How is a car repossessed?

Answer 1

I just had a car repossessed a few months ago. But it was a voluntary repossession, I called them and told them I wasn't going to be able to pay anymore and that i was doing a voluntary reposession. It's not any better than a normal repossession except that you're telling them to come and get it. My friend, however, had hers repossessed, they basically just came and took it one day, she hadn't paid her car note for 3 months. And yes they have every right to do it. It sucks, but there's nothing you can do about it. They will most likely auction the car (this is what happened with mine), and then whatever they get for it will be subtracted from your balance, and you will have to pay the difference if anything is left unpaid. Some places will work with you and set up a payment plan with no interest for you to pay the balance. That is what I am doing now. And usually there is quite a balance, if you were upside down or haven't made many payments on it. The reason for this is that they sell the vehicles for cheap. That's about all I know, the bank told me that it will be on my credit for 7 years. Longer if i don't pay them. Hope that helps!