DIY Legal Forms

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Notice Of Repossession Of Collateral & Private Sale

[date]

From: [name and address of Creditor]

To: [name and address of Debtor]

You are advised that we have repossessed the personal property described below, which we were financing for you. The property is being held in storage where it will remain until [date].

If you pay your account in full in the amount of ........ dollars ($........) (itemized below) on or before that date, we will release the property to you. If you do not pay your account in full on or before that date, it is our intention to offer the property at private sale on the next succeeding business day. We will apply the net proceeds of the sale to your account.

If the amount of the net proceeds is less than the amount due us, we will notify you of this amount, and we will expect you to pay the deficiency. Any payment or notice in connection with the property or its repossession shall be made or sent to [name and address].

Itemization of amount due

Description of property

Unpaid balance with interest $........

Accrued default charges $........

Costs of suit, if any $........

Expenses of retaking property $........

Expenses of repairing property $........

Storage charges $........

---------

Total $........

Sincerely,

Your Name and Signature

Your Position / Title

Creditor