How to Protect Yourself from Vehicle Repossession In Case of Coronavirus Layoff
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- Опубліковано 30 бер 2020
- If you have lost your job due to the coronavirus crisis, you are likely in survival mode. Your immediate goal should be to “shelter in place” to protect your health and that of your family. Beyond that, whatever funds you have need to be allocated to food and shelter.
But what about transportation? Is your vehicle at risk of repossession even in a time of national emergency? What steps can you take to protect your car or truck?
As I discuss in this video, the key to protecting your vehicle starts with knowledge and communication.
Knowledge means that you need to find out how your vehicle lender intends to act. Over the last few weeks, I have regularly checked the websites of numerous vehicle lenders. Some have established programs to defer payments or restructure loans. Other lenders have no published plans. Whatever the situation you need to know your lender’s intentions.
Communication means that you need to talk to your vehicle lender. Understand that your vehicle finance company is fearful that a delinquent borrower may try to disappear and hide his car from repossession. This concern will grow as more and more borrowers fall behind.
You need to ask to find out if you qualify for any of these payment relief programs, or if your account remains flagged for quick repossession in the event of default. Read my extended blog post about this important topic here: www.thebklawyer.com/thebkblog...
#coronavirusandbankruptcy #coronavirusandrepossession #howrepossessionworksingeorgia
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Good luck suing someone with no income.
It's not just income. If you have assets like a house with equity, that could. be at risk.
This is subject to each state however there is a Public Law of the CARES ACT of the Federal Government in which needs to be looked into.
Is a Tax return the same as a Tax return TRANSCRIPT in regards to documents needed for your bankruptcy
In my experience either would suffice.
What do you do when it is painfully obvious there was a breach of the peace ( They are caught on Security Camera in the act) and it was late at night with both myself and the manager were fast asleep in our beds, neither of us had a clue as to what was happening and they had to hack a PIN code on a secured gate of the parking where the gate was obviously closed as it clearly shows in the video, and neither the driver or the assistant were or are legal residence of building and they took my personal property and my wife with the car. I have spoken to several Lawyers and none seem to want to do anything but tell me " SMALL CLAIMS COURT WE CAN'T TAKE YOUR CASE AT THIS TIME " ?????????????
Behind over 18 months on car payment. No idea why they never repoed. But bank finally emailed me saying it’s up for repossession but that I have “options.” So I call them. They say I can start making payments again and keep the vehicle. Seems fishy and I don’t want to make payments just to have them repo it anyway. Any thoughts?
Good morning john Toyota did send us a email about help they get us 2 months from March to may and this week they call us again and give us 2 more months and till July and my commercial truck from Toyota they give me 2 months too thank 😀
If all else fails, simply lock it in your garage until you can get current on the loan.
They CAN NOT break in your garage, especially an attached garage. That's a felony, a B&E offense, subject to fines and imprisonment. Beat these mutants at their own game!
The problem with this approach is that the lender can file criminal charges for conversion, so I would not recommend it.
@@atlantabankruptcy
All car and home loans are fraud. If we lived in a civilized society, all bankers would be in prison! How convenient you didn't mention that.
Not if u dont have one
@@scarlett6896 Or in a family member's or friend's garage.
BK in any case is the worse of all.
I disagree - sometimes BK makes sense..
So you actually haven't got anything to say. Sir, you talk waffle!