Affidavit Of a Return to Lender
The affidavit of return to lender is the official document in which the written declaration of repossessing a
car is actually made under oath or sworn before somebody legally authorized to administer oath. People that have
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If the car was bought based on a loan from the building society and now the borrower can no longer support
the monthly payment to the building society, the creditor is entitled by law and contract to claim the car, the good that the money was actually lent for. Most of
the times the person who resorts to making a loan in order to buy the car is not the true owner of that car
until the last payment to the building society has been carried out. Until then, if payment is overdue one day
only, the creditor may be entitled to repossess the car you have purchased with the lent money. That is why it
is of utmost importance to carefully read the contract you sign before making the loan and clearly understand
all the conditions and the details regarding the loan you want to make. It is just as important to read the
small font clauses of the contract as those are the ones that may specify under what conditions return to
lender may occur. Like this you can weigh the positive and the negative and decide if the loan is actually
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If return to lender however takes place, it is again very important for the borrower to know his obligations and
his rights. If the car is claimed by the creditor, then there should be an affidavit of return to lender which is
to contain data as to how the car will be taken back by the lien holder. This detail about the procedure of return
to lender will be known by the borrower, also called defaulting owner, especially
if the car is voluntarily repossessed, that meaning that the defaulting owner decides by himself to return the
car to the creditor as meeting the due payments is no longer possible.
In the affidavit of return to lender the lien holder declares that he has taken back the good based on the
borrower’s not respecting the payment deadlines and the signed contract. He also declares having informed the
borrower about selling the car and the date of the auction. The affidavit of return to lender also states that
there is no legal suit pending as the affidavit is filled out. It also requires filling out the name and address of
the defaulting owner, details about the car that has been repossessed, amount of lien, name and address of lien
holder, etc. This declaration is to be written and approved first by a notary public otherwise it is not valid.
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