When a bank or the leasing company takes back the car from a client due to shortage of the lease payment, the client is required to write a formal request letter to the authorities in order to settle the dispute and find out what will be the next step and how much the client has to pay in order to get his car back and continue the leasing process. The letter to bank for car lease payment settlement is the same letter that we are discussing here and it is a very common letter that clients and customers write to the banks these days.
Brief Description of Letter to Bank for Car Lease Payment Settlement:
There are many situations when a customer or leaser can’t make the lease payment on time and as a result, the bank or the leasing company takes back the car until there is some kind of settlement regarding the lease payment. This mostly happens when the client finds out that he won’t be able to make the lease payment on time but he doesn’t inform the bank before time and as a result, the bank considers the client as defaulter and takes back the car it leased to the client. Once this happens, the customer has no legal rights to get his car back other than writing a formal request letter to the bank and asking them to settle the payment dispute.
This can be done in person but mostly, a formal request letter is sent to the bank asking for what will happen next and how the client can get his car back. It depends on the bank or the leasing company if they want to settle the dispute or feels that the client won’t make the payments again and decides to auction or sell the car to another client. In either case, the client has legal obligation to contact the bank and offer a settlement.
Sample Letter to Bank for Car Lease Payment Settlement
To: Senior Manager
National Capital bank, main branch
New York NY 35094
Subject: car lease payment settlement
Date: 5 February 2015
It is embarrassing for me to discuss but the recovery staff of your bank took my car with registration number ABC12345 yesterday because I didn’t make the lease payment on time this month. I can understand that this is a standard procedure and I agreed to this when I signed the lease with your bank but still there is a way that we can settle this.
I should have told you about my financial problems and about the fact that I won’t be able to make the payment on time but somehow I forgot it and now we are facing this situation. So I am writing this formal request letter to you in order to offer a settlement for this matter. Please let me know what I can do to make the things right and if I need to pay any kind of penalty fee or something else.
Lease number: 8174-194575-1851-5471