Get this...repo info

NIk, She's full of BS!! According to Why Chat, its 2 years post sale of the repo, and that's IF everything was done in accordance with state law, the repo, notice of the sale, everything. I wouldn't worry.

 

Nik, I'll go backtrack on cardreport and see what I find. I'm sure its 2 years, as there have been several posts, and he helped me get out of a lawsuit after I had already been sued on a repo.

 

Nik, here is the link for my specific info he gave in my case...I'm gonna look further, as I think he helped someone in Texas. I'll keep you posted.

http://cardreport.com/wwwboard24/messages/16454.html

 

There is a 2 year period from the time of the LEGAL repo and LEGAL sale for the creditor to LEGALLY give notice of claim of deficiency.

There is a 4 year period from the time of the sale for any legal action to be brought against someone for a deficiency where notice has been legally given within the 2 year period.

And, yes Ca. subscribes in it's statutes to the UCC. In fact,I believe Ca. has even stronger rules and penalties against CA's who try to collect on repos than for other types of debts.

 

Read the UCC chapter 2...its 4 years. the only way I found this out was doing a google search using "auto deficiency balance, statute of limitations"..

It popped up a ford Credit lawsuit that stated they had 4 years according top UCC article 2 and the judge agreed..

 

Re: Re: Get this...repo info

I will TRY to sort this out, as best I can.

Each State has it's OWN repo laws, they are usually found in the section of the State Statutes called Motor Vehicle Finance Act, or Retail Installment Sales Act. These statutes cover CONSUMER contracts and leases ONLY.

The LONGEST period of time I have seen in any case law on the subject of deficiency was 2 years, in which the Court ruled that a 2 year period of notification of deficiency was not "reasonable" and threw out the deficiency judgment.

Most States require IMMEDIATE notification, some say 45 days, some 60 days, others like Ca. give a consumer up to one year after the sale to challenge the sale, so obviously,if, in Ca. they were not notified within a year, their rights of challenge were negated and no deficiency could be claimed.

For the sake of "simplification" I have posted the LONGEST period of time for legal notification, I guess I "oversimplified" If someone is dealing with a claim for a deficiency, and they have NOT had full and complete notice according to THEIR State laws on repos, then there can be NO deficiency.

 

Re: Re: Get this...repo info

Having the car adversely repossessed is the better of the two options if you intend to fight paying any deficiency. This is because there may be specific notices that are required prior to repossession that aren't required if you turn the vehicle in. The more regs the lender has to comply with, the better your chances of finding non-compliance and voiding any possible deficiency.

That said, unless you signed the contract in California, you will most likely be governed by the laws of whichever state they sue you in (probably Texas). Many contracts contain language which says "this agreement will be bound by XXX state law", but often these provisions are void. Individual state codes are often written to say that their own laws supercede waiver.

When and if you get sued, you will need to do some heavy research on that jurisdiction's laws governing repossession. Hopefully it doesn't come to that, but if it does, I'll be happy to help you in your research as I've had lengthy experience and a great degree of success (mostly due to WhyChat's friendly advice). More likely than not, especially given the facts you provided, your vehicle was illegally repossessed and no deficiency is owed.

-HDAlex

 

Re: Re: Get this...repo info

Whychat,
I cant find that section for TN.
http://198.187.128.12/tennessee/lpext.dll?f=templates&fn=fs-main.htm&2.0

this is the link I am using to find info. i HAVE found good info in the UCC portion of the statutes but I am not sure if this is one in the same.

Another question is what is the SOL for the consumer to take action.
For example in many of "our" situations they are past SOL to collect on the defeciency so parting w/money isnt the problem. It;s removing the repo of the credit record.

I have never seen a repo account marked "defeciency" but I am sure it has happened. Anyway thanks for all your help Whychat.

 

Re: Re: Get this...repo info

Just to update I am looking under title 55 Motor and other vehicles I can find nothing. I am looking for retail installment but so far nada.

OOps title 47 chapter 11 but I still see nothing as it may pertain to repos.

 

Re: Re: Get this...repo info

Would one of you legal types read this and tell me what it means in English?




47-9-210. Request for accounting; request regarding list of collateral or statement of account.







(a) Definitions. In this section:





(1) "Request" means a record of a type described in paragraph (2), (3), or (4).





(2) "Request for an accounting" means a record authenticated by a debtor requesting that the recipient provide an accounting of the unpaid obligations secured by collateral and reasonably identifying the transaction or relationship that is the subject of the request.





(3) "Request regarding a list of collateral" means a record authenticated by a debtor requesting that the recipient approve or correct a list of what the debtor believes to be the collateral securing an obligation and reasonably identifying the transaction or relationship that is the subject of the request.





(4) "Request regarding a statement of account" means a record authenticated by a debtor requesting that the recipient approve or correct a statement indicating what the debtor believes to be the aggregate amount of unpaid obligations secured by collateral as of a specified date and reasonably identifying the transaction or relationship that is the subject of the request.





(b) Duty to respond to requests. Subject to subsections (c), (d), (e), and (f), a secured party, other than a buyer of accounts, chattel paper, payment intangibles, or promissory notes or a consignor, shall comply with a request within 14 days after receipt:





(1) in the case of a request for an accounting, by authenticating and sending to the debtor an accounting; and





(2) in the case of a request regarding a list of collateral or a request regarding a statement of account, by authenticating and sending to the debtor an approval or correction.





(c) Request regarding list of collateral; statement concerning type of collateral. A secured party that claims a security interest in all of a particular type of collateral owned by the debtor may comply with a request regarding a list of collateral by sending to the debtor an authenticated record including a statement to that effect within 14 days after receipt.





(d) Request regarding list of collateral; no interest claimed. A person that receives a request regarding a list of collateral, claims no interest in the collateral when it receives the request, and claimed an interest in the collateral at an earlier time shall comply with the request within 14 days after receipt by sending to the debtor an authenticated record:





(1) disclaiming any interest in the collateral; and





(2) if known to the recipient, providing the name and mailing address of any assignee of or successor to the recipient's interest in the collateral.





(e) Request for accounting or regarding statement of account; no interest in obligation claimed. A person that receives a request for an accounting or a request regarding a statement of account, claims no interest in the obligations when it receives the request, and claimed an interest in the obligations at an earlier time shall comply with the request within 14 days after receipt by sending to the debtor an authenticated record:





(1) disclaiming any interest in the obligations; and





(2) if known to the recipient, providing the name and mailing address of any assignee of or successor to the recipient's interest in the obligations.





(f) Charges for responses. A debtor is entitled without charge to one (1) response to a request under this section during any six-month period. The secured party may require payment of a charge not exceeding twenty-five dollars ($25) for each additional response.







[Acts 2000, ch. 846, § 1.]



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