What can you do about a repossessed car?

already exists.

Would you like to merge this question into it?

already exists as an alternate of this question.

Would you like to make it the primary and merge this question into it?

exists and is an alternate of .

When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car. Talking with Your Creditor
It is easier to try to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you'll be late with a payment. Many creditors will work with you if they believe you'll be able to pay soon, even if slightly late. Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may refuse to accept late payments or make other changes in your contract and may demand that you return the car. By voluntarily agreeing to a repossession, you may reduce your creditor's expenses, which you would be responsible for paying. Remember that even if you return the car voluntarily, you're responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report. Seizing the Car
In many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a "default." In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are allowed on your property to seize your car without letting you know in advance. But creditors aren't usually allowed to "breach the peace" in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace. Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property. A creditor usually can't keep or sell any personal property found inside. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can't account for articles left in your car, talk to an attorney about whether your state offers a right to compensation. Selling the Car
Once your creditor has repossessed your car, they may decide to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold. In either of these circumstances, you may be entitled to buy back the vehicle by paying the full amount you owe, plus any expenses connected with its repossession (such as storage and preparation for sale). In some states, the law allows you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession. The creditor must sell a repossessed car in a "commercially reasonable manner" - according to standard custom in a particular business or an established market. The sale price might not be the highest possible price - or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable. Paying the Deficiency
A deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $2,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing. In most states, a creditor who has followed the proper procedures for repossession and sale is allowed to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract. Depending on your state's law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only opportunity to present any legal defense. If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment.
9 people found this useful

What happens if a car is repossessed?

Answer . \nUnless you contact the bank and work out a solution, they will sell the car. You will then be liable for the difference in what the car sells for and the balance on the note.

How do you reacquire your car after its been repossessed?

\n. \n Answer \n. \n. \nYou contact the LENDER. Very simple.\n. \n Answer . Have the bank /lender fax the exact amount you need to pay and tell them you want the repo fees included in that number.

What if your car is being repossessed?

Answer . \nThey will then sell the car and you will be responsible for the difference in what the car sells for and the balance on the note. Don't let it happen. Contact the lender and work something out.

What are the California laws on car repossession?

I will tell you this as I AM A LICENSED REPOSSESSION AGENT. We do not have to show you or tell you anything. It is a Courtesy if we even hang out long enough to talk to you. The RA Number as mentioned above does not have to be on the Vehicle we are using unless it is an actual Repo Truck, if we are ( Full Answer )

When can a creditor repossess your car in Oregon?

Answer . \ncredit laws apply to all states, they can legally reposses when you become 1 day late on a payment. Most finance companies will not reposses until at least 90 days past due with no contact from you. Check your loan papers on late payments. Finance companies don't want the car back they ( Full Answer )

Can you get your possessions from a car after a repossession?

Answer . you have sixty days from the date of the reposession to redeem personal property you need the primary driver /who the car's name is in to go to the repo lot with picture I.D. and they will have to sign a hold-harmless and personal property report which lists all the items in your car.If ( Full Answer )

How do you get your car back after it was repossessed?

Answer . If your car has been reposessed you have 15 days for redeeming your car If you have the payments your behind,valid full coverage insurance and license,but the lienholder can demand full payoff .If you can not get another company to finance the car then it will be sold for highest bid at ( Full Answer )

What happens after your car has been repossessed?

Answer . You get into really good physical shape from all the walking.....\nno. Seriously, what generally happens is your vehicle will go to the repossession company's storage facility (unless the bank has told them otherwise) and you have a certain amount of time to pay the bank up to get it bac ( Full Answer )

Can a your car be repossessed if you are not late?

Answer . Yes. There are finance agreements that have other requirements other than make the payments on time. For example, if you finance a brand new vehicle the finance agreement will more than likely state in it somewhere that you maintain full coverage insurance on the vehicle. If you drop it ( Full Answer )

How do you repossess a car?

Answer . Where are you located? I know a guy who can do it. Email him at SWRYuma@hotmail.com

When can your car be repossessed?

It can be reposesed the moment you miss any payment... even if only a day or two late. In practice, debtors look to your overall payment and credit history and to whether or not you have been creditworthy with them so far, and they usually resort to letter and phone calls to elecit the owed monies. ( Full Answer )

What are the laws of repossessed cars in Canada?

Cars repossessed laws in Canada a vary by provine.Whether yourcar will be repossessed depends on such factors as the province youlive in and how for behind you are with your payments.Vehiclerepossessed is negative impact on your credit rating. If you wantmore information email me atnatalsiapatterson ( Full Answer )

When can a car be repossessed Washington State?

at any time your loan runs into default. look at your r.i.s.a retail installment sales application most financial lenders give a 15 day grace period but after that all bets are off also not carrying current/valid insurance on collateral is cause for repossession with no grace period. at any time yo ( Full Answer )

How can they repossess a car if I have moved?

Don't hide a car from repossession . Companies use different types of software and databases to locate someone. It's called skip tracing. They use credit reports, telephone listings, refrences (that you have likely listed on the application), and find family members using the software. It is h ( Full Answer )

What do you do if your car is repossessed?

Answer . Firstly, in a legal sense, the lending institution owns the car, you are just the registered owner on the title - you promised to make timely payments to the lender in writing.. Repossession occurs for one main reason - the agreed upon payments were not made by the purchaser at the int ( Full Answer )

When do cars get repossessed?

Depending on the bank used to finance the car, after failing to pay 3-5 payments the vehicle will be repo'd.

How is a car repossessed?

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 ( Full Answer )

Can you be summoned for a repossess car?

When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in ( Full Answer )

How can you find out if your car is being repossessed?

If you have missed even one payment you can assume you car is due for repossession. Catch up on all late payments and you will have nothing to worry about.. When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid ( Full Answer )

How does car repossession work?

When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in ( Full Answer )

Can a car be repossessed if you have proof of payments?

If you can prove you have made all your payments on time then there would be no need or reason the lender would repossess your vehicle. Call the Lender and talk to them.. When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment ( Full Answer )

What is the law in Massachusetts for car repossession?

In Massachusetts if you fall behind in your car payments, your car lender can not just take your car. However, after you are 30 days past due a lender can decide to repossess your car (this can also happen if you fail to keep your car insured). A lender must send you a notice called the "Rights of ( Full Answer )

What happens after your car repossessed?

Usually, the car gets sent to an auction center where it will be sold usually at less than fair market value and certainly less than the amount that is owed on the loan. The proceeds of the sale less expenses are deducted from the amount owed on the loan, and the lienholder sues the owner for that d ( Full Answer )

What to do after a car repossession?

Car Repossession 101 Note: Do whatever you have to do to avoid your car being repossessed selling the car yourself, or if you need it, pawning possessions, getting loans from family, or getting multiple payday loans (if you have a steady job, you can get one from each different company in your t ( Full Answer )

Who can repossess your car?

An Authorized Recovery agent working on behalf of the lien holder can repossess the vehicle from the lessee. It is Illegal in the state of Indiana for someone who works for/ at the car lot or for the lien holder to repossess a vehicle under the car lot/ lien holder's company name. The duty of reposs ( Full Answer )

If you have a repossession on your car how can you get a car loan?

You can get a car loan, but will have to put down a very hefty down payment - sometimes as much as 50% of the value of the car. Small finance companies are more likely to help you out with that, but will charge you the maximum allowable finance charge (usually 29%).

If your car is repossessed what do you do?

While I know that everyone who has it happen to them "must" be the exception, the sad fact is that cars are not repossesed unless payments are substantially in arrears. Given how much money is past due, and given the costs, time and hassle the creditor was made to go through to get your vehicle, ( Full Answer )

Can you be arrested for car repossession?

It would depend on local law; generally repossession is done afterforfeiture on the loan on that car, or as part of a general claimon a person's property (to pay of debts or a fine, for instance).If such laws are not in place locally, or the rules aren'tfollowed, repossession would still be theft. I ( Full Answer )

What can you do if your car is repossessed?

The first thing to do is to contact the company you handle your car payments with. Once payed, you can then go to the reposestion office and receive your car back. Notice that is may cost you money to get your car back.

What happens after repossession of your car?

You should be told what you need to do to "redeem" the vehicle within a short period of time (30 days usually): pay the outstanding payments, late fees and, oh yes, the costs of repo and storage. If you do not pay, the vehicle is sold at auction for pennies on the dollar, and you will be sued for th ( Full Answer )

Why won't they repossess the car?

There are a number of reasons they may not repossess the car: 1. The vehicle is totalled or damage beyond the value of the loan or repossession charges. 2. They cannot locate the vehicle because... a. It is not in a towable position. b. It is blocked in. c. It is secured in a garage or structure ( Full Answer )

Can you repossess your repossessed car?

you can buy it back from the repossess depot thinger yeah but you have to pay all your payments on it The above answer is correct, but does not answer the question actually being asked; i.e., the guy/gal wants to go grab the car from the repo guy or car lot where the repo was delivered to. My ans ( Full Answer )

Can a mechanic repossess your car in Texas?

Yes a Auto Mechanic can repo your car in Texas. Just call a Repo company, they will give you a form to fill out called "Letter of Authorization". You send the "letter of Authorization" form to the repo company along with a signed work order that Mr. Customer should of signed when they dropped off th ( Full Answer )

Where can you get a car financed if you have had a car repossessed?

This is difficult but not impossible. Depending on the time that has elapsed since the repossession, it can get easier. Immediately after the repossession, you may have to go to a "Buy here/Pay here" dealership. Most of these are very willing to take a chance on anyone with a job. If you take thi ( Full Answer )

Where is the car after repossession?

It depends, but as a general rule, the finance company that repossed it will keep possession of it, either on their own lot or at an auto auction for a certain number of days (usually 30-60) unless you pay the balance to get it back. After that, they will send sell it at auction and you will owe any ( Full Answer )

Can a car be repossessed when people are in car?

No. That would amount to kidnapping. Added: But if the the re-poppers had the proper re-possession paperwork in their possession (which they probably did) they CAN call the police and have the "passengers" removed from the vehicle.

Can you sell your car if it is being repossessed?

Depends on the specific laws of where you live. In general, if the car you bought is being repossessed because you cannot pay for it any more, consider selling it to someone who can. You basically sell the car at a really low price, practically just below the amount the you already spent on it. ( Full Answer )

Can they repossess your car with you in it?

A valid repossession must not cause an unlawful breach of the peace - even if the debtor is the one instigating the breach. So if the debtor gets into the car, it cannot be repossessed at that time, you'd be kidnapping them essentially. In the USA, this actually happened, the repossession was declar ( Full Answer )

How do you repossess my car?

Firstly, is not "your" car ... The lending institution actually "owns" your car and can legally repossess it whenever the monthly payments are not being made as agreed upon when the initial loan was signed by the buyer. The lender is entitled to recover their property by most any means. And is ( Full Answer )