this post was submitted on 14 Oct 2024
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I’ve gotten better with SovCit speak, but imma going to need a glossary for this post. I got the gist but that was it.
The critical document in this story is the BOE, but I have no idea what that's supposed to stand for.
I also don't know POA. (Maybe power of attorney, but doesn't make sense).
"Recision of security interest" sounds a lot like a document that attempts to void out the part of the loan papers that let the lender repossess the car on default.
CFO is chief financial officer, an executive at the lender organization.
UCC is the Uniform Commercial Code, a set of laws enacted in most states covering business practice regarding contracts and such.
SEC is the Securities and Exchange Commission, which regulates publicly traded stocks ("securities"). This seems to confuse the investment meaning of security with the different meaning of "security" on the loan.
CFPB is the federal Consumer Financial Protection Bureau. This organization does do things to protect borrowers in default from unfair debt collection practices. I can't imagine why they wouldn't just leap into action for this case.
Finally IRS collects federal income taxes. Form 3949a is a tattle tale form that lets you report things like your friend's improper deductions to the IRS. That's real nice.
Yeah it’s the BOE and 3949a I didn’t know. Also “poa” but I think that’s “power of attorney”.
Sorry I edited some of this stuff in.
I'm still stumped on BOE, but IRS form 3949a allows you to narc on people for tax misconduct.
Wow. That’s a crazy one. Thanks for putting that together!