|
REPOSSESSION IN CONNECTICUT
The material provided on the 2-1-1 eLibrary is for informational purposes only. It is not intended to be and should not be construed as legal advice.
WHAT IS REPOSSESSION?
Repossession of property such as motor vehicles, furniture, appliances or other household goods occurs when the item(s) are reclaimed by a dealer, company or other seller after a buyer has defaulted on their payments. In a sales transaction involving installment payments, the seller takes a security interest in the property being sold so that repossession of the property can take place if the buyer does not meet the obligations of the sales contract. Other legal definitions of the terms involved in the repossession process can be found in the document, “Repossessions in Connecticut: A Guide to Resources in the Law Library” posted on the website of the State of Connecticut Judicial Branch:
http://www.jud.state.ct.us/lawlib/Notebooks/Pathfinders/Repossession2003.htm
The following information is summarized from “Repossessions”, a pamphlet posted on the website of the Legal Assistance Resource Center of Connecticut: http://www.larcc.org/pamphlets/consumer/repossessions.htm
WHAT HAPPENS IF SOMEONE COMES TO REPOSSESS MY PROPERTY?
A seller or creditor cannot come into your home without your consent to repossess household items such as furniture and appliances. Breaking into a home or garage to repossess an item is illegal under the law. However, a motor vehicle parked in front of the house or in the driveway can be repossessed. It is recommended that you consult an attorney if a creditor threatens to repossess your property.
HOW CAN I GET MY PROPERTY BACK AFTER REPOSSESSION?
You can get any repossessed property back within 15 days of the repossession if the creditor has not given you an advance written notice. This will require making any missed payments, paying charges for repossession and storage and correcting any other defaults to comply with the sales contract. A written notice of what is owed to the creditor must be given to you within three days after the repossession. However, if an advance written notice was given, the property can only be reclaimed if the creditor agrees on their terms. This could require paying off or refinancing the entire amount owed to the creditor right away.
DO I NEED TO KEEP PAYING FOR AN ITEM THAT HAS BEEN REPOSSESSED?
No, except if the item is a motor vehicle. If you bought the vehicle for a cash price greater than $2,000, it can be sold with the price (or fair market retail value of the vehicle) deducted from your debt and the creditor could sue for the remaining balance owed to them. In all other cases, a creditor cannot sue you for money owed to them if they have already repossessed the item.
WHAT IF I DON’T HAVE THE MONEY TO GET MY PROPERTY BACK?
If you are unable to obtain the funds necessary to reclaim your property, the creditor must sell the item within six months of the repossession and give you a written advance notice of the sale. The creditor must also give you a written statement after the sale that includes the price of the item and what was done with the sale funds. Any money left over after your debt is paid must be returned to you.
WHAT IF THE CREDITOR HAS TREATED ME UNFAIRLY?
If you think that the repossession was wrong or that you were treated unfairly by the creditor, it is recommended that you consult an attorney for advice. If your income is low and you are unable to afford an attorney, you can contact Statewide Legal Services (www.slsct.org) at (860) 344-0380 (Hartford and Middletown areas) or at (800) 453-3320 (all other areas) for free legal advice and information.
If you are not eligible for free legal aid assistance, you can call a Lawyer Referral Service. The Lawyer Referral Service will refer you to an attorney who will charge $25-35 for one half-hour consultation.
TO FIND PROVIDERS IN CONNECTICUT’S COMMUNITY RESOURCES DATABASE:
Search by service name:
-----------------------------------
SOURCES: Legal Assistance Resource Center of Connecticut website; State of Connecticut Judicial Branch – Law Libraries website
PREPARED BY: 211/pt
CONTENT LAST REVIEWED: December2008
|
