I. The licensee is required to determine the deficiency or surplus owed after disposition of the vehicle. If the borrower is entitled to a surplus, an explanation of calculation and surplus funds shall be provided to the borrower within 21 calendar days of the disposition of the vehicle. II. The required written explanation of calculation shall contain the following information: (a) The total amount of obligations secured by the retail installment contract calculated as of a specified date. (b) The amount of proceeds of the disposition. (c) The total amount of the obligations after deducting the amount of proceeds. (d) The out-of-pocket expenses incurred for retaking, holding, preparing for disposition, processing, and disposing of the collateral. (e) The amount of credits to which the borrower is known to be entitled. (f) The amount of the surplus or deficiency, which is the calculation of the sum of (c) and (d) minus (e).
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