- Texas Auto Repossession Rules & Regulations?
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If the consumer has failed to comply with the vehicle's contractual lien agreement, a lien holder may repossess the consumer's vehicle with no prior notice and at any time of day or night. The lien holder may also enter the consumer's property to retrieve the vehicle without prior permission from the consumer, but must do so in a "peaceable" manner and without entering into an enclosed structure such as a garage.
However, it is unlawful for the consumer to knowingly hide or otherwise prevent the lien holder from repossessing a vehicle.
- Texas Auto Repossession Rules & Regulations.
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In Texas, the consumer has 10 days from the date of repossession to redeem the vehicle by payment of the remainder of the debt in full, plus any expense the lien holder incurred as a result of the repossession. Upon passing of the redemption period, the lien holder may choose to keep the vehicle, sell the vehicle at a public auction or sell the vehicle to a private party.
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If the consumer believes the value of the car is greater than the amount owed, she may demand that the lien holder sell the car rather than keep it. The lien holder must inform the consumer of intent to sell and the date of any auction in which he sells the vehicle.
According to Carrion and Associates, the lien holder must sell the vehicle in a "commercially reasonable manner," meaning for a fair market price. The consumer is entitled to funds in excess of the amount owed derived from the sale of the car, minus any costs incurred as a result of repossession and sale.
A deficiency results when the lien holder sells the vehicle for less than the consumer owes. Texas law prevents a lien holder from collecting deficiency payments from the consumer unless the lien agreement contains a clause granting such payments. A judge may not grant deficiencies to the lien holder otherwise.
Darci Pauser began writing in Pauser holds a certificate in sustainable agriculture from California's Green String Institute and a Bachelor of Arts in anthropology from the University of California, Berkeley. By: Darci Pauser. Through filing Chapter 13 bankruptcy and assistance from our team at Campbell Law Firm, PC , we can work to get your vehicle returned to you. You have a limited time after your car has been repossessed, so do not delay in taking action.
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Call to discuss your case with our top-rated team. If the repossession has already happened, it is important that you file Chapter 13 bankruptcy as soon as possible. By filing Chapter 13 bankruptcy, you will be able to pay back the payments that you are behind on over a period of five years instead of having to pay it all at once. The key to getting your car back is acting quickly, so call our Tyler bankruptcy lawyer today to discover if Chapter 13 is the right option for you.
7 Facts You Need to Know About Repossession in Texas
Time and again, we have helped those in need of getting their car back, finding financial freedom, and helping them out of serious debt. When you work with our firm, you can be assured that we always put our clients as our number one priority. Working directly with an attorney, your case will be treated with the utmost respect and you can feel confident knowing that we pay attention to every detail.
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