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May 12, 2015
11:00AM - 12:00PM
Repossessions Aren't Fun For Anyone!
OADA Webinar
Register Here!
Fortunately, most new car dealers don't have to worry about debt collections and repossessions in their day-to-day operations. Repossessions often involve emotional consumers and the process is governed by numerous federal and state laws that are geared toward protecting them. But dealers should be prepared to protect their interests in a vehicle if necessary. What would you do if financing could not be finalized and the consumer stopped returning your calls? What if a lender demands that you repurchase a contract and the consumer is in default?
As with many legal and business issues that arise in the motor vehicle industry, understanding the repossession process and the dealership's notice and resale obligations can seem like an overwhelming task. Not understanding them, however, can result in costly mistakes! Please join OADA and our guest speaker, Deanna Stockamp from the law firm of Stockamp & Brown, LLC, as we focus on the basic principles that every dealer should know about defaults and repossessions in motor vehicle transactions, including:
- If and when a dealer has an enforceable security interest and can repossess a vehicle;
- Paperwork required before and after taking possession of collateral;
- Seizures via self-help repossession versus a court ordered replevin;
- When and how the strict foreclosure process can be used;
- Bankruptcy filings and the effect of an automatic stay;
- Consumer notice and redemption rights;
- Disposition and deficiency requirements; and
- Potential consumer claims and defenses
Don't wait until it's time to call the repo agent to learn your rights and obligations - REGISTER TODAY to attend our webinar on May 12th from 11am to noon.
Connection fee for OADA member dealers is $30. Non-member dealers pay a $50 connection fee. After registering, you will receive a confirmation email containing information about joining the webinar.
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05/12/2015 11:00 AM
05/12/2015 12:00 PM
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Repossessions Aren't Fun For Anyone!
Register Here!
Fortunately, most new car dealers don't have to worry about debt collections and repossessions in their day-to-day operations. Repossessions often involve emotional consumers and the process is governed by numerous federal and state laws that are geared toward protecting them. But dealers should be prepared to protect their interests in a vehicle if necessary. What would you do if financing could not be finalized and the consumer stopped returning your calls? What if a lender demands that you repurchase a contract and the consumer is in default?
As with many legal and business issues that arise in the motor vehicle industry, understanding the repossession process and the dealership's notice and resale obligations can seem like an overwhelming task. Not understanding them, however, can result in costly mistakes! Please join OADA and our guest speaker, Deanna Stockamp from the law firm of Stockamp & Brown, LLC, as we focus on the basic principles that every dealer should know about defaults and repossessions in motor vehicle transactions, including:
If and when a dealer has an enforceable security interest and can repossess a vehicle;
Paperwork required before and after taking possession of collateral;
Seizures via self-help repossession versus a court ordered replevin;
When and how the strict foreclosure process can be used;
Bankruptcy filings and the effect of an automatic stay;
Consumer notice and redemption rights;
Disposition and deficiency requirements; and
Potential consumer claims and defenses
Don't wait until it's time to call the repo agent to learn your rights and obligations - REGISTER TODAY to attend our webinar on May 12th from 11am to noon.
Connection fee for OADA member dealers is $30. Non-member dealers pay a $50 connection fee. After registering, you will receive a confirmation email containing information about joining the webinar.
OADA Webinar
