What are the laws on getting a vehicle back after it has been repossessed before it is sold?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What are the laws on getting a vehicle back after it has been repossessed before it is sold?
They made me an offer that I am considering if I can come up with the money but I have to let them install a GPS unit on the vehicle. The contract does not say they can do this but they are telling me I either take it or pay it off to get it back. I have real questions regarding the legality of this in OR.
Asked on August 6, 2011 Oregon
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
You need to first read your loan agreement for the vehicle that was repossessed in that its terms set forth the obligations owed by you to the lender and vice versa unless prohibited by law.
Your vehicle was repossessed because in all likelihood your were not making its monthly payments. If so, the lender was within its rights to repossess the vehicle. If the initial loan agreement did not require a gps unit on the vehicle, you do not need to agree to this term now if you can satisfy the amount that is in arrears, late charges, storage fees and repossession fees.
If you cannot satisfy the amount needed to cure the delinquency and other allowable charges on the vehicle, then you have to make the choice of losing the vehicle and likely having a deficiency judgment when it is sold at auction or take the offer and allow the gps device to be installed on the vehicle.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.