to release the vehicle back to you once delinquent payments are satisfied (including any repo or storage charges incurred within that incident).
Working for a repo company, I have heard many horror stories from customers when coming in to get personal property about how the finance companies have treated them. How they send their vehicles to auction before legally allowed.in Maryland, your vehicle is required to stay within the county of repossession for 15 days. If your vehicle is repo'd in Washington, DC, it is required the unit be stored in Washington, DC but most repo agencies take them out of state to be stored. This is because the lienholders do not want to accept responsibility for leaving the vehicle and/or personal property in the hands of an agency they do not have contracts with.
Also, if you voluntarily surrender a vehicle, YOU STILL RESERVE THE RIGHT TO REDEEM.
Just check your rights within your state. You will be surprised at just how much leverage you will have over each and every financial institution. They like to make you feel helpless but in fact, it may be the other way around. Just be persistant in every fight require immediate action.
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