Guest thegipper01 Posted November 23, 2012 Report Share Posted November 23, 2012 I signed as cosignor on a vehicle lease for my ex-wife who declared bankruptcy and defauted on the lease. The vehicle was voluntarily repossessed on December 3, 2010 by TMCC and sold at a private sale without opportunity to reinstate.TMCC did not notify me nor did any one else until after repossession (notification occurred on 12/06/10in the form of a Bill for $ 5000)MI cosignor statutes require notification prior to repo, and possible UCC Art 9prevents this from happening.In March 2011 TMCC posted on my credit report a derogatory which reduced my credit score from excellent to fair ~ 250 pt decline "written off" after dispute letter was sent to them.Subsequently sued by a debt collector Law Firm who offered to settle for 80%On 1/7/12 the Law Firm filed suit and I responded to their complaint. Q: What are my defenses under the circumstances UCC 9 MI Statute Link to comment Share on other sites More sharing options...
1stStep Posted November 23, 2012 Report Share Posted November 23, 2012 Your defense could be built around the violation of the UCC... Link to comment Share on other sites More sharing options...
BrunoTheJDBkiller Posted November 23, 2012 Report Share Posted November 23, 2012 Does the UCC specify notification to co-signors or just the primary borrower? Why wasn't this discharged in the BK? Link to comment Share on other sites More sharing options...
willingtocope Posted November 23, 2012 Report Share Posted November 23, 2012 Does the UCC specify notification to co-signors or just the primary borrower? Why wasn't this discharged in the BK?Yes...And the primary's BK doesn't discharge the cosigner's obligation. That's why creditors require a cosignor for high risk loans... Link to comment Share on other sites More sharing options...
BrunoTheJDBkiller Posted November 23, 2012 Report Share Posted November 23, 2012 Wow, and he didn't even get a kiss, but he got, well, you know. Depending on the circumstances, maybe he can implead the ex as a third party defendant. I always thought leases were like rentals.....you miss three payments, you owe us three payments. We get the car back and sell it. We would have gotten the car back at some point in time anyway, and the sale price had some wiggle room built in at the beginning of the lease. Seems like they are going after something that was already accounted for. Link to comment Share on other sites More sharing options...
willingtocope Posted November 23, 2012 Report Share Posted November 23, 2012 Depends on the wording in the lease, but all the leases I've signed for cars have included terminology that says, in effect, you are commiting to pay the total of all lease payments. There may be an early "buy out" clause, but, in general, miss a couple payments, and its just another repo. Link to comment Share on other sites More sharing options...
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