Is a lender in Missouri required to send the borrower a Notice of Right to Cure before repossession action?
No, Missouri has no laws that require the creditor to notify the debtor that a vehicle is subject to repossession.
The lender can have the vehicle repossessed without notice as long as the repossession does not commit a breach of peace as defined by the laws in the jurisdiction where the vehicle is seized.
ADDED: While the above answer may have been correct at the time it was written - it is no longer applicable.
Quote: "As per the UCC, repossession is allowed and permitted as long as it is peaceful, after a Twenty Day Right To Cure Letter from lienholder to debtor. One time cure law in effect in Missouri; all others per contractual agreement." unquote
See below link:
Florida allow repossession by UCC regulations, a right to cure notice or replevin order is not required and the vehicle may be recovered by a licensed agent as long as it is done without a breach of peace. The county recorder must be notified of the repossession action and the plates remain with the borrower.
In a few states both the primary borrower and the cosigner must be notified by the lender through a "Right To Cure" notice before repossession action can occur. In Wisconsin a replevin order is necessary before a repossession can take place, but the cosigner is not always notified. In the majority of states the lender does not need to give either the primary or the cosigner notice of repossession action.
How many days do they have to wait before they resell a car after repossession in Missouri or can you charge storage?
How many days I havent located yet. I dont know of any state that requires of more than 30 days waiting time before the lender can dispose of the repoed collateral. STORAGE??? FROM DAY ONE. http://www.moga.state.mo.us/statutes/C400-499/4080000554.HTM Notice of default, contents, form, delivery. 408.554. 1. After a borrower has been in default for ten days for failure to make a required payment and has not voluntarily surrendered possession of the collateral, a lender may give the…
Repossession letters are not required in every state. In some states, face to face notification of the repossession suffices, and when the driver came to hook up your car, if you had a conversation with him at all (even if it consisted of you yelling "Hey!" and him gesturing to you) you received notice.
When a repossession notice has been issued for a motor vehicle can the registration be renewed and if the car is pulled over by the police will the police hold the car?
Can a car dealer sue you without having sent a certified letter stating the amount due for a balance after you have returned the broken down vehicle to the dealer and stopped payments?
It depends on the repossession laws of the state where the car was purchased. In some states the lender is required to send the borrower a notice of "cure and remand" before repossession can occur but not before a lawsuit can be initiated. Generally a lender will send such a letter in the hopes of avoiding litigation which is time consuming and often expensive for everyone involved.
Not in most states, in a very few the lender must notify the borrower with a letter of intent to repossess and give the borrower a specified time as established by state law to bring the account current. Wisconsin is the only state that requires a replevin order to recover a vehicle. All other states operate under the UCC and the repossession laws (breach of peace laws, recovery agency requirements such as bonding, etc.) related…
No. The contract you signed when you financed the car gave you the terms and conditions which had to be met in order for you to retain your vehicle - that's your notice, right there. Creditors and repossession agents tend not to give notice, largely because debtors have been known to try to hide vehicles or evade repossession by other methods.
REPOSSESSION CHECKLIST 1. Is the account 10 days or more past due? If not, you have to wait until it is before you can proceed. 2. If the account is 10 days or more past due, have you sent the NOTICE OF DEFAULT & RIGHT TO CURE? If not, you must send it before you can proceed. 3. Did the NOTICE OF DEFAULT & RIGHT TO CURE give the customer at least 20 days to…
The lender does not need to render a "Right To Cure" notice to the borrower when the contract is defaulted. Recovery of the vehicle may take place without judicial process only if it can be accomplished without a breach of peace. In other situations the lender should refer to, Georgia Code, 11-9-503.