Self liquidating loan define
The most common forms of default resulting in repossession are failing to make required payments and failing to maintain adequate insurance coverage. Typical requirements include mandating that auto lenders provide consumers with opportunities to either "reinstate" or "redeem" their purchase or lease contracts after their vehicles have been repossessed.
A "reinstatement" entails a consumer paying all of his or her past due amounts plus the creditor’s repossession expenses, and then reacquiring the automobile as if the repossession had not occurred.
In some jurisdictions, self-help is limited to special circumstances, so in general, the right of possession can only be enforced by a court and/or other official agents.
When a provision of law requires when repossession takes place, the lien holder has a non-delegatable obligation not to cause a Breach of the Peace (which is synonymous with disturbing the peace) in performing the repossession or the repossession will be reversed, and the party ordering the repossession will be liable for damages (or the lienholder will be held responsible). W.2d 151, where a repossession agent towed away a car even after the loanee locked herself in it, the court decided that this was an unlawful breach of the peace and declared the repossession invalid.
Repossession also generally does not apply to real property.
The only exception to this rule is if the creditor does or says something to lead the debtor to believe that the goods will not be repossessed notwithstanding a late payment. makes a "oral contract", or orally modifies the terms of a written contract.) If a creditor tells a debtor that a payment may be made a particular number of days late, and then repossesses the goods before that date, the creditor is guilty of conversion (i.e., civil theft).
That being said, unless the consumer received permission to make a late payment in writing, it may be difficult for him or her to later prove that the creditor agreed to permit the late payment.
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