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Unit 6 Activity - when the sale will take place They have...

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1. Once someone is in default on a loan that was used to purchase a car, can a creditor— under the law in most states—repossess the car at any hour, even without prior notice? Yes they can. Unless you and the creditor agree to put off the payment date and make other arrangements then he can come as soon as you default. 2. May a creditor or the creditor's agent come onto the debtor's private property in order to repossess the car? Yes they may come on to private property but if it is in a closed garage or something like that then they may not enter until they are permitted to. 3. Can the creditor keep the car or even resell it? If the creditor resells the car but does not recover the entire cost of the debt, what can the creditor do to obtain the difference? What is a deficiency judgment? Yes they may keep or resale the car but they have to notify you and the place and time of
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Unformatted text preview: when the sale will take place. They have to give you the chance to buy your car back. You may also be able to get your loan reinstated if you pay fees first and get caught up on your payments. 4. If other valuable items of personal property were in the car at the time of the repossession, can the creditor keep the items or resell them to satisfy the debt? NO! They cannot sell your personal property that is in the vehicle at time of repossession. If they cannot account for the stuff that was in your car than you can get a lawyer and see if they will have to compensate you. I wish that I would have known that when I had a car repossessed when I was younger because I had about 500 dollars worth of stuff in the car and they told me that they are not liable for what is in the cars and I never got my stuff back. Reference www.ftc.gov/bcp/edu/pubs/consumer/autos/aut14.shtm...
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