D.C. Mun. Regs. tit. 16, r. 16-341

Current through Register Vol. 71, No. 49, December 6, 2024

Rule 16-341 - HOLDER'S DUTIES ON REPOSSESSION

341.1

At least ten (10) days before any motor vehicle is repossessed, the holder may deliver to the buyer personally, or send to the buyer's last known address by registered or certified mail, a written notice of the holder's intention to repossess the vehicle.

341.2

The notice shall explain the following:

(a) The default;

(b) The actions necessary to cure the default;

(c) Any period at the end of which the vehicle will be repossessed; and

(d) The rights of the buyer if the vehicle is repossessed.

341.3

If the default consists solely of the buyer's failure to make one (1) or more installment payments due under the instrument of security, and the default is not more than fifteen (15) days past due, then the holder must deliver to the buyer the notice of intended repossession, as provided in §§ 341.1 and 341.2.

341.4

Within five (5) days after a motor vehicle has been repossessed, the holder shall deliver to the buyer personally, or send to the buyer at the buyer's last known address, by registered or certified mail, a written notice stating the following:

(a) The buyer's right to redeem the vehicle;

(b) The amount due and payable;

(c) The buyer's rights with respect to resale of the vehicle;

(d) The buyer's liability for a deficiency upon resale;

(e) The exact address where the motor vehicle is stored; and

(f) Where any payment is to be made or notice delivered.

341.5

For fifteen (15) days after the notice required by § 341.4 has been delivered personally or mailed, the holder shall retain or store the repossessed motor vehicle in the District or the state and county in which the consumer resides or the state and county where it was located and repossessed. During this period the buyer may redeem the motor vehicle and become entitled to take possession of it.

341.6

Notwithstanding any other provisions of this chapter, the redemption period provided for in this section may be waived by written agreement made and entered into by and between the buyer and the holder after the motor vehicle has been repossessed; Provided, that the agreement must include a provision releasing and discharging the buyer from any claim by the holder for deficiency and discharging the holder from any claim by the buyer for overage.

D.C. Mun. Regs. tit. 16, r. 16-341