Many repossessions involve a vehicle (CAR or Truck but can also include furniture, appliances and even your home through a repossession better known as “foreclosure.”
Roanoke VA Repossession services legally repossess vehicles in the region. Companies like Star Valley repossess vehicles daily.
In the case of vehicles some lenders may choose to seize (Repo) and tow it while others remotely disable the engine electronically.
In other cases creditors may repossess the property you actually own if you used it as collateral to borrow money and are behind on payments. A title loan on a vehicle is a common example. Repossessions happen all the time when and if you don’t pay on time.
What This Means to You
If you cannot get current or make arrangements with the creditor on your secured loan, the creditor has the legal right to repossess (take back) the collateral securing the loan (car, home or other personal property). That is what a Repossession is, taking back an item that you have a legal right to take back.
If you restore antique cars, ride dirt bikes or own a boat, it’s important to know how to tow a vehicle properly. Driving while towing can be hazardous if you don’t follow simple safety tips.
Suzuki, manufacturer of a variety of vehicles for outdoor enthusiasts, suggests the following guidelines for towing:
* Always use safety chains and follow the manufacturer’s recommendation for attaching them. Safety chains are required and should be crossed under the tongue of the trailer so that the tongue will not drop to the road if it becomes separated from the hitch. Do not attach them to the bumper. Leave enough slack so you can turn, and make sure the safety chains do not drag on the ground.
* Be sure the brake lights, taillights and turn signals of the towed vehicle operate in sync with the vehicle being driven. This is a requirement in all 50 states. You can use brake/signal light accessory kits, which are strapped or magnetically connected to the rear of the vehicle being towed.
* Use the right tow vehicle. Before purchasing a tow vehicle, it’s best to determine the maximum weight you might tow and then match that weight to a..