[blackbetty]

My question involves an auto loan or repossession in the State of: Alaska

Truck was repo'd after 2 months of missed payments due to being out of a job. Called the bank a couple of times to talk about it. All we ever got was some peon reading off the computer screen. Well I have been doing some reading and there are laws in place to help protect the consumer. Anybody know anything about these laws?

[cyjeff]

I am unfamiliar with the laws that state you don't have to pay your car loan.

Can you point me in their direction?

[blackbetty]

I am not saying that one doesn't have to pay their loan. I have read that most states allow a person to "reinstate" on a loan

1). Reinstatement. After repossession, your state law may give you the right to reinstate the contract by paying the amount past due. If this is the case, the creditor must give you notice of your right to reinstate and the amount due. You have a particular time period, usually 15 days following repossession, to reinstate the contract. You may only get one opportunity to reinstate a contract. If the creditor does not comply with reinstatement procedures, he may be barred from later obtaining a deficiency judgment and may even owe you money.

[OhMy]

I am not saying that one doesn't have to pay their loan. I have read that most states allow a person to "reinstate" on a loan

1). Reinstatement. After repossession, your state law may give you the right to reinstate the contract by paying the amount past due. If this is the case, the creditor must give you notice of your right to reinstate and the amount due. You have a particular time period, usually 15 days following repossession, to reinstate the contract. You may only get one opportunity to reinstate a contract. If the creditor does not comply with reinstatement procedures, he may be barred from later obtaining a deficiency judgment and may even owe you money.

I have no idea where you are getting your information, but it is not correct. There is nothing that states a lender has to reinstate a loan. Once they repo a car most will not reinstate. Many hide their cars in the first place and lenders know that the second time around it may be alot harder to find the car.

There is nothing that says a lender has to reinstate a loan , nor are they barred from a deficiency judgment.