Troutman Sanders

MARCH 2, 2022

On February 28, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a bulletin and accompanying press release , highlighting an issue that the agency has written about frequently over the past several years: inadvertent repossessions. Failing to cancel active repossession orders when a consumer files for bankruptcy.

Repossession 52

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Jimerson Firm

NOVEMBER 16, 2020

When a borrower applies for a loan, most lenders require the borrower to pledge an asset as security for the repayment of the loan, i.e. collateral. In the event the borrower defaults, usually by failing to make loan payments, a secured creditor has a right to take possession of the collateral. 679.609, Fla. Brinkley , 282 So.

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Sawin & Shea

FEBRUARY 28, 2024

When filing for bankruptcy, you can discharge certain types of personal loans, meaning that you’re no longer legally responsible for paying off the debt. If you’re considering filing for bankruptcy, you need to know what personal loans you can discharge and which filing method suits your financial situation.

Personal loans 52

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Account Recovery

JANUARY 5, 2023

The Consumer Financial Protection Bureau and the Attorney General of New York yesterday filed a lawsuit against an auto lender, accusing it of tricking consumers into high-cost loans on used cars that resulted in unaffordable monthly payments, vehicles being repossessed, and customers facing debt collection lawsuits.

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Sawin & Shea

OCTOBER 26, 2022

When filing for bankruptcy, you can discharge certain types of personal loans, meaning that you’re no longer legally responsible for paying off the debt. If you’re considering filing for bankruptcy, you need to know what personal loans you can discharge and which filing method best suits your financial situation. Payday loans.

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Sawin & Shea

JANUARY 18, 2024

As you think about filing bankruptcy, it’s crucial to understand the interaction between Chapter 13 and car loans. Bankruptcy can impact various aspects of your financial life, including existing car loans. How Does Chapter 13 Bankruptcy and Auto Loans Work? What is Chapter 13 Bankruptcy?

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Sawin & Shea

MAY 26, 2020

I’m here to talk to you today about repossessions. I know currently with this current COVID-19 crisis, many car lenders have voluntarily suspended repossessions. There is no state mandate keeping them from repossessing cars. Give us a call, if you have any questions about repossessions. This is voluntary.

Repossession 52

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Roths Child Law

MAY 11, 2021

Unfortunately, it also means that the car, truck, van or SUV that you drive to your job every day is also collateral for the loan used to purchase it. . When you fall behind on payments, the lender who financed the purchase might decide to repossess the vehicle. How does repossession work?

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Nerd Wallet

AUGUST 31, 2021

Car loans work by providing a lump sum of money for you to buy a car. Then, it’s yours to drive, while also making monthly payments on the loan (with interest) over time. Until you fully repay the loan, the lender holds the title to the car and can repossess it if you fall behind. The article How Do Car Loans Work?

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Nerd Wallet

MAY 25, 2022

Ads for “second-chance auto loans” may catch your attention if you need to buy a vehicle and have bad credit, past bankruptcy or previous car repossession. The term “second-chance” implies that making on-time loan payments could offer a fresh start. That’s especially true if your goal is to mend your credit. But you should be.

Loans 72

Loans Repossession Bankruptcy 72

Troutman Sanders

OCTOBER 15, 2020

Specifically, the CFPB alleged that Nissan violated the Act in four ways: By repossessing vehicles between 2013 and 2020 even though customers had already made payments or taken action that should have prevented repossession; By requiring customers to pay a $7.95 Nissan also agreed to non-monetary relief as part of the Order.

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Credit Corp

DECEMBER 14, 2021

Can you transfer your car loan to another person and have them take over your car payments? We’ll begin this guide with a solid answer to the loan assumption question: can someone else assume your car loan , and if so, how do they do that? Can someone take over your car loan? How do you take over someone’s car loan?

Loans 91

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Roths Child Law

MAY 11, 2021

Unfortunately, it also means that the car, truck, van or SUV that you drive to your job every day is also collateral for the loan used to purchase it. . When you fall behind on payments, the lender who financed the purchase might decide to repossess the vehicle. How does repossession work?

Repossession 40

Repossession Lender Collateral Bankruptcy 40

Troutman Sanders

FEBRUARY 29, 2024

Specifically, the CFPB is proposing to collect a set of data annually from lenders that originate or acquire more than 20,000 auto loans in the previous calendar year. The CFPB also proposes to collect a set of data annually from lenders that originate between 500 and 20,000 loans in the previous calendar year.

Repossession 52

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Consumer Financial Services Law

NOVEMBER 12, 2016

Auto loan servicers need to pay careful attention to their repossession practices and particularly, their policies concerning repossession fees. Auto loan servicers need to examine their policies and procedures regarding their repossession practices to insure they are in line with the CFPB expectations.

Repossession 40

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Jimerson Firm

NOVEMBER 23, 2020

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. The decision and justification for abandoning the collateral, including the basis for the Recoverable Value estimate, must be documented in the loan file. Liquidation Methods. 679.609(2)(b), Fla.

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Credit Corp

JANUARY 11, 2024

Request a loan deferment If your financial difficulties are temporary, you may be able to request a pause on your car loan payments. If you’re interested in requesting a loan deferment, it’s crucial that you contact your lender as quickly as possible and before you miss a payment. Your original 60-month auto loan came with a 5.5%

Repossession 52

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Jimerson Firm

NOVEMBER 11, 2020

Conducting site visits are an important aspect of servicing SBA loans. a bankruptcy filing, business shutdown, or foreclosure by a prior lienholder) that caused the loan to be classified in liquidation status or sooner if the collateral could be removed, lost, or dissipated. SOP 50 57 2 ; SOP 50 55. How to Prepare for a Site Visit.

Collateral 98

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Credit Corp

MARCH 7, 2021

Everything is online these days—including personal loans. Online lenders make it easy to compare rates and terms and find the right online personal loan for your situation. Personal loans were the fastest-growing category of consumer debt in 2019 , according to a survey from J.D. What is an online personal loan?

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Consumer Finance

OCTOBER 12, 2020

The Consumer Financial Protection Bureau issued a consent order against Nissan Motor Acceptance Corporation, which services auto loans and leases originated by Nissan and Infiniti dealerships nationwide.

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Repossession Loans Collections 98

Sawin & Shea

MARCH 13, 2024

A reaffirmation agreement is a document that re-obligates a debtor to repay a particular debt, such as a car loan, mortgage, or other loan type. All of the original terms of the loan are back in force, including the creditor’s right to repossess the collateral if you get behind on payments in the future.

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Consumer Finance

MAY 1, 2022

Today the Consumer Financial Protection Bureau (CFPB) released its Supervisory Highlights report on legal violations identified during the CFPB’s supervisory examinations in the second half of 2021. The report details key findings across consumer financial products and services.

Repossession 89

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Credit Corp

JUNE 14, 2023

More than 10% of subprime auto loan customers were behind on payments by 60 days or more in early 2021. We’ll break down when a car payment is late, as well as other common loans, so you’ll be prepared to pay your loans on time. How Late Can You Be on a Mortgage Loan Payment? How Late Can You Be on Student Loans?

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Roths Child Law

APRIL 10, 2024

What if you still owe money on an auto loan? If you still owe money on your car loan, the lender may consider repossessing the car. Tennessee bankruptcy laws do not offer a motor vehicle exemption, but you could use the $10,000 wildcard exemption to cover your vehicle.

Bankruptcy 52

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Troutman Sanders

APRIL 24, 2023

Earlier this month, a district court for the Eastern District of Michigan dismissed on its own initiative a Fair Credit Reporting Act (FCRA) claim brought by a consumer alleging inaccurate reporting of her charged-off vehicle loan. The court’s opinion in Shelton v. Americredit Financial Services, Inc. Hence, no inaccuracy.

Loans 52

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Troutman Sanders

FEBRUARY 24, 2023

According to the CFPB, the nine targeted lenders represent a cross-section of the auto finance market and the data collected in response to these orders will help the CFPB build a data set that provides them with insight into lending channels and loan performance.

Lender 52

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Nerd Wallet

MARCH 21, 2022

Bad-credit car dealerships sell and finance vehicles for people with low credit scores, no credit, past bankruptcies, car repossessions or other credit issues. Their financing sources are more flexible, but their loans can come with a very high. Shannon Bradley writes for NerdWallet. Email: sbradley@nerdwallet.com.

Repossession 67

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Troutman Sanders

NOVEMBER 18, 2022

On November 17, the Consumer Financial Protection Bureau (CFPB) announced it is seeking public comment on its proposal to develop a new data set to better monitor the auto loan market. Because student loans are largely administered by the federal government, we know more about them too.

Collections 98

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Roths Child Law

SEPTEMBER 21, 2023

For instance, if a car is collateral for a loan and the debtor isn't making payments, the lender might be granted permission to repossess that vehicle. Sometimes, a creditor might request the court to lift the stay, especially if they believe it's not serving its intended purpose.

Debtor 96

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Sawin & Shea

DECEMBER 28, 2023

By stretching out, modifying, or reducing payments, Chapter 13 helps make debt more manageable for financially distressed individuals while allowing them the opportunity to save assets like their homes from foreclosure and cars from repossession. As long as you keep up with repayment plan payments, you can avoid repossession or foreclosure.

Chapter 13 bankruptcy 52

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Sawin & Shea

JULY 8, 2020

The kinds of debt that can typically be eliminated are credit card debt, medical bills, utility bills, evictions, repossessions, and personal loans. Is It Impossible to Wipe Out Student Loans With Bankruptcy? It’s difficult, but not impossible, to discharge your student loans through bankruptcy. Section 523(a)(8).

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Chapter 13 bankruptcy Student loans Student Loans Bankruptcy 133

Troutman Sanders

AUGUST 10, 2021

Specifically, the court ruled that a plaintiff could, in theory, state a CLEC claim without having paid more than the principal balance on his/her loan, but practically would have no damages under such a claim until he/she had paid more than the principal balance. Bay Country). We will continue to monitor developments in this space.

Repossession 52

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Sawin & Shea

FEBRUARY 21, 2024

A major benefit of Chapter 13 bankruptcy is that it allows the filer to catch up on missed mortgage, car loan, and other secured debt payments by incorporating them into the repayment plan. This helps prevent repossession or foreclosure.

Chapter 13 bankruptcy 52

Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Repossession 52

Collection Industry News

FEBRUARY 21, 2022

million to Massachusetts to resolve allegations that it did not provide proper explanations about its auto loan debt collection practices to consumers, the state attorney general’s office said Friday. BOSTON (AP) — A subprime auto lender has agreed to pay more than $5.5

Lender 40

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Sawin & Shea

JANUARY 18, 2023

Filing Chapter 7 bankruptcy provides you with an automatic stay that prohibits creditors from being able to take any action to collect a debt against you, such as repossessions, wage garnishment, and legal action. What Happens After You File Chapter 7 Bankruptcy? Additionally, your creditors will not be allowed to contact you.

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Sawin & Shea

SEPTEMBER 13, 2023

During this process, the lender will typically repossess the house and then sell it off at a public auction. When you file for bankruptcy, an automatic stay goes into effect, which keeps the bank from repossessing your home during the case. This depends on your attachment to the home.

Foreclosure 52

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Sawin & Shea

SEPTEMBER 14, 2022

Some examples of consumer debt include: Personal credit card debt Store financing Home mortgages Rental furniture Personal lines of credit and bank loans Vehicle leases, which can include cars, planes, boats, and more Cosmetic-based medical debt Family or personal legal fees. Are Student Loans Consumer or Non-Consumer Debts?

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