Section 16-344. SALE OF REPOSSESSED MOTOR VEHICLE

 

344.1If the buyer has paid less than fifty percent (50%) of the cash sale price of the motor vehicle, the holder may sell the motor vehicle at public or bona fide private sale or at public auction, unless the buyer within the fifteen (15) day redemption period prescribed in § 341 requests in writing a public sale or auction and deposits with the seller the sum of fifteen dollars ($ 15) to cover the cost of the sale or auction.

 

344.2If the buyer has paid at least fifty percent (50%) of the cash sale price of the motor vehicle, it shall be the duty of the holder to sell the motor vehicle at public sale or at public auction.

 

344.3If the holder is not satisfied with the highest bid received at the public sale or public auction held under § 344.2, the holder may reject all bids and sell the vehicle at private sale for not less than the highest bid received at the public sale or public auction.

 

344.4The private sale shall be subject to the provisions of § 345.

 

344.5The holder shall give at least ten (10) days written notice to the buyer prior to the date of any public sale or auction of the time and place of the public sale or auction.

 

344.6The holder shall give at least ten (10) days written notice to the buyer of a private sale, after which the private sale may be held.

 

344.7The notice shall be delivered personally or sent by registered or certified mail.

 

344.8Any notice required by this section may be given prior to the expiration of the redemption period prescribed in § 341.5.