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Repossession
New York University
Letters Notes and Memos

Is there a letter or some notification a lender has to send the borrower to notify them of repossession?


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2004-10-29 09:51:21
2004-10-29 09:51:21

Many states require a "Right to Cure and Notice of Intent to Repossess". This letter is sent if a lender accepts two or more late payments. States justify this because the lender is said to have accepted a different course of dealing than was outlined in the contract. The letter demands the customer return to the original terms of the contract and pay their total amount due within a period of days (usually 10). Requirements also varry based on lease or retail contracts. Some states off hand that do not require "cures": Indiana, Kentucky, Ohio, Oklahoma, New York, Pennsylvania, Michigan.

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A lease termination letter is a letter that a borrower will give to a lender releasing the borrower from a legally binding contract. It will be given when the lease comes to term or if the borrower and lender come to an agreement.

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The question does not indicate if the action is to be on the part of the creditor/lender or the borrower/debtor. Nevertheless, there are not generic forms for a Right To Cure notification. Individual states establish the procedure and therefore information included in the correspondence must be in conjunction with the laws of the person's state of residency. so is there special wording in the forms? 15 days to respond to letter letter is from lender to debtor

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It depends on the repossession laws of the state where the car was purchased. In some states the lender is required to send the borrower a notice of "cure and remand" before repossession can occur but not before a lawsuit can be initiated. Generally a lender will send such a letter in the hopes of avoiding litigation which is time consuming and often expensive for everyone involved.

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Have the borrower request in writing to have their file released to --you -your busines name,address, phone ,cell immediately-if they are in the same city-have the borrower go get it or you go to their office After politely seeing if they just got a fax from THEM_and they will be verifying they got the faxed letter--and you will say-Good--can I come and get it ____Xtime--orNOW? and GET IT.

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After repossession the lender must send a letter telling you where the car is how much is owed on the car and where it can\d be redeemed. This letter must be sent within 5 day after the repo


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