Actually I have 2 (somewhat interesting) questions: 1- What happens if a bank is unable to locate the vehicle? What do they have to do legally to force a customer to return the car? 2- I've heard that MOST states allow for deficiency judgements on vehicles. Does anyone know which states DON'T allow for deficiency judgements on vehicles?
If the bank cannot find the car, you get stuck with repo fees anyway as the repo guy charges the bank for looking. If they hold the note and you the loan, then they can request the car back in writing, then you HAVE to return it or it's grand theft in almost every state in the nation. Either return it or pucker that cornhole up for a stint in the state hotel.
Despite that eloquent and in-depth legal analysis, I have to disagree. I'm pretty sure the procedure I'm thinking of is an equitable action for replevin, which, I think, usually requires the creditor to post a bond prior to proceeding. Does anyone have experience using replevin as a means of recovering UCC Art 9 secured property? Also, I'd still like to know which states are the exceptions in terms of deficiency judgements. TIA, -M-
repo question ==================== What legal requirements must the creditor meet in order to be allowed to repossess? The END ************************* LB 59
Re: Re: repo question What legal requirements must the creditor meet in order to be allowed to repossess?
Re: Re: repo question I know of people that have hid cars for years and the creditor stops looking. Since your credit is gonna be messed up you can always part the car out and give the bank the rest.
Re: Re: repo question Sorry I had to laugh after reading that last one. I can just imagine the bank getting a writ of replevin ordering you to return the car and then you either have to explain where everything but the frame went or go to jail for contempt. I've heard a lot of times, the parts sold separately can be worth twice the value of the car, so it's an interesting idea, I'd just hate to end up having to explain to a judge what happened to it.
Re: Re: Re: repo question What criteria do they have to meet in order to get that? The END ************************* LB 59
Re: Re: Re: repo question I didn't realize you were directing those questions to me. Check out this link: http://www.independentdealer.com/finance/finance9.asp
Re: Re: Re: repo question It would not be grand theft if you didn't return the car, it would be a civil matter, not criminal left up to a judge to decide. It is default of a contract for which you are failing to adhere to such and that includes returning the car when asked by them. Unless it has a judge's order stamped, their letter is baseless and useless in getting their car back if they demand it. The only law that I am aware of in PA anyway and I might also add besides fixing credit I am a Police Officer, is theft of leased property. If you are leasing a car and do not return it or hide it then you can and will be arrested. Tac
Re: Re: Re: repo question Good I was hoping you'd chime in actually - I mean, the car is yours, their lien is just a restraint on your ability to transfer the title. The only way I think you could get in trouble for failing to return it when asked to is if they had gone to court to ask the judge to find you in default on the contract, he did and issued the writ of replevin and then you failed to return the car. Then, you'd have contempt of court problems, but even there, let's say you weren't notified of the judge's order (you had moved to another state, etc). I think someone skilled at keeping their address off of their credit report could probably dodge a bank for a long time.
Re: Re: Re: Re: repo question 1*the purchaser must be in default. 2*The sheriff turns the vehicle over to the creditor, but it cannot be sold until the creditor has won a judgment on the underlying installment contract. patentatty ================== 1*And just who determines this ? 2*And what happens if the creditor don't win a jugment ? The car owner is still screwed out of the use his car. The END ************************* LB 59
