Repossessing Motor Vehicles Part II
After the Repossession
A NorthLegal Webinar presented June 27, 2024
Duration: 2:05 hrs:minutes
| Cost | How to Attend | How to Obtain Handouts |  |
So you found and repossessed the motor vehicle collateral. Now what?
Do you know the new notice of sale rules that now apply in many states, including Alabama, California, Colorado, Delaware, Hawaii, Iowa, Indiana, Nevada, Nebraska, New Hampshire, New Mexico, North Dakota, and Washington — and that are likely to apply soon in other states as they adopt the latest UCC changes?
Do you know what information must be in the notice? Do you know what may not be in the notice? How does bankruptcy affect what goes in the notice? How quickly must you get the notice out the door?
What must the borrower do to get the vehicle back? May you require a full payoff? Does that include collection expenses? Attorney's fees? May the borrower get the vehicle back just by bringing the account current?
If the borrower doesn't get the vehicle back all, what are the restrictions on how you may sell it? And what happens after the sale?
During this program, participants will learn:
- What must be in a notice of sale? What are some common mistakes made when preparing the notice?
- How quickly after repossession must a notice of sale be sent?
- How quickly after repossession must the vehicle be sold?
- What is a "right of redemption" and what is a "right of reinstatement? How are they different? Does your borrower have one or both? What does each require?
- May you require a borrower to provide insurance as a condition to reinstatement? How much insurance?
- May you require a borrower to provide proof of registration?
- May you require a borrower to allow you to install a tracking or shut-off device?
- May you repair or recondition collateral before selling it? Must you do so? May you require the borrower to pay for it?
- What is a "public sale," what is a "private sale," and why is it crucial for you to know the difference?
- What is a "commercially reasonable" sale?
- May you sell collateral to an employee or the family member of an employee?
- What error do many lenders make after collateral has been sold that places them at significant risk for class action litigation?
Don't wait until you receive notice of a lawsuit with your financial institution's name on it to learn what you should have done.
| NOTE ABOUT SPECIFIC STATE RULES: This webinar addresses rules applicable to all states. Some states, such as California and Ohio, have additional rules that will not be addressed here and that may be the focus of other programs in the future. Financial institutions repossessing vehicles in those states must know those extra rules, but also must know the information presented in this program. |
NOTE: This program is intended only for employees of consumer lending
institutions. Please contact NorthLegal Training and Publications to obtain approval
before registering if you are not an employee of a consumer lending institution.
Cost/Registration
The fee to attend this archived program is $190.00 if paid by credit card or $200.00 if paid by check. For that fee, you or someone from your financial
institution may view this program as often as you like for a period of 180 days. (NOTE: If your financial institution registered for the live program, you already have free access to the archvied version for six months! Contact NorthLegal for information.)
How to Attend an On Demand Webinar | How to Obtain Handouts
To attend this NorthLegal Webinar, please do the following:
| • | Register. To register online using a credit card, visit the "Register" link, above. To register by mail, call NorthLegal at 623.537.7150. |
| • | Check your email. Within moments after you complete the registration process you should receive two emails. One will be a receipt for the transaction and the other will contain a link and instructions explaining how to use that link to attend the program. |
| • | Download the handout materials using the link appearing in the confirmation email. The confirmation email also includes the password needed to open the materials. |
Speaker: Eric North
Eric North is an attorney who represents the interests of consumer financial institutions respect to litigation, compliance, governance, bankruptcy and collections matters. Eric has appeared in state and federal courts throughout the State of California, and has argued before the Ninth Circuit Court of Appeal.
Eric is also a nationally recognized speaker on legal issues relating to consumer
lending institutions, and has presented hundreds of programs on behalf of national,
state and local leagues and associations from around the country.
Live program scheduling conflict?
No problem! Registration for a NorthLegal webinar automatically entitles you to watch it live AND to watch the archived version as many times as you like for 180 days!
If you or your staff can't make the live program, you still have plenty of time to watch at a time that is more convenient for you!