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February 27, 2008 | 03:25 PM

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Repossession on a credit report and cosigned car loan

Wed Feb 27, 2008 03:02PM | By Tony

See more in Credit Repair | Permalink | Email | Comments (0)

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Q: I cosigned for a friend car loan in 2004. The car was repossessed in a middle of 2006, I learned about only now when I pulled my credit report. The repossession is there, all right. All relevant accounts show $0 balance. Since I have never been informed about and not moved, I should have some legal ways to get it off my credit report, shouldn't I? As a cosigner, I have the right to be notified.

A: Hmm ... the car loan could be under UCC rules, I checked the Uniform Commercial Code, Article 9, ยง 9-607 - COLLECTION AND ENFORCEMENT BY SECURED PARTY, and that is what it says:

(a) [Collection and enforcement generally.]

If so agreed, and in any event after default, a secured party:

(1) may notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party;

(2) may take any proceeds to which the secured party is entitled under Section 9-315;

(3) may enforce the obligations of an account debtor or other person obligated on collateral and exercise the rights of the debtor with respect to the obligation of the account debtor or other person obligated on collateral to make payment or otherwise render performance to the debtor, and with respect to any property that secures the obligations of the account debtor or other person obligated on the collateral;

(4) if it holds a security interest in a deposit account perfected by control under Section 9-104(a)(1), may apply the balance of the deposit account to the obligation secured by the deposit account; and

(5) if it holds a security interest in a deposit account perfected by control under Section 9-104(a)(2) or (3), may instruct the bank to pay the balance of the deposit account to or for the benefit of the secured party.

So it is "MAY' not 'MUST'. If you have an original paperwork see what it says. Depending on the state you live in and cosigned, there are could be different ways of dealing with that. So the bottom line, you can try to dispute this repossession, based on the fact that you weren't notified, but you can also check with a right lawyer.

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