Minnesota Repossession Basics
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Understand how the Fair Debt Collection Practices Act as well as Minnesota state consumer protection laws affect your collections.
When a consumer defaults on an auto loan, the creditor needs to quickly know the best course of action to promptly secure the collateral and collect on the outstanding balance. The likelihood of successfully recovering on the loan and minimizing attorney fees is dependent upon how quickly the collateral can be repossessed. When determining how to proceed there is federal regulation, state law, and procedural issues to take into consideration. This information will help the persons responsible for managing delinquent auto loan accounts understand what to do when placing the account in the legal department and then how an attorney should proceed against a consumer who is refusing to abide by the terms of the security agreement. Review Replevin actions and how you should proceed. Failure to take into consideration the value of the collateral, the amount of default, and the collectibility of the account could lead to waiver of certain legal remedies that are available to creditors and may result in headaches for the creditor and its attorneys later on. Understand how the Fair Debt Collection Practices Act as well as Minnesota state consumer protection laws affect how you may go about collecting on a defaulted auto loan.
Andrew A. Green, Cottrell Law Firm, P.A.
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