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Kokua Line
No waiting time required before repossession
For Tuesday, November 18, 2008
POSTED: 01:30 a.m. HST, Nov 18, 2008
Question: Are there any laws pertaining to auto repossessing? I'm trying to find out whether there is a standard before a bank can repossess your car, like give you one month's or three months' notice.
Answer: There is no specific state law dealing with motor vehicle repossession, said Stephen Levins, executive director of the state Office of Consumer Protection.
However, Section 490:9-609 of the Hawaii Revised Statutes deals, in general, with a secured creditor's right to take possession after default.
That section "permits a secured creditor to take possession of the collateral without a judicial process, after default, if it can do so without breach of the peace," Levins said. There is no reference to a time period.
There is a Uniform Retail Credit Classification and Account Management Policy, which provides guidance for banks and financial institutions on this matter, said Stafford Kiguchi, spokesman for Bank of Hawaii.
"For accounting purposes, auto loans must be charged off when they become 120 days past due," he said. But the policy allows consideration for loans affected by bankruptcy, fraud and death.
"It also establishes guidelines for re-aging, extending, deferring or rewriting past due accounts, as well as providing for an alternative method of recognizing partial payments," he said.
At Bank of Hawaii, "Our first preference is to always work with the borrower to find an acceptable resolution," Kiguchi said. "It is not our desire to take a car back, which would subsequently require the bank to maintain it and resell it."
He recommended borrowers contact the lender as soon as it becomes difficult to meet a payment, to allow time to work out a possible solution.
Auwe
To a bus driver who almost hit me at about 8 a.m. Nov. 6 in the marked crosswalk on Alapai Street, between South King and Beretania streets. The car in the far left lane stopped, as did the car in the next lane. I saw the third lane was clear and was about to finish crossing when the bus just drove past, almost hitting me. I sent two complaints to TheBus, but I haven't heard anything from them. -- Angry PedestrianBus operators are trained to follow all traffic and pedestrian crossing laws, said Michelle Kennedy, spokeswoman for Oahu Transit Services. "All reports of unsafe driving are investigated, and appropriate action is taken based on the findings of the investigation."
She said you provided all the pertinent information needed, which "definitely speeds up the process of the investigation."
In most cases, when a complaint is received, a confirmation letter is sent within a couple of days, she said.
She said you made two complaints via Oahu Transit's online comment form, with no mailing address or telephone number. So, a response letter was not generated.
However, both times, you would have received an e-mail response acknowledging the complaint. Kennedy said you did not state in your first report that you wanted a response. You should have since received an e-mail notifying you of the investigation.
Question: Are there any laws pertaining to auto repossessing? I'm trying to find out whether there is a standard before a bank can repossess your car, like give you one month's or three months' notice.
Answer: There is no specific state law dealing with motor vehicle repossession, said Stephen Levins, executive director of the state Office of Consumer Protection.
However, Section 490:9-609 of the Hawaii Revised Statutes deals, in general, with a secured creditor's right to take possession after default.
That section "permits a secured creditor to take possession of the collateral without a judicial process, after default, if it can do so without breach of the peace," Levins said. There is no reference to a time period.
There is a Uniform Retail Credit Classification and Account Management Policy, which provides guidance for banks and financial institutions on this matter, said Stafford Kiguchi, spokesman for Bank of Hawaii.
"For accounting purposes, auto loans must be charged off when they become 120 days past due," he said. But the policy allows consideration for loans affected by bankruptcy, fraud and death.
"It also establishes guidelines for re-aging, extending, deferring or rewriting past due accounts, as well as providing for an alternative method of recognizing partial payments," he said.
At Bank of Hawaii, "Our first preference is to always work with the borrower to find an acceptable resolution," Kiguchi said. "It is not our desire to take a car back, which would subsequently require the bank to maintain it and resell it."
He recommended borrowers contact the lender as soon as it becomes difficult to meet a payment, to allow time to work out a possible solution.
Auwe
To a bus driver who almost hit me at about 8 a.m. Nov. 6 in the marked crosswalk on Alapai Street, between South King and Beretania streets. The car in the far left lane stopped, as did the car in the next lane. I saw the third lane was clear and was about to finish crossing when the bus just drove past, almost hitting me. I sent two complaints to TheBus, but I haven't heard anything from them. -- Angry PedestrianBus operators are trained to follow all traffic and pedestrian crossing laws, said Michelle Kennedy, spokeswoman for Oahu Transit Services. "All reports of unsafe driving are investigated, and appropriate action is taken based on the findings of the investigation."
She said you provided all the pertinent information needed, which "definitely speeds up the process of the investigation."
In most cases, when a complaint is received, a confirmation letter is sent within a couple of days, she said.
She said you made two complaints via Oahu Transit's online comment form, with no mailing address or telephone number. So, a response letter was not generated.
However, both times, you would have received an e-mail response acknowledging the complaint. Kennedy said you did not state in your first report that you wanted a response. You should have since received an e-mail notifying you of the investigation.
Today’s Edition
- Nonprofits feel pain of poor economy
- Symphony cancels concerts and will downsize
- New life for paraplegic lawyer
- Furlough rally held at Capitol
- Educators accused of unethical conduct
- Senate to grill DOE on stimulus
- Communication gaffe raises fuss in HPD chief selection
- Ala Wai traffic lanes reopened
- Newswatch
- Police / Fire
- The Search for Signs of Hawaiian Life
- Iraqis who return home face unemployment and poor services
- Prospect of more U.S. troops worries a wary Afghan public
- Kokua Line: State can enter property to act on hazards
- Surf sample sale in Kahala
- Got nutrients?
- Religion briefs
- Wood Craft: Sacred Hearts volleyball team is perfect
- Kahuku rallies for the Red
- Moanalua's time comes
- Farrington has Castle's number
- Desperate times at Aloha Stadium
- Further Review: UH's 2-6 mark makes a win tonight a must
- Wahine run over Fresno State
- Hawaii Beat
- Scoreboard
- Television & Radio
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