Where Can I Find A Good List Of Massachusetts Vehicular Laws Specifically Concerning Repossession?

You can find the repossession laws for the State of Massachusetts at the link below. Lawdog Massachusetts Repossession is the name of the website. Repossession of vehicles in the State of Massacusetts, appears very similar to those in other states. When a person purchases a vehicle and pays cash the vehicle is purchased clear of any liens and therefore the title of the vehicle is considered free and clear. The owner possesses the original document and registers the vehicle with the Department of Vehicles in the State of residence.

When someone uses money to pay for a vehicle with money from a loan, purchased from a Bank or or another Lending Company, the lending agency is the owner of the vehicle title. The vehicle has what is referred to as a lien against it, which means the person in possession of the vehicle does not as yet possess full ownership of the vehicle. The purchaser has a duplicate copy of the original title, held by the Bank or Lending Company, which made the loan.

The only way the purchaser of the vehicle can gain full possession of the original title is to pay the loan in full. Most vehicle loans are paid back over a period of 36-60 months with monthly payment due on or prior to a specified date. If, a borrower neglects to make one or more payments, the Bank or other Lending Company can repossess the vehicle.

The buyer of the vehicle is informed the vehicle must be turned over to lender in a specified amount of time. If, the buyer refuses to turn over the vehicle the lender can physically take possession of the vehicle. This is the act of repossession, physically removing the vehicle from the premises of the owner. Click on the link for additional information.

www.lawdog.com

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