Skip to content

Court approval for voluntary SCRA repo?

Answered by: 

Does vehicle voluntary surrender apply in conventional close-end loans?

I assume this refers to the act of repossessing vehicles and the need for a court order/approval. I would opine that if the collateral is voluntarily given to the bank these rules would be excepted. But I would require a form, approved by counsel, to be signed by the servicemember wherein they acknowledge this is being done by them and of their free will. The SM is the one who would object to any repossession and they obviously are not doing that, assuming there is no coercion. That is what I would want in the form of evidence that to not accept may mean the property would otherwise be abandoned and potentially harmed and devalued. I’ve not seen any official legal opinion or regulatory guidance on this.

First published on 08/22/2021

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics