Document background
The Notice Of Intent To Repossess Vehicle is a critical legal document used in German vehicle financing when a debtor has defaulted on their payment obligations or otherwise breached their financing agreement. It must be issued in compliance with the German Civil Code (BGB), the Consumer Credit Act, and relevant EU directives. This notice serves as the formal warning before initiating repossession proceedings, typically issued after previous payment demands have been unsuccessful. The document must include specific details about the vehicle, the nature of the default, cure periods, and the legal consequences of non-compliance. It represents a mandatory step in the repossession process under German law, designed to protect both creditor and debtor rights while providing a final opportunity for the debtor to remedy the default before repossession actions commence.
