How many days do you have to get your car back?

Answer 1

Depends on what state you are in. In many states it's 10 days. Once your vehicle is repossessed the recovery agency notifies your financial institution and they send out a 10 day letter notifying you that you have this amount of time to contact them and work out arrangements. Legally this is a common scenerio and in many states required to allow for due process to take place. If you do not contact them in the alotted time period then they have the option to sell the property at a public auction. Again in most states they are required to notify the debtor of the time and place of the sale so that they have the option of bidding on the vehicle. Any moneys owed that are not collected in the sale of the property is called a deficiency and the debtor is still legally liable for that amount. Any money over the amount owed that is collected from the sell of the property is (in many states) owed back to the debtor and cannot be kept by the financial institution. But that is very rare. In several states you receive a notice that says you have 20 days to cure the defaulted loan BEFORE they call Tank and Wonk. Once the car has been picked up, you no longer have any right to get it back. If you get to the bank with cash before they have turned it over to a wholesaler and ask nicely, they could let you have it. In some states, that Right to Cure letter tells you that the lender only needs to send the letter the FIRST TIME a payment is 45 days late and if that payment is made within the 20 days and you go 45 days late again, they can get the car without giving you any further notice. Someone needs to READ the laws before answering questions. In Mississippi, for certain, AFTER the car is repoed, state law gives you 10(ten) days to redeem it. Now, how that fits into your explanation, I cant figure out. Most lenders wont move the car to the auction until those 10 days are up. Go figure. I am not familiar with the repo laws in Mississippi, but I am responsible for the computer programs that spit out these letters for several banks in Kansas, Missouri, Oklahoma, Colorado and several other states. Thank you for explaining your "viewpoint". Could you figure out how to get folks to post what state they are in we dont have to give such general answers that possibly confuse them??? Actually, the correct answer for ANY state is "Read the documents you signed when you got the loan." Actually,not many of the loans spell out your rights since the loan companies are not really interested educating the borrowers about their rights....go figure.