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Related Topics: Personal Finance. In most states, your lender can sue you for a deficiency judgment to collect the balance owed, as long as it followed the rules for repossession and sale.
Many lenders will work with customers they believe will be able to pay soon, even if the payments are slightly late. You might be able to negotiate a delay in your payment or a revised schedule of payments. If you can reach an agreement to change your original contract, get it in writing to avoid questions later. If you're behind on your loan payments, the best thing to do is to communicate with your lender.
Your lender might be able to offer you a solution such as a reduction in payment amount or interest rate that can help you catch up on your payments and avoid repossession. Learn more about options to avoid a car repossession. The information provided on this site is not legal advice, does not constitute a lawyer referral service, and no attorney-client or confidential relationship is or will be formed by use of the site. The attorney listings on this site are paid attorney advertising.
In some states, the information on this website may be considered a lawyer referral service. Please reference the Terms of Use and the Supplemental Terms for specific information related to your state. Grow Your Legal Practice. Meet the Editors. Car Repossession Laws: An Overview. Learn about car repossessions: how they work, how to avoid them, and your options if it happens to your car.
How Do Car Repossessions Work? What Is a Deficiency Balance? The most common defenses are: the lender breached the peace when repossessing the car the lender did not sell the car in a commercially reasonable manner, or the lender lost the right to sue by waiting too long and letting the "statute of limitations" run. Redeem the Car Redeeming essentially means buying back the vehicle. Reinstate the Loan Some states allow you to reinstate your loan and get the car back if you can cure all of your arrears and pay for the repossession costs.
Buy It Back at the Auction If your lender sells the car at an auction, you can bid on the vehicle to try to buy it back. Your filing triggers an "automatic stay" that stops collection efforts by your creditors. However, the process is complicated, and repossession is still possible with approval from a judge. Check with a local attorney before you stop making payments or try for protection from bankruptcy. Lenders might sell your car through a private sale or public auction.
The lender should inform you about what happens to your vehicle after repossession. If the car will go to auction, you can try to attend and bid on the car. You might simply walk outside and find that the vehicle is missing. Since those items were not part of the original contract, your lender is typically not entitled to keep them.
After repossession, your lender should notify you of how to claim your belongings. But act fast—you might only have 30 days or so. What about aftermarket parts and upgrades? If you have valuable wheels, suspension, and audio equipment, replace those items with stock parts before your car is repossessed. In many states, your lender has the right to repossess your car after you've missed only one payment.
Many lenders will give you more time, though, and many states require detailed notice before your lender repossesses your car. If you think you'll miss a payment, contact your lender before it happens. A repossession can stay on your credit report for seven years, beginning from the date of the first missed payment.
It's possible to get a loan after your car has been repossessed, but it will be more difficult and you'll likely pay higher interest rates. If you need a new loan before your credit has improved, consider asking someone with better credit to co-sign with you. Federal Trade Commission.
Consumer Financial Protection Bureau. Commonwealth of Massachusetts. Association of the Bar of the City of New York. What Can I Do? Georgia Consumer Protection Division.
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