SCRA Act Auto Loan

Will you please tell me is the Auto Loan or vehicle loan is provided by the Servicemembers Civil Relief Act (SCRA)? What is the interest rate of it? Also give me list of the finance companies who provides the Auto loan?

Hello sir, what is SCRA act for auto loan? Is there any one can provide me here detail for Servicemembers Civil Relief Act for auto loan?

[pooja]

The Servicemembers Civil Relief Act is intended to ease the economic and legal burdens on military personnel during their active service for Mortgage Protections.

The Military members who are called up to active duty may be able to request mortgage relief pursuant to the SCRA.

The SCRA provides protection for those with active military status in five primary areas.

Get info about Servicemembers Civil Relief Act for auto loan:



Interest rates:
The SCRA provision that interest rates may not exceed 6 percent also applies to auto loans.

Interest rates on auto loans taken out before the servicemember was upgraded to active military status often must be adjusted.

The Servicemembers are required to take some steps before they can receive the lower rate.

This includes submitting a written notice and a copy of the military orders calling them to action.

Repossession for Auto loan:

Make the creditor return the payments made on the loan before granting the repossession.
Stay the car repossession proceedings.
Require that the creditor pay the servicemember the difference between the cars value and the debt balance. This is called an equity payment.

Contact to:

SCRA LLC t/a Servicemembers Civil Relief Act Centralized Verification Service
1120 20th St NW #S-300-RLK
Washington, DC 20036
Tel. (202) 462-0600