My question involves collection proceedings in the State of: Michigan
Question concerning how long a creditor has after reposession of a vechile to contact the debtor and report that it has been repossessed.
Here are the facts:
- 2 months behind in car payment so car was repossesed about 3 weeks ago.
- Have not received anything from the Credit union that the loan is through concerning the repossession and recieved nothing after voluntary opening garage and pulling out the car for the tow truck driver.
- there is a co-signer that is her soon to be ex mother in law (She is going through a divorce)
- Has never been late on payments for the G6 until this point with about 3,000 left on a 10,0000 orginal loan.
- She does not want car back (many many mechanical problems recently that would cost more to fix the car then what is owed)
- She has been approved for a loan for another car but they need to close the account at the bank in order to process the sale of the new car.
To my knowledge I know that the bank has to notify her of whatever way they want to dispose of the vechile but is there mandated times that they must process the repossession? Thank you for any assistance anyone can provide.
Question concerning how long a creditor has after reposession of a vechile to contact the debtor and report that it has been repossessed.
Here are the facts:
- 2 months behind in car payment so car was repossesed about 3 weeks ago.
- Have not received anything from the Credit union that the loan is through concerning the repossession and recieved nothing after voluntary opening garage and pulling out the car for the tow truck driver.
- there is a co-signer that is her soon to be ex mother in law (She is going through a divorce)
- Has never been late on payments for the G6 until this point with about 3,000 left on a 10,0000 orginal loan.
- She does not want car back (many many mechanical problems recently that would cost more to fix the car then what is owed)
- She has been approved for a loan for another car but they need to close the account at the bank in order to process the sale of the new car.
To my knowledge I know that the bank has to notify her of whatever way they want to dispose of the vechile but is there mandated times that they must process the repossession? Thank you for any assistance anyone can provide.
Notification After Repossession
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