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SNAAC To Close It’s Doors

CINCINNATI –  A little more than three years after announcing an aggressive growth plan based on a strategy to add a significant number of dealership customers throughout the United States, Security National Automotive Acceptance Company (SNAAC) is departing the auto-finance business. A news release sent to SubPrime Auto Finance News late on Wednesday afternoon said SNAAC will discontinue

UCC Section 9-609

Uniform Commercial Code 9-609 § 9-609. SECURED PARTY’S RIGHT TO TAKE POSSESSION AFTER DEFAULT. (a) [Possession; rendering equipment unusable; disposition on debtor’s premises.] After default, a secured party: (1) may take possession of the collateral; and (2) without removal, may render equipment unusable and dispose of collateral on a debtor’s premises under Section 9-610. (b)