Archive for October, 2011

Tennessee laws on secured transactions govern vehicle repossession laws in Tennessee. A secured transaction occurs where a consumer borrows money from a third-party creditor to finance a large purchase, such as a vehicle. The transaction is secure because the vehicle acts as collateral for the creditor’s loan pursuant to a sales contract. The creditor maintains an interest (or lien) on the vehicle that allows the creditor to repossess the vehicle in the event the consumer breaches the sales contract. The most common breach of the agreement occurs when the consumer stops making timely payments on the loan.

Default

If a consumer stops making timely payments on his car loan, he is in default. Typically, a sales contract for the purchase of a vehicle provides that the creditor can repossess the vehicle if the consumer defaults. Vehicle repossession laws in Tennessee do not require the creditor to go to court and obtain a court order to repossess the vehicle. The creditor can simply send a tow truck to pick up the vehicle so long as the repo man does it without breaching the peace. That means the repo man cannot use force or the threat of force or violate trespassing laws when seizing the vehicle.

Resale

If the creditor repossesses the vehicle, the creditor may resell the item to recover the money it lost because the consumer defaulted on the loan. In fact, if the borrower paid 60 percent or more of the loan’s principal, Tennessee law requires that the creditor resell the vehicle at public or private auction. All aspects of the sale must be commercially reasonable. That means the time, place and manner of sale must be reasonable. In other words, the creditor cannot resell a $50,000 vehicle for $5,000. If the defaulted consumer can repay all monies owed as well as any reasonable expenses incurred by the creditor as a result of the default, the consumer can redeem the vehicle and recover it subject to the terms of the sales contract.
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Schools shuttered and some frightened residents said they were hunkering down in their homes as sheriff’s deputies hunted lions, tigers, leopards and grizzly bears that escaped from a preserve after the death of the owner.

Police have not yet said how Terry Thompson died, but Zanesville Mayor Howard Zwelling told CNN Wednesday that Thompson freed the animals from their pens and then shot himself. Thompson owned 48 exotic animals. About 30 to 35 of them had been found, said Muskingum County Sheriff Matt Lutz. Those that had escaped from their pens were put down. (more…)

1. Slow service on Sprint

The big news on the carrier front for the iPhone 4S was that Sprint would be added as an approved mobile carrier, joining AT&T and Verizon. But some Sprint customers didn’t get off to a very good start. Many users were reporting slow data speed for the first couple of days. A thread on the Sprint community forum has 23 pages of people talking about slow data speed. “Sprint, we need some answer. Are you guys doing iPhone specific throttling?” one person posted. “You will lose your customer if the customer finding their iPhone unusable … ” This isn’t the first time Sprint’s speed has come into question. In PCMag’s June survey of the fastest mobile networks, Sprint trailed Verizon and AT&T in most regions of the country. A Sprint news release said Friday was the biggest sales day of a mobile device in its history, surpassing expectations. “As always, Sprint is carefully monitoring the performance of the 3G network,” Sprint spokesman Scott Sloat said in a written statement to CNN.

2. Weak battery

At the October 4 presentation unveiling the iPhone 4S, Phil Schiller , Apple vice president for product management, praised its “fantastic battery life” that would allow people to talk for eight hours before needing to charge the device again. But that’s not the experience everyone is reporting. Apple review site iLounge published a review of the phone, including battery-life comparisons. “After three days of non-stop testing, we had a clear answer: The iPhone 4S is generally more power hungry than the iPhone 4, and Apple has only made the slightest capacity improvement to the iPhone 4S’s battery,” the review reads. “Moreover, whereas Apple underpromised with the iPhone 4’s battery estimates, it comes closer to overpromising with the iPhone 4S.” (more…)