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Commercial Account Manager

Real-Life Activities

Real-Life Communication -- Solution

Try saying something like this:

Dear Mr. Entrepreneur,

As per our discussion earlier, the repayment of your loan with us is now complete.

As you know, the amount of the loan still owing to us was $29,784. Since you were unable to repay that amount on your own, we took measures to use your collateral in order to get our money back.

We managed to sell your antique car for a price of $35,000. To assist us in the sale of the car, we enlisted the help of an auctioneer. His fee was $1,000, which will come out of your loan payment.We have subtracted both the auctioneer's fee and the remaining loan payment from the sale of the car. The remaining amount, $4,216, is yours to keep.

Please see the check attached. I think you'll find it covers that amount adequately.

Thank you for your prompt participation in this matter.

Sincerely,

Your friendly neighborhood loan officer


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OCAP believes that financial literacy and understanding the financial aid process are critical aspects of college planning and student success. OCAP staff who work with students, parents, educators and community partners in the areas of personal finance education, state and federal financial aid, and student loan management do not provide financial, investment, legal, and/or tax advice. This website and all information provided is for general educational purposes only, and is not intended to be construed as financial, investment, legal, and/or tax advice.