Phoenix, AZ -- (SBWIRE) -- 07/08/2014 -- If one falls behind on his car loan, he could find himself facing the repossession process. What if an individual decides to hide his vehicle until he can get caught up on his loan? What are the penalties for hiding a car during repossession? Credit-yogi.com, the top-rated provider of dependable online fiscal guidance, is here to help by giving people in this position the facts about the legal repercussions of this action.
One no-cost initial visit to the website can introduce these subjects for discussion
- The Repossession Process
- How to Avoid Repossession
- Legal Results of Hiding the Vehicle
- Selling the Car
The Process of Repossession
After just 2 missed payments, a lender can institute repossession actions. Should the creditor do so, he must let one know, in writing and in a timely manner, that this is the case. If these missives are ignored, he contacts a repossession agency, which sends a representative to go get the vehicle. Read on to get answers to “what are the penalties for hiding a car during repossession?”
Avoiding Auto Repossession
There are several ways to avoid repossession of a car. One could talk with his lender to work out an acceptable arrangement. He should make a few late payments. If he does this and the lender accepts them, he may forfeit his right to repossess the vehicle. Of course, hiding the auto is an option. Credit-yogi.com has helped thousands of folks in this position. Available 24/7, 365, it’s easy to access any information.
Ramifications of Hiding the Automobile
Some answers to “what are the penalties for hiding a car during repossession?” include being arrested for stealing the automobile, facing huge fines, and going to jail. There’s also the moral repercussion: Neighbors and others may tell the repo guy where the auto is, if they know, because they feel it’s wrong to keep the bank’s property. None of these sounding good? They aren’t meant to. Think about these possible punishments for concealing the whereabouts of a car before doing it to avoid them.
Sell the Vehicle before the Bank Can
Rather than hiding the car from the repo man, attempt to sell it via private sale before it gets to that point. As long as the vehicle is in one’s possession and he isn’t too far behind on his loan payments, he can do this. If he gets enough money from the sale to cover his arrearage, he can pay off the lender and be out of hot water. Credit-yogi.com has a toll-free number one can call just to ask questions about anything fiscally pertinent. It never hurts to call and someone’s always there to answer.
About Credit-yogi.com
Credit-yogi.com was created with one goal – to provide the fastest, most accurate answer to consumers’ financial inquiries. For 15 years, it has met this goal, and intends to continue doing so indefinitely. For a no-cost preliminary consultation, dial 866-964-9644 at any time – even a Saturday morning at 6:00!