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Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 45517
Experience:  32 years of experience practicing law and a businessman.
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Ho do i legally reposes vehicle from my customer who is late

Resolved Question:

Ho do i legally reposes vehicle from my customer who is late on payments in state of texas ? thanks
Submitted: 1 year ago.
Category: Business Law
Expert:  Richard replied 1 year ago.

Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good morning. Do you have a security interest in the vehicle?

Customer: replied 1 year ago.


yes i do he only paid 500 down and never did any other payments his phone is off and gave me wrong address where he suppose to be living

Expert:  Richard replied 1 year ago.

Thanks. You can then go take the car yourself (or have a repossession company repossess it for you). I have provided you the actual statute giving you this authority below. In doing the repossession, you are not allowed to breach the peace and you are not allowed to break and enter to get the vehicle.

Search TEX BC. CODE ANN. § 9.623 : Texas Statutes - Section 9.623: RIGHT TO REDEEM COLLATERAL

(a) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.

(b) To redeem collateral, a person shall tender:

(1) fulfillment of all obligations secured by the collateral; and

(2) the reasonable expenses and attorneys' fees described in Section 9.615(a)(1).

(c) A redemption may occur at any time before a secured party:

(1) has collected collateral under Section 9.607;

(2) has disposed of collateral or entered into a contract for its disposition under Section 9.610; or

(3) has accepted collateral in full or partial satisfaction of the obligation it secures under Section 9.622.



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Customer: replied 1 year ago.
his payment due was two months ago how long time do I have to wait by law before repossession take place.or I could reposses it as soon as he was late on his first payment two months ago?
Expert:  Richard replied 1 year ago.
You can repossess it as soon as the borrower is in default.
Customer: replied 1 year ago.

and iassume if he late more than 24 hours that can be considered in default? right ?

Expert:  Richard replied 1 year ago.
I don't know whether your loan has a right to cure in it. But before you repossess it, you should first give a notice of default, a short period of the right to bring current, and then if that period passes, you can repossess.
Customer: replied 1 year ago.

how do i give him a notice of default if i have no way to get in touch with him ?


 

Expert:  Richard replied 1 year ago.
You can send it to the last known address.
Customer: replied 1 year ago.

thanks certifed mail right ?


 

Customer: replied 1 year ago.

thanks certified mail right ?


 

Expert:  Richard replied 1 year ago.
Correct. Or, by independent courier who can verify it was posted at the address if they do not answer so you have independent verification of time and delivery.
Richard, Attorney
Category: Business Law
Satisfied Customers: 45517
Experience: 32 years of experience practicing law and a businessman.
Richard and 6 other Business Law Specialists are ready to help you

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