[thisreallysux]

I know what you're going to say: "go look it up in the state legislature". But I have gone over the NM UCC several times for about a month, and I can't find the answer to my question:

In the state of New Mexico, how long after the debtor is past due is he/she considered to be in default?

I'm working for a payday loan company that recently started title loans in New Mexico so I have LOTS and LOTS of research to do.

Another question that may not be so legal, but more practical is...do police departments have a tow truck for repos or something like a repo department?? This is what I heard from a local tow truck company...but I doubt it...why would the police get involved.

But anyhow...any info will be much appreciated!

[seniorjudge]

Q: In the state of New Mexico, how long after the debtor is past due is he/she considered to be in default?

A: This is set forth in the promissory note.

[cyjeff]

Most repo men are private employees.

Police officers do not repo vehicles unless they are taken away as evidence in a crime.

[thisreallysux]

Is this the case for all/most states?

[seniorjudge]

Is this the case for all/most states?

The answer is yes to both my statement and cyjeff's statement.

Cops try to avoid civil hassles and they sure do not want to get involved with loan companies.

[thisreallysux]

you guys are great, thanks!

One last question. A hypothetical...which regardless occurs frequently in this business.

Say we hire a repo guy as an independent contractor for a repo in NM.
He finds the car at a shopping mall, so he decides to tow it, repo it.
Car owner comes out of the store, furious, shoots my repo guy.

How likely is it that we get sued for the repo guy's injuries/ Doesn't the mall have some reponsibility as well for not providing adequate security?

What if it's all the way around...what if the customer gets angry, pulls out a gun, but my repo guy, being prepared for this kind of situation pulls out his gun and shoots our customer first.

How do we cover ourselves in a situation like this?

This is what I proposed...
Since we are managing these operations from FL, and they are in New Mexico, I want to have everything clear and in writing before we do any kind of business with any repo companies.

We're drafting a contract that explains the terms and conditions of our business interaction, something that states that our insurance doesnt cover them, and their insurance doesnt cover us, that they are not our agents, but contractors. According to what I have read, laws governing creditors are different from those covering debt collectors...so I want an agreement that separates us as such...so that if they do anything illegal (breach of the peace, damages, etc...) we are not responsible for it.

I'm trying to get my boss and my legal department to include a clause in this agreement stating that we are not responsible for any accidents/injuries that may occur during the repo...would this be enough?

[seniorjudge]

Q: How likely is it that we get sued for the repo guy's injuries/ Doesn't the mall have some reponsibility as well for not providing adequate security?

A: About 50-50, more or less.