The Uniform Commercial Code in every state requires only the lender to sell "in a commercially reasonable manner". That's all. There is where the conflict arises on the selling price. A debtor who buys a car for $5000.00 more than it is worth is often heartbroken when s/he still owes $8000.00 after it is sold at auction to a WHOLESALER.
Having a car or other item repossessed does not mean anyone has to file for bankruptcy. Bankruptcy is to protect you from creditors and should be sought if you owe more than your net worth and have no reasonable prospect of being able to pay what you owe.
No, it is probably not too late. It certainly will help your credit either way. Call them immediately. Do not allow it to be repossessed if at all possible.
No you don't still owe; once the motorcycle has been repossessed, it is no longer your concern. Whether the creditor sells it or fails to sell it is the creditor's problem, not yours.
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READ your contract. It should deal with that issue. If you meet the conditions set forth by the contract, YES, they can refuse.
In Hawaii, creditors can repossess vehicles without court order if the borrower defaults on the loan. However, they must do so without breaching the peace. Borrowers have the right to cure the default before the repossession occurs. Creditors must provide notice before selling the repossessed vehicle.
Yes, I understand that certain states (Texas, Michigan, California) have state laws that prohibit original creditors from calling you once you have addressed them in the proper manner.
While most creditors will allow you to have your vehicle voluntarily repossessed, some lenders will not accept them. Your best resolution in this case is to contact the finance company and determine why they will not collect the vehicle. Ensure that they are indeed accepting the voluntary repossession. You will still be required to pay the remaining balance unless you are told otherwise.
creditors journal
When they send the letter, it's ten days from the time the letter was drafted. As for when they can repossess legally, that's a matter of your contract, and the laws of your state. Repossession agents and creditors stay pretty up-to-date on legal issues, and if they've repossessed your car, it's probable that they did it in a timeframe where it was legal for them to do so.
Yes The lender has to provide you with this info.You should demand it from them. The lender is required to provide this only if requested in writing by the debtor.
Yes. California allows income garnishment by judgment creditors. The law also allows a judgment creditor to place a lien on real property owned by the judgment debtor. Generally the homestead exemption will protect a primary residence from a forced sale for debt owed. Judgment creditors rarely request a forced sale of a primary residence because it is a complicated and lengthy process and is seldom profitable enough for implementation.