Notice Of Intent To Repossess Vehicle Template for Philippines

The Notice of Intent to Repossess Vehicle is a crucial legal document used in the Philippine jurisdiction when a borrower defaults on their vehicle financing agreement. This notice is required under Philippine law before any vehicle repossession can take place, serving as both a legal requirement and a final opportunity for the borrower to cure the default. The document must be drafted in compliance with the Chattel Mortgage Law and Consumer Act of the Philippines, typically being issued after multiple missed payments or serious breach of the financing agreement. It includes specific details about the vehicle, outstanding amounts, cure period, and the borrower's rights and obligations. This notice is particularly important as it establishes the creditor's compliance with due process requirements and can affect the legality of subsequent repossession actions.

1. Creditor Information: Full legal name and contact information of the financing company or creditor

2. Debtor Information: Full name and address of the vehicle owner/borrower

3. Vehicle Details: Specific information about the vehicle including make, model, year, color, and VIN/serial number

4. Loan Default Information: Details of the default including amount in arrears, number of missed payments, and dates

5. Intent to Repossess: Clear statement of intention to repossess the vehicle under the terms of the financing agreement

6. Legal Authority: Reference to relevant sections of the financing agreement and Philippine law that authorize repossession

7. Cure Period: Specified timeframe within which the debtor can cure the default, including exact deadline

8. Required Actions: Clear explanation of what the debtor must do to avoid repossession, including payment amount and methods

9. Rights and Remedies: Statement of the debtor's legal rights under Philippine law regarding the repossession process