SOL for car loan in NY

Discussion in 'Credit Talk' started by edoggie, Oct 14, 2002.

  1. edoggie

    edoggie New Member

    Anyone know the SOL for an auto loan in New York. I've checked website and of course they conflict with each other. So I figured someone here might know from experience.
     
  2. edoggie

    edoggie New Member

    *BUMP* no one knows ?
     
  3. Why Chat

    Why Chat New Member

    If this is a deficiency balance after a repossession it would not be under the regular SOL but under the statutes of your State dealing with vehicle repossession.

    The last I looked, (please don't make me swear to it) N.Y. had a 1 year from time of re-sale that established the deficiency to file a judgment. In NY, as in most States, if a repossession did not COMPLETELY follow the law, any deficiency is uncollectible.
     
  4. edoggie

    edoggie New Member

    Re: SOL for car loan in NY -whychat

    WhyChat please elaborate... I'm more concerned if I should pay this "bottom feeder" for some old car debt. The car was repossesed in 11/97 in New York State and the Bank sold the car at auction. The bank then credited me with the proceeds and issued a balance which it charged off eventually.

    Do car sales have a separate SOL? I need to reply to this Bottom Feeder but not sure which defense/angle to take. I didn't know if this is a written contract or what it is classified as. Now you are mentioning repos and stuff so... spill your brains on this one please :)
     
  5. ncogngro

    ncogngro New Member

  6. Why Chat

    Why Chat New Member

    Re: SOL for car loan in NY -whychat

    OK, let me try to explain.
    You CANNOT be collected on for the default of the original car loan (a written contract) because the creditor repossessed the car and resold it under the statutory repossession laws of your State. Your original loan was discharged in the repossession.

    You MIGHT be obligated for the deficiency, the difference between what you owed and what the car was sold for IF you were given all the proper notifications. (see State repo laws-under misc. legal stuff on my website)

    You need to send a validation/dispute/cease and desist letter to the ca demanding they show any proof of claim on the deficiency from the repossession,including any transfer of documentation from the original lienholder of the required State proof of notices.
     
  7. edoggie

    edoggie New Member

    Re: SOL for car loan in NY -whychat

    Why Chat thank you so much.
     
  8. edoggie

    edoggie New Member

    WhyChat,

    One last thing.... where can I research this portion :

    You wrote:


    "The last I looked, (please don't make me swear to it) N.Y. had a 1 year from time of re-sale that established the deficiency to file a judgment. In NY, as in most States, if a repossession did not COMPLETELY follow the law, any deficiency is uncollectible.
    "

    I just want to make sure I have my stuff together before I attack this one head on.

    Basically I'm looking for accompanying laws supporting this so I have a foundation to go on.

    Thanks as Always
     
  9. Why Chat

    Why Chat New Member

    http://caselaw.lp.findlaw.com/nycodes/c83/a8.html

    S 315. Claim for deficiency after default and repossession. If a buyer defaults on any instalment of the time sale price and the holder obtains possession of the motor vehicle and disposes of it as provided by section 9--610 of the uniform commercial code,

    http://www.law.cornell.edu/uniform/nyucc.html

    the buyer shall be liable to the holder for any deficiency to the extent provided in that section; provided, however, that in calculating such deficiency there shall be deducted from the amount thereof as prescribed by such section 9--610, an amount equal to that portion of the refund credit to which the buyer would have been entitled under section three hundred five of this chap- ter if, at the time the holder disposed of the motor vehicle, the buyer had not been in default and had prepaid in full the balance of the time sale price as the amount realized upon the disposition of the motor vehicle bears to the balance of the time sale price.
    S 316. Notice of buyer`s redemption rights. The holder of any motor vehicle installment contract who repossesses or accepts a voluntary surrender of a motor vehicle pursuant to the provisions of article nine of the uniform commercial code, or any contract, shall within seventy-two hours of such repossession or surrender, personally deliver or mail to the buyer at his last known address a written notice setting forth the right of such buyer to redeem such motor vehicle, the dollar amount necessary to redeem, and the name, address and telephone number of the holder from which information may be obtained regarding such redemption.
     

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