Repossession 

The actions of a lender to take possession of personal property in which it has a security interest, or the actions of a landlord to take possession of leased premises after default. Repossession may be by court order, or it may be self-help, as when the automobile repo person takes a car in the dead of night. Self-help repossession is generally allowed unless prohibited by specific consumer protection statutes,but it must be accomplished without a breach of the peace.Some courts define “breach of the peace” as shouting, threats of violence, or any sort of public disturbance.

Others hold that repossession in the face of the debtor’s oral statements to cease and desist is a breach of the peace, but thatthat does not preclude the creditor from returning later to attempt repossession when the debtor is not present.

How Repossession on a lease works

Whenever a vehicle is leased, the person driving the vehicle doesn’t really own it. Leasing is much different than getting a loan for a vehicle and there are different rules involved should you default on the terms of their lease. Typically, car dealerships and banks will work with you before repossessing a vehicle on a defaulted lease. There are also specific steps that they must take before a bank can legally repossess a leased vehicle.

Repossessions are a very unfortunate circumstance but at times there is not much you can do, but just try and keep your accounts up to date to avoid such problems.

To read more articles like these please see: Auctions in Johannesburg