Michigan NACA members came together with other consumer advocacy organizations to address an auto title lending bill pending in the state legislature. The letter created by Community Economic Development Association of Michigan and endorsed by NACA and other organizations played a role in the defeat of the bill.
Small Dollar Loans
Each year, over one million motor vehicles are repossessed from consumers who became delinquent in their payments to a lender who holds a purchase money security interest in the motor vehicle.
Section 9-503 of the Uniform Commercial Code authorizes secured lenders to seize possession of their collateral after the borrower defaults without judicial process if this can be done without breach of the peace. The Uniform Commercial Code (U.C.C.) does not define the term breach of peace.