Tennessee auto loan - several questions

This is a discussion on Tennessee auto loan - several questions within the Debt Collection forum, part of the BANKRUPTCY & DEBT COLLECTIONS category; 1. Under TN law, if the lender repossess the car, can the lender sue for the deficiency between the owed ...

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Old Feb 25th, 2013, 02:42 PM   #1
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Default Tennessee auto loan - several questions

1. Under TN law, if the lender repossess the car, can the lender sue for the deficiency between the owed amount and the car's eventual resold value?
2. Under TN law, are there any provisions that protect against 'predatory' lending or the like? In other words, is there any protection for the consumer who was put into an auto loan that any reasonable lender could see should not have been made?
3. Under TN law, is there any provision to protect from garnishment some or all wages if the wages represent near-subsistence levels of income?
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Old Feb 25th, 2013, 03:30 PM   #2
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Default Re: Tennessee auto loan - several questions

1. Yes
2. Yes, however no normal lender would violate them.
3. 25% max.
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Old Feb 25th, 2013, 04:01 PM   #3
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Default Re: Tennessee auto loan - several questions

1. Thanks for the quick, concise reply.
2. What are the criteria to determine if predatory lending has occurred? I assume a recent prior bankruptcy, failure to pull a credit report and other indicia tend to point to a non 'normal lender.'
3. Meaning no more than 25% of such subsistence wages could be garnished?
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Old Feb 25th, 2013, 04:21 PM   #4
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Default Re: Tennessee auto loan - several questions

Quote:
Originally Posted by bca17 View Post
1. Thanks for the quick, concise reply.
2. What are the criteria to determine if predatory lending has occurred? I assume a recent prior bankruptcy, failure to pull a credit report and other indicia tend to point to a non 'normal lender.'
3. Meaning no more than 25% of such subsistence wages could be garnished?
With regard to the predatory lending issue, are you trying to use that as a basis to try to invalidate the entire loan? Because the time to challenge that was BEFORE you agreed to it. Presumably you defaulted due to your inability to make the payments as you agreed to make - and that is no fault of the lender or the dealer.
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