Only in 9 states.. read your contract, it should be noted there.
Business notice is a formal writing whose main purpose is to communicate the message to the desired audience. Example: If X company tries to defame Y company, than Y company will send a business notice to the X company as a warning. If X company will not stop the defaming actions, than Y company will be all set in a position to send a legal notice to the X.
REPOSSESSION CHECKLIST 1. Is the account 10 days or more past due? If not, you have to wait until it is before you can proceed. 2. If the account is 10 days or more past due, have you sent the NOTICE OF DEFAULT & RIGHT TO CURE? If not, you must send it before you can proceed. 3. Did the NOTICE OF DEFAULT & RIGHT TO CURE give the customer at least 20 days to cure the default? If not, you have to send the borrower one that does before you can proceed. 4. Did the customer cure the default by paying the account up to date? If so, and the account is again at least 10 days delinquent, you will have to send a SECOND NOTICE OF DEFAULT & RIGHT TO CURE, and give the customer 20 days to cure the default before you can proceed. 5. If you sent the SECOND NOTICE OF DEFAULT & RIGHT TO CURE, did it again give the customer 20 days to cure the default, and did it have the required additional language? If not, you have to send the borrower one that does before you can proceed. 6. After you repossessed the collateral, did you send the customer the NOTICE OF OUR PLAN TO SELL PROPERTY? 7. If you sent the NOTICE OF OUR PLAN TO SELL PROPERTY, did you give the customer at least 10 days to redeem the collateral? If not, you have to send the borrower one that does before you can proceed. 8. Was the sale handled in a commercially reasonable manner, e.g., advertising for bids, contacting various dealers, etc.? 9. Does the file contain complete information concerning the sale, include at the very least the nature of the sale (private or auction), the price obtained for the collateral, the name of the purchaser, etc.? 10. Does the file contain receipts for all expenses incurred in the repossession, including the repossession fee, repairs, storage, etc.? 11. If there was a surplus from the sale of the collateral, did you return the excess funds to the customer? 12. If you intend to pursue a deficiency balance, did you send the NOTICE OF SALE AND POSSIBLE DEFICIENCY?
In SOME states, they have to send you a "right to cure" letter, but as far as "I'm coming to get your car at 4:30" NO. IF you are in default on the loan, the lender is hounding you wanting money, then you are subject to be repoed at the LENDERS discrection. Get your personal property out of the vehicle.
Most states (all states?) require that if you are going to sue & get a judgement to collect on an unsecured debt, a right to cure letter must have been sent. Most finance companies ultimately want the ability to sue because even if they don't sue themselves, the right to sue to collect the debt gets them a higher price when they liquidate the loan by selling it to a collection agency. If a company chose not to send right to cure letters, they would have to ensure that none of their loans ever went to court to collect. Since they often can't control after the loan is sold, they send everyone a right to cure.
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