This is an attorney desk reference manual from Illinois Legal Aid Online. It covers many aspects of lawful repossession when the creditor has a valid security interest in the consumer's vehicle. This requires that the security interest is written in a retail installment contract or a financing agreement and the case of vehicles, noted on the certificate of title or approved form provided by the Secretary of State.
For repossession to occur, the lien holder must have a valid security interest in the collateral and the case of vehicles, clear title. A creditor must register notice of security interest with the Secretary of State for vehicle liens.
Part of the Legal Professionals library, sponsored by Quilling, Selander, Lownds, Winslett & Moser.
