MT211_Unit_6_Activity

MT211_Unit_6_Activity - VEHICLE REPOSSESSION UNIT 6...

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VEHICLE REPOSSESSION UNIT 6 ACTIVITY BUSINESS LAW MT211-09 KAPLAN UNIVERSITY Submitted by June 30, 2009 Instructor MARK SKIPPER
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Vehicle Rep 1 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? According to the FTC, a creditor can seize your vehicle as soon as you default on the loan or lease. The creditor can use any means necessary as long as there is no breach of the peace to seize the vehicle. In other words, once the payment becomes past due on your vehicle, the possibility of repossession can be likely. There is no requirement of prior notice being made to the borrower once they have breached the payment plan agreed upon with the contract of sale. As it states on page 402: Although any breach of the terms of the security agreement can constitute default, default occurs most commonly when the debtor fails to meet the scheduled payments that the parties have agreed on or when the debtor becomes bankrupt. 2.
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MT211_Unit_6_Activity - VEHICLE REPOSSESSION UNIT 6...

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