Repossessions: Before You Pick Up Collateral
A NorthLegal Webinar presented July 28, 2011
(Approximately 2 hr 20 min including Q&A)

Cost/Registration | Regions Affected | Co-Hosts | How to Attend a Webinar

One of the major causes of litigation against credit unions, banks and other financial institutions that make loans secured by motor vehicles is the failure to follow proper repossession procedures.  Vehicles repossessed wrongfully.  Legal procedures violated.  Pre- and post-repossession notices not correctlly given.  Sales not conducted reasonably.

Too often financial institutions treat the repossession process as "routine."   Collectors are given responsibility for handling repossessions with little or no training.  Procedures are developed not based on the law, but on what the financial institution has "always done" or on what was done at the collector's last place of employment.  We figure if we haven't been sued yet, we're probably doing things right.

But most of the big lawsuits (and big damage awards) don't involve lenders who wilfully disregard the law, they involve lenders who assumed they were doing everything right!

Not knowing the law places your financial institution at risk of legal action, significant monetary loss, and even public embarrasment.

During this first of a multi-part series on repossessions, creditors' rights attorney Eric North talks with participants about the issues you should consider before ordering repossession of a motor vehicle as well as issues you should consider after the order has been placed but before the collateral has been recovered.

Participants will learn—

• how to determine which state's law you must obey.
• what issues to consider to be sure you have the right to repossess. (Being "on title" isn't nearly enough!)
• "right to cure" letters: what they are and how to find out if you need to send one.
• how to wisely choose a repossession agent for regular use or for use in a single case.
• important legal requirements for agreements between you and a repossession agent and how ignoring those requirements can affect you.
• what your options are if collateral is being hidden and important (and often overlooked) steps you can take that will help you if the borrower later files bankruptcy.
• what you should and shouldn't say to a borrower while a repossession order is out.
  
  

Take this opportunity to learn (or confirm you know) what the rules really are before a problem arises!

NOTE: This program is intended for employees of consumer lending institutions. Please contact NorthLegal Training and Publications to obtain approval before registering if you are not an employee of a consumer lending institution.

Cost/Registration
The fee to attend this archived program is $145.00 if paid by credit card or $155.00 if paid by check. For that fee, you or someone from your financial institution may view this program as often as you like for a period of 30 days.

Co-Hosts
Although financial institutions from any state may attend this program, this program is jointly hosted by NorthLegal Training and Publications, by credit union and other consumer lending institution leagues and associations serving:

by the following local or regional associations:

• The California Credit Union Collectors Council
• The New England Adjustment Managers Association
• The NorthWest Credit Union Collectors Association

and by the law firm of

Moore, Brewer, Jones, Tyler & North

(Participants do not have to be members of any of those leagues or associations in order to attend.)

How to Attend a Webinar
To attend this archived NorthLegal Webinar, please do the following:

• Register.  To register online using a credit card, visit the link shown earlier on this page. To register by mail, call NorthLegal at 623.537.7150.
• Check your email. Within moments after you complete the registration process you should receive two emails.  One will be a receipt for the transaction and the other will contain a link and detailed instructions explaining how to use that link to attend the program. 
• Download the handout materials by clicking the link shown earlier in these materials.
• Call NorthLegal to obtain the password to open the handout materials.

You or someone from your financial institution may view the program as often as you like for a period of 30 days after you register.