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RGMacEsq, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 16827
Experience:  Licensed Texas General Practice Attorney
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Are there any statutes that govern the rights of a consumer

Customer Question

Are there any statutes that govern the rights of a consumer when their car has been repossessed and they pay the balance to bring the payments current? Specifically what happens when the car has been taken to the auction before the 10 days the consumer has to bring the loan current.
Submitted: 2 years ago.
Category: Consumer Protection Law
Expert:  RGMacEsq replied 2 years ago.

Thank you for using JustAnswer.

I'm sorry to hear about your situation. Any time prior to the sale of the vehicle, you have the right to "cure" or "redeem" the vehicle by paying the total balance (not just past due balance). Any time before the disposition of the collateral, a debtor may have a right to redeem the collateral by tendering full payment of the obligation owed and all reasonable expenses incurred by the creditor. Reasonable notice of the time and place of the sale is generally required to be given to other secured creditors and the debtor.

Although, a creditor may allow you to cure any late payments and return the car, they are under no duty to do so. That means that there's no "right" that you have to "reinstate" the loan just by paying the past due amounts and coming current. Rather, the only right that you would have would be to pay the entire amount owed plus reasonable fees incurred in the repossession, etc...

I know this is probably not what you wanted to hear, but it is the law. I hope that clears things up anyway. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable. Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it positively (good or better). Thank you, ***** ***** luck to you!

Customer: replied 2 years ago.
My daughter had her car repossessed. I paid the reinstatment fees requested by the bank. They had already taken it to the auction (90 miles away) before the 10 days were up to reinstate the loan. Now they tell her she has to go to Greensboro, NC to pick up the car between 9-3 M-F. She works during that time and unable to get there. Do they have any obligation to bring the car back to Charlotte since they disposed of the vehicle before giving her a change to reinstate the loan?
Expert:  RGMacEsq replied 2 years ago.

Apologies for the delay. I was out of the office when you responded (~30 minutes after my response to you). No, I'm afraid to say that they don't have that obligation under the law. Reinstatement is up to them (like I said, as is anything less than full payment on the balance).