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#1323333 - 01/12/10 10:12 PM Delinquent consumer loan and resolutions
QueenBB Offline
100 Club
Joined: Jan 2006
Posts: 190
TX
Consumer has car loan with small balance - delinquent and "in demand". Can the bank:
1-Sell the car to an interested party for the loan balance? If so, is there some notice to give the customer? Do we just repo the car and sell it? Do we have to give the customer 30 days to redeem?
2-Let a car dealer buy the note, pick up the car, and sell it himself? Do we have to give the customer notice that the note has been sold?
------Can someone help me out?------

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#1324715 - 01/14/10 06:14 PM Re: Delinquent consumer loan and resolutions QueenBB
TXLender Offline
New Poster
Joined: Jan 2010
Posts: 1
10 day repo/demand notice giving consumer 10 days to pay cure amount, if no payment then you can repo after the demand letter expires. Send 10 day notice once collateral is secured by bank giving consumer oppurtunity to payoff note and claim collateral. After that our policy is to take bids or send to auction.

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