Legal Question in Credit and Debt Law in Texas
Repossession
My vehicle was repossed last February. I was not ever notified by telephone or certified mail of the status of the vehicle or given to opportunity to try and pay off the vehicle after the vehicle was picked up. The company changed ownership a year prior to my vehicle being repo and I was never notified or receive any statement about payments, balance or new ownership etc. It was turned over to a collection agency in December 2001 (repo occurred in Feb 10, 2001).
What rights do I have:
1. When the company changed ownership were they not obligated to notify me.
2. If a customer becomes delinquent for nine months according to their record, (which I was not) were they not obligated to send me a delinquent or default notice? Does financial company allow custome to get this far behind without notifying them?
2. When the automobile was repossessed were they obligated to contact me via cerified mail and inform me that it was picked up.
3. If the vehicle was sold in a car auction, were they obligated to inform me of the date and location so that I could try and purchase it, or after the sale of the auto what the remaining balance after the sale, if any?
1 Answer from Attorneys
Re: Repossession
1. When the company changed ownership were they not obligated to notify me.
Only if the address and party to be paid has changed.
2. If a customer becomes delinquent for nine months according to their record, (which I was not) were they not obligated to send me a delinquent or default notice? Does financial company allow custome to get this far behind without notifying them?
The lender is under no obligation whatsoever to let you know if you are delinquent. It is your responsibility to make sure that the payments are made on time.
3. When the automobile was repossessed were they obligated to contact me via cerified mail and inform me that it was picked up.
No.
4. If the vehicle was sold in a car auction, were they obligated to inform me of the date and location so that I could try and purchase it, or after the sale of the auto what the remaining balance after the sale, if any?
Yes. They were obligated to let you know, by certified mail to your last known address, that the car was to be sold at auction and when, and what it would cost for you to regain possession before sale.
If they have not timely given you a final accounting of the sale, the costs, and the balance on your note, you may not be liable for any shortfall or deficiency on the outstanding balance of your note.
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