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  1. #11
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Colorado Snap-On Tool Repossession

    As I interpret what he's saying, he did not reaffirm the debt and he knows that as a consequence of that choice the tools subject to that debt can be repossessed. The question is thus whether other tools from the same manufacturer can be repossessed. If this is a commercial bankruptcy, as was previously indicated, that likely turns on contract issues and the UCC filing. If it's a consumer PMSI (purchase money security interest), that can also depend upon the contract (e.g., were these separate purchases, or multiple purchases on one account), but it's less likely that tools from a separate transaction would be subject to the security interest.

    If tools have been stolen, the vendor can subrogate the bankrupt buyer's insurance claim. It would be a good idea for the bankrupt buyer to make a police report documenting the theft.

  2. #12
    Join Date
    Jul 2009
    Posts
    2

    Default Re: Colorado Snap-On Tool Repossession

    Thank you all for your attention

    Allow me to clarify a few things, yes this is an individual account not part of any business. In the discharge letter i recieved it says my debt has been discharged however any property i retain from a Purchase Money Security Ineterst may be re-possessed by lender. not exact words but you get the idea they have the right to re-possess it. the tools were marked in the BK petition as exempt and it was my feeling that if snap-on wished to object to this saying they should get the tools back they should have done so. (but that's apparently not how it works) Anyway i'm sure they have the right to SOME of the tools. In the contract with snap-on it says and i quote "You are giving a security inerest in (a) the goods or property being purchased under this Agreement and any prior Agreement; and (b) if permitted by law all other goods or property bearing any Snap-on trademark, or distributed by or through Snap-on incorporated or an affiliate" my question: is the latter permitted by law? this sounds completely ridiculous I have many many snap-on tools that were previously bought and paid for and they may have the right to take these also?? and like i said previously my $1500 scanner was in my truck over a year ago when it was re-posessed and it is part of the Agreement. Obviously they can't reposess it so can they charge me with something? Basically it boils down to... What if i don't have some of the things they want to repossess???

    Your right Aaron i did not re-affirm my debt and i know that the consequence is that they will have the right to the tools I just want to make sure that i know my rights in the matter and that they are protected. I contacted my BK attorney approx. 3 months ago he said to ignore them for now.

  3. #13
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Colorado Snap-On Tool Repossession

    Are you telling us that you purchased all of the tools on a single account with Snap-on Tools, or are you telling us that this was a series of independent transactions. As was previously stated, it's much more likely that they can reach other tools if it's the former as opposed to the latter.

    I am skeptical that they will invest a great deal of time, effort and money in trying to repossess; I can't predict the future, but if I were personally making the call I would write off the account rather than investing a few hundred dollars in trying to repossess some used tools.

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