Arizona Repossession Services Agreement for Automobiles
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FAQ
When you finance a car, you give the lender the right to secure the loan with your vehicle. The car serves as collateral for the loan and can be repossessed, or taken away, if you default. Arizona lenders can repossess your vehicle without notice if you stop making payments.
When it comes to vehicle repossessions, the creditor can repossess the property without judicial action as long as it is performed in a peaceful manner. The creditor is permitted to take the vehicle at any time after it has gone into default unless the contract specifies a time period prior to repossession.
What is Repossession? The contractual right of repossession is a process where a creditor can legally take possession of a specific asset or property if a debtor fails to meet their obligations on a contract. This right of repossession exists in many different sorts of agreements and transactions.
The repossession company can't make you pay a collection fee or a storage fee to get your personal belongings back.
Creditors have the right to sell your car after repossession to satisfy your obligation. In Arizona this sale is called "redemption of collateral." The sale typically is performed at a public or private auction.
A car repossession could happen if you fall behind on monthly payments. This can hurt your credit for up to seven years. It could also cost you thousands of dollars. Not only could you lose your car, but if the bank resells the vehicle for less than what you owe, you may be held responsible for paying the difference.
Lenders usually won't repossess your car until no payments have been made for 6090 days. Legally speaking, though, most states allow them to begin the repossession process as soon as the car is in defaultmeaning, as soon as you've missed one payment.
You can "redeem" the property by offering the creditor the entire unpaid balance on the debt plus expenses reasonably caused by the repossession. You must do this before the creditor has disposed of or sold the property. Usually you cannot redeem just by paying the amount in arrears unless the creditor approves it.
If you can't pay the entire amount due on the loan in a certain time period (usually 10 days), the creditor can then take back, or repossess, the property.
