answersLogoWhite

0


Best Answer

Mel, that varies by state. (2) The notice shall be in writing and conspicuously state: the name, address and telephone number of the creditor to whom payment is to be made, a brief identification of the credit transaction, the consumer's right to cure the default, and the amount of payment and date by which payment must be made to cure the default. A notice in substantially the following form complies with this subsection: "(name, address and telephone number of creditor) _____________________________________________________________________________ (account number, if any) _____________________________________________________________________________ (brief identification of credit transaction) _____________________________________________________________________________ __________________________________________(date is the LAST DAY FOR PAYMENT, ____________________________________________(amount) is the AMOUNT NOW DUE. You are late in making your payment(s). If you pay the AMOUNT NOW DUE (above) by the LAST DAY FOR PAYMENT (above), you may continue with the contract as though you were not late. If you do not pay by that date, we may exercise our rights under the law. These rights include the right to repossess any property held as collateral for this transaction and the right, in many instances, to hold you personally responsible for any difference between the amount the property brings in a sale and the balance due us on the credit transaction in question. If you are late again in making your payments, we may exercise our rights without sending you another notice like this one. If you have questions, write or telephone the creditor promptly." This one is from SC code.

User Avatar

Wiki User

โˆ™ 2004-04-30 13:26:09
This answer is:
User Avatar
Study guides

Loans

26 cards

What is forfeiture

Which of these is the best description of delinquency

Which term is defined as property that is pledged as security on a loan

This is Paula's monthly budget What percent of her expenses is spent on insurance

โžก๏ธ
See all cards
5.0
โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…
1 Review

Add your answer:

Earn +20 pts
Q: What should be in a repossession letter from a dealer?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Can a dealer suspend your license for a repossession?

No


How do you write a car repossession letter?

How do you write a car repossession letter?


Can the dealer repossession your car off private property?

yes


Sample of auto repossession letter to buyer?

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.


Should you send a 10-day demand letter after repossession and if so where can a sample letter be found?

Ga UCC Sec 9


A sample letter of vehicle repossession for the state of Texas Where can you find one?

Sample letter of vehicle repossession for the state of texas


Do you call the finance company or just take the car to the dealer if you want to do a voluntary repossession and do you need to inform the finance company you're taking it back or will the dealer?

call the finance company and tell them that you want to do a voluntary repossession and they will take it from there.


Do you have a right to have a repossession letter before my vehicle is repossessed?

no


How long does a repossession agency have to hold your personal property after repossession?

A repo agency should follow it's state requirements. Most respected places will try to call or send a letter to a good number or address with this information.


Can a car dealer sue you without having sent a certified letter stating the amount due for a balance after you have returned the broken down vehicle to the dealer and stopped payments?

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.


Can a dealer sell your car if you still have the title?

yes if you car was repossessed in Maryland and the dealer has a security intrest on the tittle they can apply for a repossession tittle and sell the cars as soon as they have a tittle


In Georgia should you do a voluntary repossession or just repossession?

The second to last sentence should read - Never will a voluntary repossession cost you MORE than a forced repossession. A repo is a repo. Voluntary Repos will, in most cases, save you money due to the cut in fees associated with the repossession. In some cases these fees will not be any less and the cost of a voluntary repo and the cost of a forced repo are the same. Never will a voluntary repossession cost you less than a forced repossession. Either way, voluntary repossession is the decision I would make, due to the possibility of a lesser cost.

People also asked