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The notice must also include:
* The amount owed on the debt, including any late fees, interest, and other charges
* A description of the vehicle
* The date, time, and place of the sale
If the debtor does not redeem the vehicle before the sale, the secured creditor may sell the vehicle at public auction. The proceeds of the sale must be applied to the debt owed on the vehicle, as well as any costs associated with the sale. Any surplus proceeds must be returned to the debtor.
Additional Requirements
In addition to the requirements outlined in § 400.9-611, Missouri law also imposes the following additional requirements on the sale of a repossessed vehicle:
* The secured creditor must hold the sale at a public place
* The sale must be conducted by a licensed auctioneer
* The secured creditor must provide the debtor with a written statement of the sale proceeds
If the secured creditor fails to comply with these requirements, the sale may be set aside and the debtor may be entitled to damages.
Recovering a Repossessed Vehicle
If your vehicle has been repossessed, you may be able to recover it by redeeming the vehicle before the sale. In order to redeem the vehicle, you must pay the secured creditor the full amount owed on the debt, as well as any costs associated with the repossession and storage of the vehicle.
You may also be able to recover your vehicle by proving that the secured creditor did not comply with the legal requirements for the sale of a repossessed vehicle. If the sale was not conducted in accordance with the law, you may be able to set aside the sale and obtain the return of your vehicle.