Marvin Fielder v. Credit Acceptance

LOKEN, Circuit Judge.

Credit Acceptance Corporation (“CAG”) financed used car sales in Missouri by taking assignments of retail installment purchase contracts between car dealers and purchasing consumers. If the buyer defaulted, CAC typically repossessed the vehicle, which was collateral for the de faulted loan. CAC then sold the car, applied the net sale proceeds against the defaulted loan, and sued the buyer in state court for any remaining loan deficiency. In many of those deficiency actions, the debtor failed to appear, and CAC obtained a default judgment for its claimed deficiency-

Marvin…