10 or more days after you miss a payment, the lender can send you a “Rights of Defaulting Buyer” notice.
This notice says they plan to take you to court or repossess your car for non-payment. They must send you the “Rights of Defaulting Buyer” notice before they take your car.
The “Rights of Defaulting Buyer” notice must:
- Have the exact title, “Rights of Defaulting Buyer under the Massachusetts Motor Car Installment Sales Act.”
- Tell you the amount you owe.
- Tell you who to pay.
- Tell you the date you must pay that amount to come current and avoid repossession. The date is 21 days from the date of the notice. And,
- Tell you that you can get your car back if, within 20 days after the repossession, you pay:
- The whole loan amount. Plus
- The costs of repossession.