Why Chat...repo question

It is in the UCC that all States have adopted, however, in N.Y. I believe their UCC calls for a 1 year limit.

There were several links to the NY UCC and Motor Vehicle Finance Act in Dec. on cardreport. If the archives are now available I will look for it(later) and post on this thread.

 

WhyChat allow me You've helped me in Dec with this lol. That's what WhyChat is referring to. New York is ugly with it's illegible laws. Anyway here you go and try to decipher all this:

http://groups.google.com/groups?q=N...m=nIyx6.964$804.580834@news.uswest.net&rnum=2


Read that; take an aspirin; then read this

http://assembly.state.ny.us/leg/?cl=16&a=3

It's REALLY difficult to tell what applies to a Deficiency but you'll at least know about the various SOL's that apply in NY.

After reading all this... Go to the cardreport forum and look at the December threads between edoggie and WhyChat. You'll see how he made a lot of this gobblediyook easier for me but it also gave him watery eyes too lol! It's not for the faint of heart.

I don't know how New York attorneys function with this method of legislative writing.

 

Is there similar info for SC and MI? I have searched, motor vechile laws, statute of frauds the UCC, every combo using Google. The answer continues to elude me.

 

The basic UCC code establishes the reqirements for repssession and deficiency accounting.
This is endorsed in various State's Motor Vehicle Finance Acts, UCC codes and banking and finance statutes.

It is basically ILLEGAL to claim a deficiency if the repossession has not bee carried forward in a legal manner by State regulations.

Unfortunately, the archives at cardreport are still down, because I HAD located the 1 year provision for NY(I think it was in the Motor Vehicle Finance Act)

In any event, the question of repo SOL is really not very important,because IF there were a LEGALLY carried out repo and LEGALLY carried out resale that was "commercially reasonable" the finance company would have IMMEDIATELY demanded the deficiency and would have IMMEDIATELY filed to protect their interests.

What has been happening, is that people are being dunned for the balance due on the original note.
This is like someone whose house has been foreclosed, they have been evicted, the house has been sold by the bank to someone else, and a ca is demanding that they pay the balance on the mortgage note!!

The original note, loan,account, contract is VOIDED by a repo. The only thing that can be legally collected on, or reported to a CRA is a LEGALLY accounted for deficiency from a commercially reasonable PUBLIC AUCTION resale.

 

Thanks for the info Why Chat, as always. How ever I am under the gun I am to close on my new abode in 2 weeks with a bottomfeeder on my tail. Is there anyway of anywhere that sombody has the part of the statute that is applicable? For safety sake I would have to assume that these 5 and 6 years old deficencies are done legally and hope that they are illegal. Any direction is greatly appreciated. Some time this month a little sleep would be good. TIA

 

If they try to sue you they would have to prove it was legally carried out. Do you remember getting a letter informing you of the auctioning of the car ? ANd your right to reclaim the car ? And what the car sold for ?

 

Is your mortgage company requiring you to clear this from your reports, or pay out of escrow or what?

Generally speaking, if you have the documentation of the repossession, even if it was done legally, and the resale was more than 2 years ago, the mortgage company will waive any concerns about it as THEY know the laws.

However, I will look for it again,meanwhile, look on my website under misc. legal stuff and read the link about repos. Then go to the ILLINOIS link, at the bottom is a link to Ill. legal aid, where there is an EXCELLENT explanation of repo law.

 

Thanks Why Chat, they are not requiring that it be taken care of right not but they are affecting my score, with the orginal creditor updating to transfered and at this time I am holding off any entries from the CA, Just looking for the actual law to slam them with, I will go to your page and look at the link. Once again thank you very much for your timely help, my family appreciates it.

 

OK- I have it for you-- not the SOL-which would be useless, but the motor vehicle finance laws.
The first 2 links are to the NY UCC code- In the 2nd of the 2 you will find the "teeth" to bite them!!You will need to do this by sending a demand to the OC with a threat of action if the account is not removed by THEIR AGENT (the CA)

The 2nd link gives you the base of your demand, I have excepted the valid parts.

http://caselaw.lp.findlaw.com/nycodes/c122/a72.html

http://caselaw.lp.findlaw.com/nycodes/c122/a73.html

http://caselaw.lp.findlaw.com/nycodes/c83/a8.html
The excerpt below is from c83/a8

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, 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.

 

Why Chat thanbks for your time and effort this is exactly what I need!! Thank you thank you

 

WhyChat .. thank you for putting wear and tear on your eyes dissecting the "meat" from the "jungle". I'm saving this link as I'm sure the issue will come up again.

 

.....Why Chat ducks into a phone booth and quickly dons his street clothes, putting his superman outfit into his briefcase.........

 

Kingfish... You are definitely in the clear as NO SOL in NY is greater than 6 years in regards to a matter like this. 6 years is the SOL on CC and written contracts/promissory notes. You shouldn't have nothin to worry about.


I'm curious which scum agency is chasing after you ? I have one after me for the same thing (deficiency) and I just ignore them while they weave the rope that will hang themselves. I several violations on them including a possible Student Loan Fraud case.