Section 2855 - Repossession(a) The Agency will repossess in accordance with Section 2850 above. Should the Agency be forced to repossess, purchaser will be sent a notice. The notice will state that purchaser may redeem (buy back) the vehicle, and will also specify the amount required for redemption. Purchaser may redeem the vehicle up to the time the Agency sells it or agrees to sell it. If the purchaser does not cure the default within this time frame, the vehicle will be sold. If the vehicle is sold, the money from the sale, less allowed expenses, will be used to pay the amount still owed on the original purchaser's contract. If there is any money left (i.e.; surplus), it will be paid to the original purchaser. If the money from the sale is not enough to pay off the contract and costs, the original purchaser must pay to the Agency what is still owed on the contract.(b) Should the Agency be forced to repossess, the defaulting purchaser will not be allowed to finance another purchase through the Agency for five (5) calendar years from the date of repossession.Cal. Code Regs. Tit. 19, § 2855
1. New section filed 1-6-89; operative 2-5-89 (Register 89, No. 3).
2. Change without regulatory effect amending section and NOTE filed 5-12-2010 pursuant to section 100, title 1, California Code of Regulations (Register 2010, No. 20). Note: Authority cited: Sections 8585 and 8589.19(a), Government Code. Reference: Sections 8585 and 8589.18, Government Code.
1. New section filed 1-6-89; operative 2-5-89 (Register 89, No. 3).
2. Change without regulatory effect amending section and Note filed 5-12-2010 pursuant to section 100, title 1, California Code of Regulations (Register 2010, No. 20).