Reposessions Quiz

Couldn't confirm presence of Flash 7 or higher because JavaScript was disabled.Get FlashI really do have Flash installed.ul{margin-top:0px;margin-bottom:0px;list-style-type:none;padding-left:20px;}1. Repossession agencies are regulated by a federal repossession law called the "Fair Repossessions Practices Act."

[ ] a. True

[ ] b. False

2. In California, a Repossession Agency may only repossess a car between 8:00 AM and 9:00 PM.

[ ] a. True

[ ] b. False

3. In California, a Repossession Agency may normally repossess your car even if you are only one day late on the payments. (Choose the BEST answer)

[ ] a. True

[ ] b. False - You must be late for a minimum of ten days.

[ ] c. False - You must be late for a minimum of ten business days.

[ ] d. False - You must be late one full payment as defined in the contract.

4. In California, if your car is repossessed and sold, you may not have to pay the remaining payments due.

[ ] a. True

[ ] b. False

5. In California, the company that is about to repossess your car:

[ ] a. Must give you 24 hours notice to allow you to pay the amount past due.

[ ] b. Must give you 48 hours notice to allow you to pay the amount past due.

[ ] c. Must give you one payment period (normally one month) notice to allow you to pay the amount past due.

[ ] d. Must give you two payment periods (normally two months) notice to allow you to pay the amount past due.

[ ] e. Need not give you any notice before taking your car.

6. In California, if your car is repossessed you:

[ ] a. Must be given you 24 hours notice to allow you to pay the amount past due.

[ ] b. Cannot normally get your car back unless you buy at at auction.

[ ] c. You only get your car back by paying all the money due on the contract.

[ ] d. The repossession company must allow you to get your car back by paying the amount due.

[ ] e. You may be able to get your car back by paying the amount you are behind.

7. A "deficiancy balance" is:

[ ] a. The payments that are behind as of the day a car is repossessed.

[ ] b. The payments that are behind as of the day the finance company first tells you that you are behind.

[ ] c. An amount of money equal to what you owed the finance company for the car before it was sold minus what the car was sold for.

[ ] d. An amount of money the finance company will accept in order to give you back your car.

[ ] e. An amount of money equal to the costs and fees required to repossess your car.

8. In California, you are not responsible for any "deficiency balance" owed after your car is sold unless, at least 15 days prior to selling your car, your finance company mails you, at your last known address, a letter that explains:

[ ] a. That you have a right to pay your full indebtedness within 15 days and get your car back (Redeem).

[ ] b. That you have a right to pay your past due indebtedness within 15 days, or explain why you do not have that right (Reinstate).

[ ] c. That you can extend your redemption or reinstatement period by ten days if you request in writing and they give you a form to fill out to do that.

[ ] d. Where your car will be returned to you if you redeem or reinstate.

[ ] e. Where to send payment.

[ ] f. States the sellers intent to sell the car before selling it.

[ ] g. States that if you make a written request, the seller will furnish you with a written accounting regarding the car.

[ ] h. States that you may be subject to suit for the deficiency.

[ ] i. States that you will be liable for any deficiency plus interest.

[ ] j. All of the Above

[ ] k. None of the Above

9. A repossession employee comes to your house to repossess your car. Which of the following is legal? (Best Answer)

[ ] a. He tows your car from a public road.

[ ] b. He tows your car from your driveway.

[ ] c. He forces open your garage door and tows the car.

[ ] d. He pulls you from behind the steering wheel as it sits on the street and then tows the car.

[ ] e. Only the first example is legal.

[ ] f. The first two examples are legal.

[ ] g. None of the above are legal unless he has a court order.

10. In California, which of the following conduct by a repossession employee is legal?

[ ] a. The repossession employee comes to your door at 3:00 AM and threatens to wake up the entire neighborhood if you do not open the door.

[ ] b. The repossession employee comes to your door and flashes a badge to get you to cooperate.

[ ] c. The repossession employee tells you to get out of the car so he can tow it because that is part of your contract, but it isn't.

[ ] d. The repossession employee comes to your door and yells "Police!" as he knocks on the door.

[ ] e. None of the above are legal.