![]() ![]() The letter will list terms that will allow the borrower to recover his or her motorcycle such as, the payments required, the time period to act, the location of the motorcycle and the date of the private sale or auction. The repossession notice, or Notice of Intent to Sell Property, is sent to the borrower after the motorcycle has been repossessed. Whether the lender has repossessed a motorcycle or another vehicle, they must provide these letters to the borrower. First, a letter that states terms to retrieve the bike, and second, if it is sold, a letter informing the borrower of the motorcycle’s selling price and any remaining balance owed on the loan. The Lender must provide Repossession NoticesĪfter a motorcycle repossession, the lender must provide specific written communications to the borrower. Once a motorcycle has been repossessed there are laws that protect a borrower from a lender’s wrongful repossession tactics. Having your motorcycle repossessed can feel like a major defeat, especially when you suspect your rights as a consumer have been violated in the process. Once the borrower defaults on the loan, the lender may come at any time to repossess it. ![]() Typically, missed or incomplete payments, or a lack of insurance, constitute a default. The finance contract will define what counts as a default. If a borrower defaults on those terms, the lender has the right to take back, or repossess, the bike. It’s understood that when you take out a loan to finance a motorcycle, you must abide by the terms of that contract. If you’ve fallen behind on your loan payments and are worried that your motorcycle, or other vehicle, is in danger of repossession, here’s what you need to know. These indicators not only reflect repossessions of cars and trucks, but also pleasure vehicles, such as RVs, boats and motorcycles.įortunately for consumers, the laws that protect victims of car and truck repossessions, also apply to motorcycles, RVs and boats. When banks record an increase in credit losses and delinquencies, often there is an uptick in repossessions. ![]()
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