Stop House Repossession
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how common are repossessions of automobiles in Britain?(what the law allows for a repossession to take place?)?

was reading in the news papers of the US ..how people will get into physical altercations even with a "tow truck driver" hired by the bank or auto dealership to come and take back the vehicle..and even chase after them if they try to flee with the vehicle..and lately resulted in the death of the auto owner..when the person trying to repossess their vehicle pulled in front of them with the tow truck trying to stop them from fleeing.

is this method also used in Britain? if so, how common ? or how different? and since when?

what is necessary for a repossession to be legal? just 1 late payment or why so many dealerships and banks seem to be so anxious to take back the vehicle..even after 1 late payment? what they gain by doing this?

please explain what you can..and anything about how has changed in past 20 years and how?

thanks for your answers!

One Comment

  • Comment by Sarky
    2011-06-5    15:19:08

    It is contract law which allows repossessions.

    If you are purchasing a vehicle on hire purchase/finance scheme then the contract will state that it is the property of the finance company until xx% of payments are made or whatever.
    Therefore if payments are missed they can take the car away as it is their property.

    What they gain from taking it back is they have the car/property back in their hands and can then sell on thus mitigating their losses.