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Arizona

Does Arizona have a deficiency judgment law for repossessed vehicles?

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2015-07-15 18:33:37
2015-07-15 18:33:37

http://www.azleg.state.az.us/FormatDocument.asp?inDoc=/ars/12/00548.htm&Title=12&DocType=ARS 12-548

An action for debt where indebtedness is evidenced by or founded upon a contract in writing executed within the state shall be commenced and prosecuted within six years after the cause of action accrues, and not afterward.

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They can take whatever the security for the loan was. For example, if you have an auto loan, they can repossess the auto. If you have a home loan, they can repossess the home. If the loan was a recourse loan and the value of whatever was repossessed was less than the amount still owed on the loan, they can get a deficiency judgment in a court of law. If the court grants a judgment, they can they take other assets.

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Arizona allows deficiency judgments, but there is one exception that allows many homeowners facing foreclosure to avoid this worry. Purchase money mortgages on one- or two-family homes on less than two-and-a-half acres will be denied deficiency judgments. However, a deficiency judgment in any case may be allowed if a court finds that the homeowners committed waste. Ariz. Rev. Stat. sections 33-741 to 33-749, 33-801 to 33-821, 12-1281 to 12-1283, 12-1566

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Yes, and quite often they are. It is not uncommon for vehicles to be repossessed while the family who owes on them are on vacation. I've sent agents after vehicles in Arizona and Florida for cars that were registered in Michigan, Indiana, or Ohio.

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The state of Arizona will let you sell four vehicles annually without a dealer license.


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