CINCINNATI REPOSSESSION LAWYERS

Expensive items like cars, computers or electronics can be financed either by the retailer or a third party lender. These transactions are approved based on the buyer’s credit rating and agreement to make regular payments.

Buyers who neglect to make these payments can lose their purchases such as a car to bank repossession. Repossession allows creditors to legally sieze property from debtors who default on their loan. Default usually means the buyer has missed several payments and has ignored notices from the creditor or repo agent.

Creditors have rights known as security interest and can reclaim property if the buyer doesn’t complete all the payments. State laws as well as contracts signed between creditors and buyers specify what rights each party is entitled to.

Repossession attorneys at O’Connor Acciani & Levy, LLC will advise you about your rights when property is seized, whether you are the creditor or the buyer. Call us today at 513-241-7111 to discuss your concerns or contact us via email.

Many states allow possessions to be reclaimed without notice, at any time or place. However, creditors are not permitted to confront the buyer or break the law when seizing property. These actions are interpreted as breaching the peace, and endanger the creditor’s rights to the repossessed property.

Often the creditor hires a third party to repossess the property. Sometimes called the repo man or repo company, this party must obey the law during the repossessing process or be subject to a penalty fee or a suit for damages by the buyer.

Property that has been seized may be retained by the creditor, but is normally sold to cover the expense of the buyer’s debt. Some rights still belong to the buyer, even after repossession. Depending on the state laws where the buyer lives, he or she can request the following information:

• what will become of the property
• where and when the property will be sold if a public auction is held
• when and to whom the property was sold.

Buyers also have the right to buy the seized property back by paying the creditor the balance due, including the cost of the repossession. If the creditor decides to keep the property, the buyer can insist that the property be sold and attempt to buy it back.

Frequently the value a creditor is able to recover from sale of the property is less than the debt owed. In many states, the creditor has the right to sue the buyer for the difference between what the property sold for and the balance due, known as a deficiency.

Creditors have to abide by his or her state’s laws to recover deficiencies in a repossession sale. This means repossession was performed without breaching the peace, and the property was sold at fair market value.

Confirm your rights in recovering deficiencies and protect your interests in cases of repossession by calling O'Connor Acciani & Levy, LLC at 513-241-7111 or send us an email. Our repossession lawyers know which laws apply in Ohio and Kentucky and will advise you of the best approach to take in your case.