Affidavit Of Repossession

The affidavit of repossession is the official document in which the written declaration of repossessing a vehicle is actually made under oath or sworn before somebody legally authorized to administer oath.

If the car was bought based on a loan from the bank and now the borrower can no longer support the monthly payment to the bank, the creditor is entitled by law and contract to claim the car, the good that the money was actually lent for. Most of the times the person who resorts to making a loan in order to buy the vehicle is not the true owner of that vehicle until the last payment to the bank has been carried out. Until then, if payment is overdue one day only, the creditor may be entitled to repossess the vehicle you have purchased with the lent money. That is why it is of utmost importance to carefully read the contract you sign before making the loan and clearly understand all the conditions and the details regarding the loan you want to make. It is just as important to read the small font clauses of the contract as those are the ones that may specify under what conditions repossession may occur. Like this you can weigh the positive and the negative and decide if the loan is actually worth it.