MARCIN JÓZEFOWICZ
Code of Virginia
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В§ 6.2-2217. (Effective until January 1, 2021) restricted recourse; repossession and purchase of automobile.
A. A licensee taking a security interest in a motor vehicle pursuant to this chapter shall be limited, upon default by the borrower, to seeking repossession of, preparing for sale, and selling the motor vehicle in accordance with Title 8.9A except as otherwise provided in subsection E. Unless (i) the licensee, at the very least 10 times just before repossessing the engine vehicle securing a title loan, has delivered to the debtor, by top class mail, written notice advising the debtor that their name loan is within default and saying that the automobile could be repossessed unless the main and interest owed underneath the loan contract are paid and (ii) the debtor will https://online-loan.org/title-loans-pa/ not spend such principal and interest before the date the car is repossessed by or during the way regarding the licensee, then your licensee shall perhaps not gather or charge the expense of repossessing and offering the motor vehicle described in clause (ii) of subsection D of В§ 6.2-2216. A licensee shall maybe not repossess a motor automobile securing a title loan before the date specified into the notice. Except as otherwise provided in subsection E, a licensee shall maybe not look for or get your own cash judgment against a borrower for almost any balance under financing contract or any deficiency ensuing following the purchase of an automobile.
B. {At the very least 15 times before the purchase of an auto, a licensee shall (i) notify the debtor associated with date and time and after that the car is susceptible to purchase and (ii) offer the debtor with a written accounting associated with principal quantity as a result of licensee, interest accrued through the date the licensee took control of this car, and any reasonable costs incurred up to now by the licensee in using control of, finding your way through purchase, and attempting to sell the|A licensee shall (i) notify the borrower of the date and time after which the car is subject to purchase and (ii) supply the debtor with a written accounting regarding the principal quantity because of the licensee, interest accrued through the date the licensee took control for the car, and any reasonable expenses incurred up to now by the licensee in taking control of, finding your way through purchase, and attempting to sell the automobile at the least 15 times before the purchase of a motor car. At any moment ahead of such purchase, the licensee shall enable the debtor to redeem the automobile by tendering money or other good funds tool when it comes to major amount because of the licensee, interest accrued through the date the licensee took control, and any reasonable costs incurred by the licensee in using control of, get yourself ready for purchase, and offering the car.
C. The borrower is entitled to receive all proceeds from such sale of the automobile more than the key quantity because of the licensee, interest accrued through the date the licensee took possession, while the reasonable costs incurred by the licensee in taking control of, get yourself ready for purchase, and offering the motor vehicle within 1 month of this licensee’s receipt of funds through the purchase of a motor automobile.
D. A licensee shall not take possession of a motor vehicle until such time as a borrower is in default under the loan agreement except in the case of fraud or a voluntary surrender of the motor vehicle. Except as otherwise supplied in this chapter, the repossession and purchase of an auto will probably be at the mercy of the conditions of Title 8.9A.
E. Notwithstanding any provision into the contrary, upon default by a borrower, a licensee may look for an individual cash judgment up against the debtor for almost any quantities owed under that loan contract in the event that debtor impairs the licensee’s safety interest by (i) deliberately damaging or destroying the engine vehicle, (ii) deliberately concealing the automobile, (iii) giving the licensee a lien in an auto that is currently encumbered by an undisclosed previous lien, or (iv) later providing a security curiosity about, or selling, an auto that secures a name loan to a 3rd party, minus the licensee’s penned consent.