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Your rights with regard to vehicle repossession

by | Nov 13, 2020 | Personal Finance

You must know your rights when it comes to debt collectors, especially those who want to repossess your vehicle.

Let’s be clear, no one except a sheriff with a valid warrant of execution, that has a court stamp and is signed by a court official – may enter your premises and take your vehicle! Yet, debt collectors and vehicle trackers – most who work on commission for every vehicle they “bring in” – will lie to you, bully you, threaten you and scare you into signing a document and handing over your keys – when you simply don’t have to.

When you are behind on payments on your vehicle and someone turns up at your door to confiscate your vehicle, it is undoubtedly stressful and traumatizing. You have to move past those feelings – and make the effort to read the documentation that you are presented with.

If it is a sheriff with warrant of execution – that means that all avenues have been explored and all processes have been followed. And you unfortunately need to hand over your vehicle. However, 99.9% of the time the document the debt collector wants you to sign is a consent to voluntarily surrender your vehicle. It has nothing to do with the courts! Do not sign it!

Instruct the debt collector to get off your property immediately! If they refuse – call the police and have them arrested for trespassing. Take out your phone, and take pictures and videos of them. But do not hand over your keys to the debt collector. Whatever you do – do not sign that consent to voluntarily surrender your vehicle. Once you have signed that document – your creditor will have your vehicle. And you will still owe them the full outstanding balance.

You may have skipped some payments – but as a debtor you have rights and you have options. And creditors must follow process.

Do not be bullied and threatened by debt collectors . Read the documents and do not sign anything that you are not comfortable with. No one – not the FBI, the CIA, any bank or government agency can repossess your vehicle without a valid warrant of execution

Call the police to arrest anyone who bullies or threatens you into handing over your vehicle.

If you are under debt review and someone turns up to repossess your vehicle – contact your debt counsellor immediately and they will take over.

You have rights and you have options. For more information on debt review and the advantages of debt review – which includes protecting your assets from repossession, contact us today. And one of our debt advisors will be in touch shortly.

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