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Latest Lending - Repossession Topics

Selling Requirements for Repos

07/16/2023

My bank is now selling our repossessed vehicles. The vehicles are listed on our website and we probvide contact information for questions or to arrange a test drive. Is there specific information we must include in the website listing for each vehicle? For example, should we indicate that the listed price does not include tax, title and registration fees? Should each listing include the VIN? Or are these things relevant only to dealers?

Timing o​f​ Booking a Repo Vehicle to Other Assets

02/18/2018

What is the guidance for timing o​f​ booking a repo vehicle to other assets? Does it have to be at the time the car was taken back? Is it okay to keep as a loan for a few weeks if the car will be sold in that time period?

Repossession Rights for Bank against a Debtor

09/05/2011

Does a bank have any repossession rights against a debtor if the debtor has never provided the titles to the vehicle and now the loan is in default? If no, which I assume, what options are available to claim our collateral?

Personal Property in a Repossessed Vehicle

07/01/2002

Once a vehicle securing a delinquent loan is repossessed, how long legally do the personal contents have to be held before they can be disposed? Our repossession letter allows the customer ninety days to pay off the loan before it is sold. However, the letter does not mention personal contents.

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Construction loan with extension and flood insurance

02/09/2025

If an extension is built into a Security Agreement for a construction loan allowing a 6-month extension, would this constitute a MIRE event for a flood determination? The property is in a flood zone and the borrower does have flood insurance.

Early Payment Defaults on Mortgages Sold to Fannie Mae

02/02/2025

Can you please point me to the Fannie Mae definition of an "early payment default" in the Fannie Mae guide? I haven't been able to find the section in the guide that tells the specific number of months.

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