What You Should Know About Repossession Laws in Georgia
Falling behind on car payments can put your vehicle in a risky spot, kind of like you loose control of the situation. If you’re dealing with missed payments or getting some kind of repossession notice, it helps to know how the repossession process works in Columbus , and how your rights show up under Georgia law. A creditor might be able to take the car after default, but that ability is not unlimited, so there are limits. So, How does the repossession process work in Georgia, exactly? When you finance a vehicle, the lender usually has what’s called a security interest in it. Your loan documents, or sales contract, spells out what you owe, and what can happen if you do not pay as agreed, basically the rules of the road. Under Georgia law, a secured creditor may take possession of collateral after default. In some situations, the creditor can do a self-help repossession without first going to court. But even then, the repossession can’t include a breach of the peace, and that part ...