Debt Collection A to Z: A is for Asset Recovery
The “Car Law A to Z” seemed to be so popular that I thought I would do the same for debt collection. Practically everyone incurs some type of debt be it a credit card, vehicle loan, mortgage, personal loan, or something else. When you borrow money and obligate yourself to pay it back you do have certain rights under state and federal law. There seem to be many myths floating around regarding some of these rights and even obligations when dealing with debts. Over the course of the coming weeks I hope to educate the reader and provide reliable information that can be of real value. If you have questions, suggestions, or comments feel free to reply.
A is for asset recovery which is merely a fancy term for repossession. Click here for more details on repossession and the relevant law.
If you have questions about asset recovery or repossession be sure to have as many of the following information/materials available before contacting me:
- Bill of Sale a/k/a Buyer’s Order
- Retail installment sales contract a/k/a finance contract
- Receipts or proof of all vehicle payments made by you
- Security agreement (typically gives seller and/or lender the right to repossess vehicle if breach of contract occurs)
- Any certificates of repossession
- Correspondence or notices from seller or lender regarding potential deficiencies or breach of contract by you
- Documentation of seller or lender’s usage of a GPS tracking and/or shutdown device on the vehicle
Then you should contact me for a free consultation to discuss your situation.
- Posted in: Consumer Law/Consumer Protection ♦ Repossession
- Tagged: A to Z, as-is, asset recovery, breach, buy here pay here, buyer, contract, damages, dealer, debt collection, default, defense, disclaimer, duty, express, good faith, implied, mandatory disclosure, merchant, remedy, replevin, repossession, right, security agreement, seller, Uniform Commercial Code, used car, vehicle