repossession and collections. A borrower usually has several missed or late payments before surrendering the vehicle, and each one can lower credit scores by many points. The repossession will also be reported to the credit bureaus and is likely to show up on your report. Finally...
Put in the simplest terms, repossession happens when the lender sends a tow truck to move the vehicle from the buyer's property to the lender's lot. The bank or lender has the right to do this when the borrower defaults on any of their responsibilities under the sale contract. Most Georg...
This requirement doesn't apply to single family residences. The law also applies to vessels, which Florida law defines as a "watercraft, barge, and airboat used or capable of being used as a means of transportation on water." Businesses may also authorize the towing of a vehicle if it's ...