In its brief, Wells Fargo lawyers said a secured creditor's right to repossess
its collateral when a debtor defaults "is long-standing and widely recognized in Oregon.
New legislation aims to make it harder for lenders to repossess
The victim had connected the vehicle to the tow truck when he was approached by Peters and Torres, who screamed at him not to repossess
their car, Ullman said.
Assuming all the above risks are satisfactorily addressed, is it even logistically feasible to repossess
, transport and dispose of large inventories under a catastrophic dealer default scenario?
Mr Scott added: "We were left with little choice but to repossess
and clear it after Mr McElvogue built up more than six months' arrears and failed to get in touch with us.
Helen Goodsall, from AA Car Data Check, said: "In the worst scenario, the finance company can simply repossess
the car, and the buyer may have no comeback at all.
And they may find lenders quicker to repossess
homes - to take advantage of rising house prices.
Summary: The Government has announced plans to close a legal loophole which enables lenders to repossess
people's homes without going to court.
When they didn't, Ford Credit decided to repossess
But it also called for the FSA to clamp down on irresponsible lenders who advance unaffordable mortgages to consumers and are quick to repossess
their properties when they get into arrears.