Before Repossession:
1. Pre-repossession Notice: The lender must send a written notice to the co-buyer at least 15 days before the car is repossessed. The notice should include the following information:
- Name, address, and phone number of the lender.
- Identification of the car to be repossessed (year, make, model, VIN number).
- Statement that the lender intends to repossess the car if the borrower defaults on the loan.
- Date by which the borrower must make the delinquent payments to avoid repossession.
2. Right-to-Cure Notice: The lender must also provide the co-buyer with a right-to-cure notice at least 10 days before the repossession date. This notice should include the following information:
- Contact information for the lender's representative, including the name, address, and phone number.
- A description of the borrower's default, such as the amount of past-due payments.
- The amount the borrower needs to pay to cure the default and reinstate the loan, including late fees and other charges.
- The deadline for the borrower to cure the default and reinstate the loan.
After Repossession:
1. Repossession Notice: The lender must send a written notice to the co-buyer within 10 days of the car being repossessed. The notice should include the following information:
- Date, time, and location of the repossession.
- Name and contact information of the person who repossessed the car.
- Statement that the co-buyer can redeem the car by paying the full amount owed on the loan, including any late fees, storage fees, and other charges.
- Date, time, and location where the co-buyer can inspect the car.
- Date by which the co-buyer must redeem the car or it will be sold.
- Co-buyer's liability for any deficiency balance after the sale of the car.
