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Auto Insurance

To retrieve a repossessed car you have to pay the back payments plus the next one due storage fees and a large amount to the agent who is the agent?

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2015-07-17 17:51:48
2015-07-17 17:51:48

Talk to the lender! Don't let an "agent" get in the middle and confuse you. Let the lender tell the agent what to do.

UPDATE: The lender is who detailed the payments necessary, including the amount for the agent. Turns out, the agent is the person who collected my car and was holding it.

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Absolutely. When an item is repossessed, it's typically auctioned off. The person who the property was repossessed from is still responsible for the difference between what the final auction price was and what the amount owed at the time of repossession was. Additionally, repossession, storage, and transportation costs will be added to the amount owed.

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Most impounding agencies charge a storage fee for items left in a repossessed vehicle. The usual amount of time the person has to reclaim their possessions in such a situation without having to pay such fees is 3-5 business days.

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Read your contract. Basically, you have the right to pay the default amount, the repo fees, storage,ect and get your car back. UNLESS there are other defaults you forgot to mention.

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Yes. When a vehicle is repossessed, it gets sold again. The amount received from the sale is deducted from the balance owed (which will now be augmented by repossession fees, storage fees, service fees, etc), and you will still be liable for that amount of money.

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IF the lender agrees to that amount, yes. Sometimes they want you to pay the loan off completly. And you have to pay the repo fees. Call the lender and find out.


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