answersLogoWhite
Repossession
Iowa

How long does an Iowa dealership have to keep your vehicle before selling it if you are promising to pay after it has already been repossessed?


Top Answer
User Avatar
Wiki User
2015-07-15 19:21:18
2015-07-15 19:21:18

http://www.legis.state.ia.us/IACODE/2003SUPPLEMENT/554/9610.html 554.9610 Disposition of collateral after default. 1. Disposition after default. After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing.

2. Commercially reasonable disposition. Every aspect of a disposition of collateral, including the method, manner, time, place, and other terms, must be commercially reasonable. If commercially reasonable, a secured party may dispose of collateral by public or private proceedings, by one or more contracts, as a unit or in parcels, and at any time and place and on any terms.

Related Questions

User Avatar

There are lots of dealership in selling and buying the car as new. The dealer is usually paid on a given commission depending with the agreement reached.

User Avatar

Only if they (the car dealership) DID NOT put that information on the Bill of Sale.

User Avatar

Yes, If you are trading in your car, or selling your car, to a car dealership they will payoff a leinholder in the process.

User Avatar

A used car dealership, is just like your ordinary car dealership except for one thing. They specifically focus on selling and buying used cars. www.carmax.com is one of the best used car dealerships.

User Avatar

No. They'll scam you and give you much less money.


Copyright © 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.