The Notice of Intent to Sell Repossessed Vehicle Form is a crucial document in the vehicle repossession process in the United States. It must be issued after repossession but before the sale of the vehicle, typically within a timeframe specified by state law. This notice serves multiple purposes: it fulfills legal notification requirements under the UCC and state regulations, provides transparency in the disposition process, and gives debtors an opportunity to redeem their vehicle before sale. The document must include specific details about the vehicle, the default, and the proposed sale, while also informing debtors of their rights and potential financial obligations.
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1. Creditor Information: Full legal name, address, and contact details of the creditor/lender initiating the sale
2. Debtor Information: Full legal name, last known address, and contact information of the debtor
3. Vehicle Description: Detailed description including make, model, year, VIN, mileage, color, and current condition
4. Default Notice: Details of the default including amount in arrears and date of default
5. Sale Information: Specific details about the planned sale including date, time, location, and method of sale (public auction or private sale)
6. Rights Statement: Mandatory statement of debtor's rights including right to redeem the vehicle and conditions for redemption
1. Prior Notice History: Section detailing previous notifications sent when multiple notices were required under state law
2. Storage Location: Information about current storage location of vehicle if different from sale location
3. Deficiency Notice: Statement regarding potential deficiency liability after sale, required in some jurisdictions
4. Personal Property Notice: Information about any personal property found in the vehicle and how to reclaim it
1. Schedule A - Itemized Statement: Detailed breakdown of the total amount owed including principal, interest, repossession costs, and other fees
2. Schedule B - Vehicle Condition Report: Comprehensive report documenting the vehicle's condition at time of repossession including photographs
3. Schedule C - Sale Terms and Conditions: Detailed terms and conditions under which the sale will be conducted including bidding rules for auctions
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