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Does Arizona have a deficiency judgment law for repossessed vehicles?
Wiki User
∙ 8y ago
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.
Wiki User
∙ 8y ago
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If your car is repossessed in Arizona can they collect any deficiency or is the debt forgiven when they take possession?
The debt is NOT forgiven. See link below. ArizonaRevisedStatutes
Can they take income tax check if get repossession in Arizona?
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.
Can a car be repo in a different state from where it was financed?
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.
What are the deficiency judgment laws in Arizona?
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
Is Arizona a non-deficiency state?
Yes
How many vehicles can you sell in Arizona without a dealers license?
The state of Arizona will let you sell four vehicles annually without a dealer license.
What are the debtor's obligations if Arizona chapter 7 secured interest is listed on car with intent to make payments no reaffirmation agreement is signed and car payment is missed and car repossessed?
If the lender repossessed the car while case was pending and you were protected by the automatic stay, the repossession was illegal and you should be able to get the park back by filing the proper motion with the court. If the case is over, you need to make the payments and have adequate insurance to keep the car if you did not sign a reaffirmation agreement. If they legally repossessed the vehicle and sold it, you are out of luck but you are free from paying any deficiency. Consult an Arizona attonrey to determine if the seizure was legal under the laws of your state.
In Arizona can a judgment from a previous divorce be collected from the spouse of a new marriage?
no
How long does a civil judgment stay on your credit in Arizona?
7 Years
In Arizona is there a deficiency balance owed by the seller on real property in a short sale?
I thought that Arizona was a non-deficiency state, but when the bank accepted my offer they alerted me that they would be coming after me for the difference between the sale price and what I owe (which is over $100k). They said that if the house was sold for less than 90% of what you owe, than they have authorization to come after you for the deficiency.
Can a summary judgment against you in Arizona immediately seize your bank account?
Yes.
When do pedestrians have the right of way over motor vehicles Arizona?
Always
