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Re: Why Chat??

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Posted by Why Chat ( on September 11, 2002 at 18:02:31:

In Reply to: Re: Why Chat?? posted by Why Chat on September 11, 2002 at 08:13:37:

WHEW!! Am I glad I am not in the car repo business!!
OK-- This is my OPINION;

IF a car has been LEGALLY REPOSSESSED according to ALL State laws, (in Fl. that includes xtra charges and fees that are in excess of the usury laws are prohibited)

Then, in Fl. the notification of the sale and any deficiency with a full accounting has to be sent within 6 months.

IF ALL of this has been done correctly, THEN the finance company has 5 years (in Florida) to collect on the DEFICIENCY amount only, starting from the time of the SALE that created the deficiency.

If ALL the procedures have not been followed, and there are a LOT of them, including licensing requirements for repo guys,then the creditor not only cannot collect on any deficiency, but is subject to fines and loss of his license for his violations.

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