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The Automatic Stay Will Stop Car Repossession in Florida When you file either Chapter 7 or 13 bankruptcy an ?automatic stay? is put into place under bankruptcy law. The automatic stay will instantly stop car repossession as soon as the case is filed with the court.
How? Under Florida law, your lender must give you an opportunity to meet at a mutually agreed-upon place to surrender the car and remove your belongings before the lender repossesses the car. If you don't do this, lenders aren't required to give you any further notice before the repossession.
The statute of limitations for car repossessions in Florida is five years. This means that the car lender may not attempt to collect from you or file a suit against you after five years per the last date of activity on the car loan. The statute of limitations applies to all consumer debts with written agreements.
Generally, your creditor has legal authority to seize your car as soon as you default on your loan. Once you are in default, your creditor may repossess your car at any time without prior notice and may come onto your property to do so.
Yes, Florida does have a right to cure law for auto loans. Within 45 days after repossessing your vehicle, the lender must send a ?Notice of Right to Redeem? that gives you a chance to pay the deficiency balance plus fees to get the vehicle back before the title transfers.