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What should be in a repossession letter from a dealer?

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βˆ™ 2004-04-30 13:26:09

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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.

2004-04-30 13:26:09
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Related Questions

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

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Can you return a new car to the dealer because you cannot afford it?

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Where can i find a sample letter of a 10 day repossession letter after repossessed?

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Do you have to bring your car back to the dealer for repossession or do they pick it up?

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How will a voluntary repossession affect your purchasing a car within a year from the voluntary repossession?

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Does a Right to Cure Notice have to be sent before repossession according to California law?

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