If your car is repossessed, does the bank have to notify you of date time place of resale of your vehicle?

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If your car is repossessed, does the bank have to notify you of date time place of resale of your vehicle?

After the car was taken, I received a letter stating that the car would be sold in the future, but no specifics, a week later I received another letter saying that it had been sold in a private sale. I thought that if you have paid more than 50% towards the car, it had to be sold at a public sale. I just want to make sure that the bank is following the laws.

Asked on March 30, 2012 under Bankruptcy Law, Arizona

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Under the laws of all states in this country, if one's vehicle is repossessed by the lender for the owner not making payments on it, written notice must be provided the person obligated under the car's loan as to where it has been taken to for storage and any future auction date as well as the time and date of the location. Failure to do so could preclude the lender from seeking a deficiency judgment against the lender.


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