- Repossession fee: This fee is usually charged by the repossession agency or the lending institution.
- Storage fee: The lending institution may charge a fee for storing the vehicle until it is sold or returned to the borrower.
- Legal fees: If legal action is required to repossess the vehicle, the borrower may be responsible for the costs of court filing fees and attorney fees.
- Late payment fees: Some lenders charge a fee if the borrower fails to make payments on time.
- Excess wear and tear: If the vehicle is returned in damaged condition, the borrower may be responsible for the costs of repairs.
It is important for borrowers to familiarize themselves with the terms of their loan agreement and any applicable laws to ensure they understand their rights and responsibilities in case of repossession.
