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  1. #1
    Join Date
    Jan 2008

    Unhappy Reinstatement After Repo In Texas

    We live in Texas. My husband lost his job and his car was repossed 8 days ago.We were directed to the reinstatement dept of Triad Financial.We have left 19 voice messages and have not received a call back or letter.What are our rights in Texas? I am afraid they will auction it without us knowing or getting our personal belongings back. Looks like this is a common practice for Triad Financial because I found various complaints on the internet, they transfer you to the reinstatement dept. but won't answer your calls. What can we do? Please help.

  2. #2
    Join Date
    Jan 2008
    Toledo, OH

    Default Re: Reinstatement After Repo In Texas

    In Texas, you have 10 days after repossession to redeem the vehicle, after which it may be sold.

    With respect to your property in the vehicle:

    (a) If a retail installment contract authorizes the holder or a person acting on the holder's behalf to retain or dispose of tangible personal property acquired in the repossession of a motor vehicle that is not attached to the vehicle and not subject to a security interest, the contract or another writing must require the holder to send written notice of the acquisition of the property to the retail buyer in accordance with this section.

    (b) The notice must be mailed or delivered to the most recent address of the retail buyer shown on the records of the holder not later than the 15th day after the date on which the holder discovers the property.

    (c) The notice must:
    (1) state that the retail buyer may identify and claim the property at a reasonable time before the 31st day after the date on which the notice was mailed or delivered; and

    (2) give the location at which and reasonable times during the period that the retail buyer may identify and claim the property.

    (d) If the property is not claimed before the date described by Subsection (c)(1), the holder may:
    (1) retain the property subject to any legal rights of the retail buyer; or

    (2) dispose of the property in a reasonable manner and distribute any proceeds of the disposition according to applicable law.
    Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.

  3. #3
    Join Date
    Sep 2005
    Behind a Desk

    Default Re: Reinstatement After Repo In Texas

    I understand the ten day period to be the notice of sale provided by the lender. (Information they have to give you about where, when and how the vehicle will be resold.) You can try to reinstate the loan during that time, but you may find that the lender insists upon a full payoff (including repo costs).

    I don't see anything which would compel a Texas lender to reinstate a car loan, such that you could resume monthly payments, following a repo.

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