Re: NH repo-laws?

Posted by Drew (24.59.27.46) on February 01, 2004 at 21:43:39:

In Reply to: NH repo-laws? posted by Why me on February 01, 2004 at 12:03:26:

Go to Why Chat's site. See the post title. NOTICE: Newcomers. Why Chat lists her web site there. There is a repo law section.

For the actual law on repos, most states adopt the Uniform Commercial Code which governs sales and services and certain secured installment that have undergone repossessions such as motorvehicles, mobile homes and agricultural liens and farms. The actual laws and procedures regarding repossession are found in the Uniform Commercial Code, Article 9.

To your question. Yes, they can repo your car if you are in default and they can demand the full amount of the loan plus accrued interest up to the point of repossession in exchange for the return of your vehicle. This is what is known as an accelerated demand of payment. They have to notify you in writing, certified mail of the repo itself, of the date of the sale of the repo and then they have to notify you after the sale, that they sold it and give you a complete accounting of the sale and the proceeds. After that they will demand the deficiency.

Please type in Uniform Commercial Code on your web brouser, look for the link at cornel site. Look for the link that applies it to the states adoptions.

Two things you want to pay attention to. Does NH adopt Article 2 of the UCC in its entirety which means that there is a four year statute of limitations beginning with date of repo, and what circumstances and changes to the UCC that NH may make.

Good luck.

Follow Ups:

Post a Followup