this post was submitted on 03 Jan 2025
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There's a replevin for when debtors won't comply. It's like a warrant. I don't like it any more than the next guy but if we buy cars on finance, the dealer or bank owns the car until we've paid our loan off. Hiding it from them is technically stolen property. A lien holder's legal right to a repo order is a literally a signed tenet of the loan agreement.
Not a problem that needs to be solved with technology, there's already the long arm of the law. Capitalism! ๐
No, the bank does not own the car. They have a lien on it, i.e it is collateral for you defaulting on the loan they gave you to purchase it. Thats not ownership as much as its a stake on the material good as collatoral for payment. Contractors/etc can put similar liens on houses that mean you cant sell the house without paying them. That too is a civil matter.
Enforcing a lien is a civil matter. The process for enforcement varies state to state, but it is a contract dispute, not theft or anything like it.
Breach of contract has penalties that can include various things, including repossession, but cops wont enforce that without a writ from the courts, and often not without a nominal fee paid. This is normally when the losing party in a lawsuit refuses to comply with a judges ruling for payment to the wronged party. A simple car loan default doesnt rise to that level.
There is a reason its repo guys rolling around in tow trucks picking up defaulted cars and not cops. Its not a criminal matter.