Walk It Through: The New Car And The Repo
A new Oregon car that cannot be fixed, the loan that falls behind, and the truck in the driveway at night.
A new car goes back to the dealer again and again for the same transmission fault.
Two things a person in this spot might do. Picking one shows what the law says about it.
One new car and one loan. A surplus or deficiency after the sale, what the notice has to contain, and the lemon law's deadlines and allowance formula for a particular vehicle are not worked through here.
A practice walkthrough, not a prediction of how any real one will go. Legal information, not legal advice.
Words this turns on
Terms with a legal meaning that is narrower than the everyday one. Each links to the definition and the authority behind it.
- Breach of the peaceThe line a secured party taking collateral without a court may not cross. The section does not define it; what crosses the line is decided by courts on the facts.
- Commercially reasonableThe standard every aspect of the sale or other disposition of repossessed collateral has to meet: its method, manner, time, place and terms.
- Default judgment for possessionA judgment for possession for the landlord, which is entered only if the landlord appears at the first appearance and the tenant does not.
- DeficiencyThe part of the debt a foreclosure sale did not cover. An action for one may not be brought after a trustee's sale, or after a judicial foreclosure of a residential trust deed, with the narrow exceptions the section sets out.
- Redeeming collateralGetting repossessed collateral back by tendering fulfillment of every obligation it secures, plus the reasonable expenses and attorney fees of retaking and disposing of it, before the secured party has collected on it, disposed of it or contracted to, or accepted it in satisfaction of the debt.
- Secured partyThe party, such as the lender on a car loan, that after a default may take possession of the collateral, through judicial process, or without judicial process if it proceeds without breach of the peace.