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Is anyone familar with the repossesssion of auto laws in minnesota. My contract was orginiall with Triad Financial they sold to Santander, I was not made aware of this, do they have provide me with a new contract? Thank you.




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Originally Posted by Anonymous
Is anyone familar with the repossesssion of auto laws in minnesota. My contract was orginiall with Triad Financial they sold to Santander, I was not made aware of this, do they have provide me with a new contract? Thank you.



Have you defaulted on the loan? The question of repossession comes when you default on the loan. And, I feel the lender can repossess the vehicle even without informing the borrower before hand.

You can check out the following url for information on Minnesota repossession laws.

"http:// www.repo-laws.com/repossession-codes/minnesota.htm"

Sub: #1 posted on Thu, 01/28/2010 - 23:05

SC SC
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Loan contracts (promissory notes), just like a personal check, are negotiable instruments and can be "assigned" from one party to another. This doesn't require your permission. They do not have to provide you with a new contract, because what was sold from Triad to Santander was precisely that. All of your existing obligations under the original contract remain exactly the same, just that the company you pay has changed. They can still repossess if you don't pay as agreed.

Depending on state law, they might have had to send you an "assignment notice," informing you that your contract was re-assigned. However, laws usually only require them to send it by regular mail, to your 'last-known' address.

Sub: #2 posted on Fri, 01/29/2010 - 17:40

DebtCruncher DebtCruncher
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i'll have to check my guide when i go to the office tomorow, if i remember correct minnesota is a cure state, meaning they have to notify you prior to reposession. most states are pretty simple, its either a yes or no, some require a 10 day notice, some are 15 and 20 days. some states require you to send it every time the account is past due, other states only require the letter 1 time a year, and some states only require you to send the letter one time per contract. some states only require the notification if there is a co-buyer on the account. it gets pretty tricky in some states. i think minnesota is a 15 day cure, but dont quote me on that until i double check.

as far as the contract goes debtcruncher is right. they dont have to issue a new contract or gain permission. finance companies sell loans all the time.

i'll get back to you asap on the MN law, but if you are past due best bet is to call the company and see what they can work out with you.

Sub: #3 posted on Tue, 03/23/2010 - 23:07

bastoops bastoops

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alright. sorry it took so long. so minnesota is a 10 day cure. must be sent out each time account is past due. and must be sent via first class mail. some states require the letter to be sent certified mail. others only require first class. so basically if you get a letter saying you are past due for jan and feb, and you pay jan, technically the letter is still good for the feb pmt. but if you pay both months and "cure" the letter as they say then it is voided and then they must send out a new letter once you are past due again for the next months. hope all that makes sense, and good luck.

Sub: #4 posted on Fri, 03/26/2010 - 06:08

bastoops bastoops

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