Phoenix, AZ -- (SBWIRE) -- 06/18/2014 -- No one wants to have their vehicle taken back by their banks. It’s a source of stress for the individual whose auto is no longer his. Military members facing auto repossession don’t have to worry about it happening as much as non-military people. There are special considerations for those serving the U.S. that answer how to stop car repossession, and the knowledgeable staff at Credit-yogi.com can explain them during one visit or call to the site. Some topics to be discussed may include:
- Creditor Repercussions
- Coverage by SCRA
- SCRA Coverage Period
Servicemembers Civil Relief Act (SCRA)
Under the Servicemembers Civil Relief Act of 2003, the creditor (lender who approved the car loan) cannot repossess the vehicle of an active duty military member. In order to qualify for such a consideration, one must have taken out and made a deposit or first payment before he entered the Armed Services. Credit-yogi.com, the most highly rated online dispenser of fiscal information, has more info on this subject and is happy to share it. Stop by or visit the website to learn more.
Creditor Consequences if Petitioning Court
If a lender chooses to go to court to gain permission to repossess a military person’s vehicle, he may find himself having to repay all moneys paid in on the loan to this point. If this is the case, he cannot take possession of the car until these repayments have been made. Also, at the request of the soldier, the court can grant a stay of the process for up to 90 days as long as the individual’s military service prevents him from making his payments. This is often a good response to how to stop car repossession because the pressure is on the lender not to go through with the process.
People Covered by SCRA
Simply put, the Servicemembers Civil Relief Act covers anyone who is in military service. These include those in all four major branches of the military (Army, Navy, Marines, & Air Force), reservists, and U.S. citizens serving alongside foreign allied forces. Credit-yogi.com, accessible all day, every day, all year long, has more to share with those interested in this subject. A call or visit to the site can grant access to it quickly.
Period of SCRA Coverage
This response to how to stop car repossession begins the day one receives his orders for active duty. It will also cover a military person when he is given his date to report for service (reservists), his date of induction (selective service) and if he is legally not participating in active duty due to illness or leave. SCRA coverage ends roughly 90 days after one is discharged, leaves service, or dies.
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