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  1. #1
    Join Date
    Mar 2014
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    1

    Default How Much Time Passes Between Repo and Sale of the Car

    My question involves a consumer law issue in the State of: NC

    My truck was repossessed on Mar.3 and I was only given until Mar. 5 to get it back. I offered to pay part of it on Mar.6 and the rest Mar.10. They wouldn't allow it. My truck was sold Mar.6. Is that legal in NC? Don't they have to give me more than two days to catch up the payments. I had two days only!!!! That doesn't seem right. I wanted my truck back.

  2. #2

    Default Re: How Much Time Passes Between Repo and Sale of the Car

    2 Days is two brief a period of time but the lender could excellerate all your payments. Which lender? How far behind were you? I can't remember the percentage but if the loan is mostly paid for you are supposed to get a way to work things out if you can catch up your payments. Since your car is sold already you need a real lawyer. Also read your contract. You may have language that waives your rights in it. More than likely the lender sold the lien to the tow truck company. They problably have a used car lot.

  3. #3
    Join Date
    Sep 2005
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    Behind a Desk
    Posts
    98,846

    Default Re: How Much Time Passes Between Repo and Sale of the Car

    The secured party has to give you reasonable notice of the sale, and the sale must be conducted in a commercially reasonable manner. However, if the sale was commercially reasonable, the consequence of not giving adequate notice is generally limited to the creditor's being barred from trying to pursue you for a deficiency.

    In your state the creditor can accelerate the loan balance if you default, requiring you to pay the full value of the loan plus repossession costs in order to recover the car. It's unlikely that your loan contract restricts your creditor from exercising that right, but you can check it to be certain.

  4. #4

    Default Re: How Much Time Passes Between Repo and Sale of the Car

    Also some contracts do not require the sale be at a public aution. It could be a private closed aution.

  5. #5
    Join Date
    Sep 2011
    Location
    OH10
    Posts
    17,019

    Default Re: How Much Time Passes Between Repo and Sale of the Car

    NC law requires notice be given. Proving damages are difficult.


    http://www.ncleg.net/EnactedLegislat..._25-9-611.html

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