You may have a certain right, known as a right to cure, whereby you are given a grace period to resume the original contract (cure the default) with the finance company. In Pennsylvania, for example, your repossessed vehicle may go on auction after 15 days following notification that it will be sold at auction. To resume the original contract (curing the default), you bring all past due balances up to date including, at the finance companies discretion, any fees associated with repossessing the vehicle. Following that, they cannot sell your vehicle and must resume the terms of the contract.
However, states may have different applications of 'right to cure' so you need to do research for your home state. In Delaware, for example, the right to cure only applies when the payments are ballooned (adjustable rate). Google 'Right To Cure', 'Vehicle' and 'Repossession' and [your state] to further research. Another nice google term is [your state] AND 'consumer credit code'.
Aside from that, it's up to the institution that lent you the money. You could bring the account current and pay the repop charge and they could give you back the car, or they could tell you "we have tried working with you, sir, and you have done nothing but lie to us, so you must pay the BIF of your account, and then we will give you the car, but not 'til then!" It's all in how you handle the situation with them. If you rubbed them the wrong way, they may not be so willing to work anything out with you. You should always attempt to be honest and forthcoming with your creditors. It is the only way to work out something that will last and be in your best interest. Nobody likes the bill collectors calling them!
No, once a vehicle is repossessed it is no longer your vehicle. The only way to get it back is to make some sort of arrangement with the financier for you to keep the vehicle. This is usually paying off the missed payments, or even paying off the full balance. What you have to do to get it back is dictated by the financier.
You must get the finance company to agree to terms. You can't get the car back by any means other than getting the finance company to agree to something. You do have a certain # of days to pay it off in full, but after than and other than that, it's their car. I filed bankruptcy, Chp 13, 2days after my vehicle was repossessed earlier this week.My atty has promised my vehicle back to me within 3-4 days and is currently having those arrangmnts made., however I must drive to Atlanta from Macon to pick it up myself..Read up on filing Ch 13, especlly if you have alot of other dept.Its not as bad as it sounds. keep on kidding yourself...ANY BANKRUPTCY is bad Re: Bankruptcy. Unfortunately, since they recently revised the bankruptcy laws, bankruptcy may no longer be available to you.
None. The lienholder may dispose of the vehicle as soon as they physically receive it (and probably will do so as soon as they can; they're not in the car storage business). The time to worry about paying for it was before it was repossessed.This might be different if your finance contract says otherwise, or if there's a specific law in your state requiring the lender to hold the vehicle for a certain time.That said, you might get lucky. Call them as soon as you discover it's been repossessed and see if you can work something out. If they believe you have a reasonable chance of paying them in full in a short time, they're more likely to wait and see.
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