Asked 8/6/2009
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What are the repo laws on title loans in tennessee Do they have to send you a lettter of whaat is owed and a date they are putting it up for auction |
Answer 1/3 - Submitted 6/12/2010
NO.....Once a Title loan company in Tennessee repos your car, the customer has no obligations for balance of loan......Say you owe 1200.00 on loan they repo and repo charges are 200.00. If the auction sales the car for 1600.00 by law the surplus will goto customer in this case , the title loan company will have to send you a check for 200 dollars. But if they sell the car for 800 dollars you are not responsible for the balance owed after sale.. Also by law you have around 30 days from due date of agreement before they can repo....I work for Title loan company for 11 years, read the contract you signed it states all the laws if you default..If you have more questions email me at jsander263@gmail.com
Answer 2/3 - Submitted 7/9/2010
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