Connecticut repossession law states that if a car is purchased on credit, the lender, or creditor, retains a security interest in the car.
When the contract, stating the amount of each payment and the due date for payments, is drawn out, the creditor must perfect the lien, meaning he asserts his right to claim the vehicle.
According to this law, the creditor has the legal right to start a repossession process if the borrower misses any payment.
The contract may state whether it is possible to miss more than one payment before proceedings are commenced, but in any case it is best to get in touch with the creditor as soon as a payment is missed.
Most creditors are willing to help borrowers by making alternative arrangements, rather than repossessing a vehicle. Keeping them informed, however, is of vital importance here.
If it is too late for this, the creditor may send the borrower written notice of the amount due and a payment deadline. This has to be done via certified or hand delivered mail at least 11 days before the deadline.
Creditors are, however, not required to send such a notice. Connecticut Code 36a-785 states that if no previous notice is sent, the borrower must be informed of the repossession no more than three days after repossession. This again has to be done via certified or hand delivered mail.
The borrower has the right to redeem the vehicle by paying the outstanding amount within 15 days of repossession, if no advance notice was received. This final notice must inform him of this. If this is not done, no storage or repossession fees can be charged.
In case of an advance notice having been sent and the borrower failing to meet the terms stated therein, the car may not be redeemed.
When the contract, stating the amount of each payment and the due date for payments, is drawn out, the creditor must perfect the lien, meaning he asserts his right to claim the vehicle.
According to this law, the creditor has the legal right to start a repossession process if the borrower misses any payment.
The contract may state whether it is possible to miss more than one payment before proceedings are commenced, but in any case it is best to get in touch with the creditor as soon as a payment is missed.
Most creditors are willing to help borrowers by making alternative arrangements, rather than repossessing a vehicle. Keeping them informed, however, is of vital importance here.
If it is too late for this, the creditor may send the borrower written notice of the amount due and a payment deadline. This has to be done via certified or hand delivered mail at least 11 days before the deadline.
Creditors are, however, not required to send such a notice. Connecticut Code 36a-785 states that if no previous notice is sent, the borrower must be informed of the repossession no more than three days after repossession. This again has to be done via certified or hand delivered mail.
The borrower has the right to redeem the vehicle by paying the outstanding amount within 15 days of repossession, if no advance notice was received. This final notice must inform him of this. If this is not done, no storage or repossession fees can be charged.
In case of an advance notice having been sent and the borrower failing to meet the terms stated therein, the car may not be redeemed.
