intent to sell notice

[deballover]

What is the name of your state? ca

most important of all i need to know if my credit union can force me to re apply for my car loan now that they have repossessed my car. nothing about reapplying for the loan is on the intent to sell notice they sent me. it only lists money and insurance proof as items ineed to bring to them to reinstate my car, only when i called to talk to them did this one employee say that i have to re apply on an application paper as well as a copy of my birth certificate, drivers license, and registration. can he do this?
thank you, deb

 

[JETX]

1) You need to read ALL the fine print in your contract to see what rights each party has in the event of breach.
2) For all intents, your breach of the repayment terms COULD void the original repayment agreement. This is true since they have basically recovered (repossessed) the security and are now allowed to sell it to attempt to recover from your breach.
3) If you want the vehicle back, they can ask that you requalify and enter a new agreement.... or you can bid on the car at auction just like any other buyer. If you do this, then you can refinance wherever you want.
4) Realize though, that if the vehicle does sell at auction, you will still be responsible for any difference between the sale price and their 'loss' (amount owed, plus fees, costs, etc.).