Archive | January, 2010

Consumer Facts

Consumer Facts

Below is a small excerpt from the Federal Trade Commission Gov site. I encourage you to check out the site for yourself. For more specific information about repossession requirements, you should contact the  state Attorney General.

In many states, your creditor can seize your vehicle as soon as you default on your loan or lease. Your contract should state what constitutes a default, but failure to make a payment on time is a typical example.

However, if your creditor agrees to change your payment date, the terms of your original contract may not apply any longer. If your creditor agrees to such a change, make sure you have it in writing. Oral agreements are difficult to prove.

Once you are in default, the laws of most states permit the creditor to repossess your car at any time, without notice, and to come onto your property to do so. But when seizing the vehicle, your creditor may not commit a “breach of the peace.” In some states, that means using physical force, threats of force, or even removing your car from a closed garage without your permission.

Should there be a breach of the peace in seizing your car, your creditor may be required to pay a penalty or to compensate you if any harm is done to you or your property. A breach of peace also may give you a legal defense if your creditor sues you to collect a “deficiency judgment” — that is, the difference between what you owe on the contract (plus repossession and sale expenses) and what your creditor gets from the resale of your vehicle.

See the entire article here.

 

Other stories

 

FDIC chief puts blame on Fed for crisis

The Federal Deposit Insurance Corporation laid much of the blame for the financial crisis at the door of the Federal Reserve on Thursday in testimony to an inquiry that causes fresh problems for the central bank

Wall Street titans face the flak

Four of Wall Street’s biggest names offered both contrition and a defence of their actions as the Financial Crisis Inquiry Commission promised to use its subpoena power to probe the causes of the crisis

Outcry on Wall St at ‘absurd’ levy plan

Wall Street reacted with disbelief and resignation to the Obama administration’s plans to annouce a levy on Thursday on the industry to pay for the financial bail-out

BofA finance chief to head retail banking unit

Bank of America has named Joe Price, the lender’s finance chief, as head of retail banking, filling the opening created by Brian Moynihan’s promotion to chief executive this month

US and UK banks face political heat

Banks on both sides of the Atlantic scrambled to respond to mounting political pressure as public anger over their bonuses grew and US officials worked on a new levy to recoup the government’s losses in the financial crisis

Divided regulator passes pay proposal

Banks’ pay plans would be linked to the amount of fees they would have to contribute to a multi-billion dollar fund insuring depositors’ savings, under a preliminary proposal passed in a divided vote by a US regulator

Obama to target banks with new levy

The Obama administration, under increasing pressure from Democrats in Congress to take punitive action against banks, is readying a new levy on the finance sector that will form part of the budget to be presented in February.

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