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David Meyer-VP Sales, Automotive Solutions
Needless to say in today's sluggish economy, auto repossessions have become an increasingly common phenomenon, even in a thriving economy, personal circumstances such as layoffs or a medical crisis can put pressure on a household budget. This makes way for the BHPH business, and it opens many doors for those who would otherwise not be able to purchase and/or finance a vehicle. With this type of economy undeniably comes a risk…. Skips are common thus making repossessions necessary. “It is not personal, it is business” and this slogan has never been more true than for those in the BHPH industry.
Auto repossession laws vary not only from state to state but also according to the contract you created when the vehicle was originally financed. By examining these laws you can get a general idea of rights & risks involved with compliance regarding repossessions in the Buy Here Pay Here World. I’ve compiled a list of common laws and regs to keep in mind while going through the repossession process.
The above bullet points are generalized legal principles applicable across all states, like I previously mentioned it is crucial to know your state’s exact laws as they may differ. To learn more about your rights as a BHPH dealer and specific repossession requirements in your state, contact your state Attorney General by visiting www.naag.org