I'm trying to see if this statement means that I will be giveen a written notice before my vehicle be repossessed. You agree that if any notice is required to be given to you of an intended sale or transfer of the property, notice is reasonable if mailed to your last known address, as reflected in our records, at least 10 days before the date of intended sale or trasfer or such other period of time as is required by law. i live in Ms but my creditors is inBaton Rouge La.
1 Answer from Attorneys
Re: Repossession ?
The provision doen not require written notice before a repossession. If Louisiana requires notice before the sale, the provision you quoted sets out how the notice is to be given.
After a car is repossessed, the creditor has to sell it in order to hold the debtor responsible for the difference between the car's sale price and the owed debt. Generally, I would expect you are at risk of the repo sale being for much less than than the bluebook wholesale value.
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