REPOSSESSING MOTOR VEHICLES
Part I: What to Know and Do
Before You Pick Up the Collateral
Next Thursday
Repossessing motor vehicles is serious business. Because of the impact repossessions have on peoples’ lives, all states have complex laws that impact every aspect of the repossession process. Not knowing and following those laws can cause loss of deficiency balance rights, significant financial penalties and public embarrassment for the violating creditor.
Too often, financial institutions treat the repossession process as “routine,” and procedures are developed based on what the financial institution has “always done” or on what was done at the collector’s last place of employment rather than on what the law requires. We figure if we haven’t been sued yet, we’re probably doing things right.
Unfortunately, most lawsuits don’t involve lenders who intentionally disregard the law, they involve lenders who assumed they were doing everything right –but who didn’t do enough to be sure!
During Part I of the Repossessing Motor Vehicles program, attorney Eric North will talk with participants about crucial steps creditors must take before ordering a repossession and while the repo order is out. The discussion will include:
- Which state’s law should a creditor follow? What important step can a creditor take to significantly reduce risk in this area?
- Things to check to be sure you have the right to repossess. (Being “on title” isn’t nearly enough!)
- “Right to cure” letters: what they are and how to find out if you need to send one.
- How to wisely choose a repossession agent for regular use or for use in a single case.
- Important legal requirements for agreements between you and a repossession agent and how ignoring those requirements can affect you.
- What your options are if collateral is being hidden and important (and often overlooked) steps you can take that will help you if the borrower later files bankruptcy.
- What you should and shouldn’t say to a borrower while a repossession order is out.
- Last minute things to check before placing the repossession order.
For more information about the subjects that will be covered, the hotel accommodations, the registration fee and more, visit northlegal.com.
NorthLegal Training and Publications | 5115 N. Dysart Rd, No. 202-500, Litchfield Park, AZ 85340
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