Quote Originally Posted by Cataholic View Post
I don't know CA laws. In Ohio, a repo is an instant credit blemish, and the ownership of the car reverts to the loan holder. So, in Ohio, knowing where the car is after a repo is meaningless. In fact, taking the car- once the bank has exercised the right to reposess would probably land the person taking the car in criminal court.

Again, giving up the rights of ownership but still having the obligation is a financial nightmare.
Also, in most cases, the car will not be released until the loan balance is paid in full, or a specific amount determined by the finance company or bank has been determined. Most places won't take the chance of getting burned by non payment a second time. It's just not worth the trouble to them.

Once it is repo'ed, it is towed to an impound lot which is secure and locked up tight, and there's no way someone is able to get in and just take the car. In addition to the loan balance, you also get socked with towing and storage charges on the vehicle for as long as it's impounded.

I would imagine Canadian law is pretty much the same as U.S. law.