Dealers Gain Protection from New Bankruptcy Law
A new law, in effect October 17, will give auto dealers an extra 10 days to establish secured creditor status, according to AutomotiveDigest.com.
A new law, in effect October 17, will give auto dealers an extra 10 days to establish secured creditor status, according to AutomotiveDigest.com.
With the new law in effect, consumers filing for bankruptcy within 30 months of their vehicle financing must pay off their loan in full or have the vehicle repossessed.
Under the current regulations, if a dealer misses a title recording deadline and the buyer files for bankruptcy within 90 days, the buyer can stop making payments and keep the vehicle.
The new law will increase the likelihood of vehicle repayment in full or the alternative, repossession. Dealers are warned to be aware of a potential increase in bankruptcy filings before the law takes effect.
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