QUESTION
Can a finance company repo a car when a different finance company holds the titile and lease?
Asked on Jun 19th, 2012 on Bankruptcy - Michigan
4 ANSWERS
Yes.
Answered on May 29th, 2013 at 3:09 AM
Business Formation Attorney serving Westland, MI
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Clos, Russell & Wirth, P.C.
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No unless the original finance company assigned the debt to the finance company seeking repossession. This is a common practice.
Answered on Jun 28th, 2012 at 1:07 PM
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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Yes if they have an assignment of the interest in the car. or maybe they were contracted to repo the car.
Answered on Jun 28th, 2012 at 12:54 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Generally no, BUT it is possible that the note and security interest have been assigned to another company which is both possible and legal. If that has occurred the new holder of the paper is within its rights to attempt to repossess the security if the payments are not being made.
Answered on Jun 28th, 2012 at 12:54 PM