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.
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.
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
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.
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.
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
Repossession letters are not required in every state. In some states, face to face notification of the repossession suffices, and when the driver came to hook up your car, if you had a conversation with him at all (even if it consisted of you yelling "Hey!" and him gesturing to you) you received notice.
No, Missouri has no laws that require the creditor to notify the debtor that a vehicle is subject to repossession.The lender can have the vehicle repossessed without notice as long as the repossession does not commit a breach of peace as defined by the laws in the jurisdiction where the vehicle is seized.ADDED: While the above answer may have been correct at the time it was written - it is no longer applicable.Quote: "As per the UCC, repossession is allowed and permitted as long as it is peaceful, after a Twenty Day Right To Cure Letter from lienholder to debtor. One time cure law in effect in Missouri; all others per contractual agreement." unquoteSee below link:
How do you write a car repossession letter?
tips how to make notification letter not to renew contract
Answered by Reid Breitman. Answer is for information only and is not legal advice. Please consult your attorney before relying on any information on the internet. First, a great site to visit is Action Auto Recovery; they really know their stuff. See http://www.repobiz.com/facts.html. The repossession law is pretty broad. In a nutshell, if you have granted a security interest in your vehicle to secure performance of a contract, such as a loan, if you fail to perform the contract, the lender can repossess the vehicle. I do not believe they even need to notify you in advance. So if you are a day late, they can repo. Most lenders will call and try to work things out, because repossessing is expensive...can cost $300 to $500 or more to the lender, and they pass that along to the borrower/debtor. The repossessor must be a licensed and bonded repossession agency, except in limited circumstances (i.e., if the lender itself (i.e., its own employee) actually does the repo personally). The repossessor is subject to all kinds of regulations about how the repo can be done, notification procedures, etc. Briefly, the reposessor will find the vehicle, and attempt to repossess it. It cannot be taken from inside a locked, private facility (such as a locked garage). Once the repossessor gains possession of the vehicle, the owner cannot come running out of the house and force the repossessor out of the vehicle. It's gone the moment the repossessor gets into the vehicle (although some local police have a policy that the vehicle actually has to move, even an inch, before the repossessor has perfected possession). Once the repo agency is in possession, they will call the local police and report the repossession (so that when the owner calls to report the vehicle stolen, the police can tell them it was repossessed), and get a confirmation number. The lender must then send a letter to the borrower, called a 15 day notice of intent to dispose of collateral, at the borrower's last known address. The notice tells the borrower if he/she has the right to reinstate (i.e., make up the past due payments, pay the repo fee, and get the car back) or redeem (i.e., pay off the loan in full, plus the repo fee, and get the car back). All borrowers have a right to redeem, but they may be denied the right to reinstate if the same vehicle was repossessed by that lender within the prior 12 months, if the borrower threatens violence to the lender or its agents, the borrower uses the vehicle in connection with a crime, the borrower damages or conceals the vehicle, or the borrower lied on the loan application. The notice of intent has to have a lot of specific language, and inform the debtor about what the loan balance is, what is past due, what will become due in that 15 day notice period, etc. After 15 days, the vehicle can be sold. It must be sold in a commercially reasonable manner, such as an auction. If the amount realized at sale is less than the amount owed by the borrower to the lender, then in most cases the lender can sue for a deficiency judgment, meaning that the lender can get a judgment against the borrower for the difference between the loan balance and the net proceeds of the sale of the collateral. If the vehicle sells for more than the amount owed, then the lender must give an accounting to the borrower within 45 days, and refund the excess proceeds. I hope this is helpful.
waring to updated or receving notification
Securities lending is a term that is used in borrowing loans where the borrower is to provide the lender with some form of collateral. This can be inform of government securities, documents for assets owned or letter of credit.
Sample letter of vehicle repossession for the state of texas
At least 30 days before starting the foreclosure process, the lender mails a letter to the borrower warning of the impending foreclosure. During this pre-foreclosure period, the borrower can prevent the foreclosure by paying off the amount in default. The lender initiates the foreclosure through the courts and records a lis pendens (notice of pending lawsuit) with the county clerk. The lender can sue for either the default payments or the entire unpaid principal balance on the loan. The borrower is notified of the foreclosure action in person or by publication if necessary. After being notified, the borrower has at least 35 days to respond or the court will make a ruling. If the court rules against the borrower, a sale date will be scheduled. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.
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Simply state in the letter that you wish to surrender the vehicle, list the loan number, the VIN, or any other way to identify the vehicle and the account with the lender. Notify them where the vehicle can be picked up, and where the keys will be located. And, have it there when the agents come to recover it.
Using any standard letter format, the body of the letter should be as follows: Paragraph 1: State why you are writing, for example, "We are advising you that your (year and model, or other identifying information of the vehicle) is scheduled for repossession." Paragraph 2: State the basis for the repossession. Include reference to any previous notification you have sent. Paragraph 2a: (Use only if no previous past due notices were sent) Provide information for how the recipient can remedy the situation to prevent the repossession. Be sure to include a deadline date/time that the remedy must be accomplished. Paragraph 3: (known as the "call to action" paragraph) For example, "Please contact me immediately at (phone number/email address) if there is an error in our information or if you will voluntarily return the vehicle. If we don't hear from you, the repossession will take place. Thank you for your attention to this matter." Keep the language professional even if the vehicle transaction was between private parties. Remember, this letter is documentation of your actions as well as a notification to the recipient.
Not in most states, in a very few the lender must notify the borrower with a letter of intent to repossess and give the borrower a specified time as established by state law to bring the account current. Wisconsin is the only state that requires a replevin order to recover a vehicle. All other states operate under the UCC and the repossession laws (breach of peace laws, recovery agency requirements such as bonding, etc.) related to the area in which the vehicle is being recovered. The recovery agent/agency is required to notify the law enforcement agency that has jurisdiction in the are where the vehicle is being seized.
In a notification letter about termination you should consider including the following: Reasons for termination; Terms of termination; Whether good recommendations will be given; Sincere apologies.
An auto repossession letter should begin with a letter head consisting of the name, address and phone number of the recipient. Choose a date that payment must be made for the vehicle along with its VIN number.
An official message sent to a borrower or a customer informing them of a past-due balance. The letter may include late charges, warnings of potential penalties for late repayment or non-repayment, or notification of possible legal action should the recipient fail to settle their account.
need a 10 day letter after vehicle is repossessed