Too much US-specific legalese in this one for me to even properly parse. Without the title, I wouldn’t even have guessed that this would be a sovereign citizen style post. I have no clue what a UCC-1, an AAA, NFCU, or a 1099 form is. I also have no clue how her car being repossessed leads to something being discharged as bad debt on her end. Thorougly lost here.
ucc-1 is apparently an “I am entitled to part of some property”, I assume when it goes up for sale to settle debts, you’re basically saying they owe you something.
AAA I’m guessing is their insurance company, NFCU could be Navy Federal Credit Union (basically probably their bank that held the loan for the car)
The 1099 is a tax for, but there’s usually an extra set of letters after. For example, a 1099-MISC is how you’d declare side income like royalties or prize money. Im assuming this person files some kind of 1099 to show losses.
The interesting part to me is that (afaik) you’re allowed to go to the auction and bid on your own car. And technically, if your car sold for more than you owe + repo fees, they have to give that money back to you (incredibly rare).
Close. Here, AAA is probably the American Arbitration Association (just based on the context)
I thought American Automotive Association, as in the people you call for roadside assistance.
Which is just stupid enough that SovCits would consider it.
Ah, makes way more sense, thanks!
You’re welcome!
The interesting part to me is that (afaik) you’re allowed to go to the auction and bid on your own car.
This is, in my experience as a dealership repossession titles clerk, extremely rare to the point of being non-existent. Might be because my corporation doesn’t allow non-auto dealers to attend the auctions in which repos get sold.
And technically, if your car sold for more than you owe + repo fees, they have to give that money back to you (incredibly rare).
It is also highly unlikely that a car sells for more than is owed + the fees. More often than not you’re going to have a hefty chunk left to pay after the auction is done. I had a person surrender their vehicle voluntarily (which counts as a repossession type) and it was valued at $6000. She owed $14k on it. My guess is it’s going to sell for 8k-ish, leaving her on the hook for the rest.
Disclaimer: I work for a large corporate dealership, this is solely my experience in my day to day job, YMMV.
So all you have to do is go to your own auction and bid the car well above its value. Once you owe yourself more than you owe the car company, you can file a title 27i to legally remove 50% of your name and transfer that value from the worth of your name contract to settle all remaining debt.
Then you can walk away with the car, and usually, your legal name gets cooler anyway. I used to be JEFFERY POUTINE but now I’m just JEF POUT. It even fits on a standard 7 digit international non-commercial traveling placard!
A UCC-1 is a lien form filed to protect collateral. A lot of times they’re filed by a bank against a business that borrowed from them, for instance if a farm takes out a loan for a new tractor, the bank will file a UCC-1 with that tractor as collateral. If the farm stops making payments, the bank can use the UCC-1 as proof that they can repossess the tractor. Anybody can file the UCC-1, but most people don’t because they have no reason to.
AAA is the American Automobile Association. It’s basically a club that anyone can join and they offer insurance, roadside assistance, things like that. I don’t know if they still act as a travel agency or offer maps like they used to, but I think they still offer discounts to travel destinations. They are a private organization not affiliated with the government.
I’m not sure what NFCU is. My guess is Navy Federal Credit Union where I’m guessing he banks?
A 1099 is a form used to file federal taxes. It’s usually used by independent contractors such as Uber drivers. It’s similar to how hourly and salary employees file a 1040, and some people have to file both.
Yep Navy Fed cred union, guy is a vet surprise surprise
AAA? Lol, wtf?
“If you get your car repo’d AAA will tow it back to you”
“Just a minor finder’s and B&E fee.”
It’s actually the only part of this that makes sense the American Arbitration Association is one of the two biggest ADR firms (JAMS being the other).
All these files and forms. Are sovereign citizens just mad accountants?
Amateur pseudo lawyers.
