Legal Question in Credit and Debt Law in Georgia

You ask a compound question. However, the answer is not in some consumer protection law but GA's version of the Uniform Commercial Code. After a vehicle has been repossessed, you have the right to redeem the vehicle. See OCGA ง 11-9-623. Right to redeem collateral, set forth below. Most people cannot afford to redeem because the lenders want not only the past due sums but the full amount owed plus collection costs. Depending on your circumstances, you may also be able to file for bankruptcy.

OCGA ง 11-9-623. Right to redeem collateral, set forth below.

(a) Persons that may redeem. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.

(b) Requirements for redemption. To redeem collateral, a person shall tender:

(1) Fulfillment of all obligations secured by the collateral; and

(2) The reasonable expenses and attorney's fees described in paragraph (1) of subsection (a) of Code Section 11-9-615.

(c) When redemption may occur. A redemption may occur at any time before a secured party:

(1) Has collected collateral under Code Section 11-9-607;

(2) Has disposed of collateral or entered into a contract for its disposition under Code Section 11-9-610; or

(3) Has accepted collateral in full or partial satisfaction of the obligation it secures under Code Section 11-9-622.