Repossession Form Sample Format
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If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
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FAQ
If you pay what's owing on the spot, you can stop the goods being taken away. However, you'll also have to pay the reasonable costs of the repossession. If no-one's home ? If no-one's at home at the time, and your credit contract allows the lender or repossession agent to enter, they can enter and take the goods.
If a finance company has repossessed your vehicle due to unpaid payments, they have the right to sell the vehicle at auction to recover their costs. The creditors have to make a reasonable effort to get the best possible price for the repossessed vehicle.
If you miss a payment on your mortgage or secured loan, you'll get a letter from your lender. They'll ask you to pay what you owe, or discuss with them how you'll deal with your arrears.
Start the letter by identifying yourself and the property. The lender will need to identify your loan, so include an account number. Give them your name, address and contact information. Tell the lender that you are voluntarily giving the item back because you can no longer make the payments.
Synonyms of repossess (verb take back) retake. recapture. reclaim. recover.