Critical Case Comment – AmeriCredit Financial Services Inc. v. Penrod (In re Penrod), 2010 WL 2794409 (9th Cir. July 16, 2010) (Mills)

AmeriCredit Financial Services Inc. v. Penrod (In re Penrod), 2010 WL 2794409 (9th Cir. July 16, 2010) (Mills)

That portion of a secured obligation representing “negative equity” in the purchase of a motor vehicle for a debtor’s personal use within 910 days, is not part of the purchase money security interest and, accordingly, not subject to the protection of the “hanging paragraph.”

Summary of the Case

Marlene Penrod purchased a 2005 Taurus in September 2005. The . . .

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