Learn How to Get Repossessed Car Back
If you are worried about how to get repossessed car back then you need to know that you are not the only one to face this problem. Every year over 1 million vehicles get repossessed in the United States. Tens of thousands of people experience problems while going to work or for other purposes when cars get repossessed. Nevertheless, expert help is now available to make things easier and stress-free.
Your Options to Get Repossessed Car Back
- Consult with the lender to attempt to recover the car
- Hold up until the sale and endeavor to bid on the car at auction.
- Reclaim the car or reinstate the loan
Few Important Guidelines to Get Car Back After Repo
For getting repossessed car back, it is better if you follow the below mentioned guidelines.
- Take immediate action
Lenders charge fees per day for storing repossessed cars or may even sell them off or arrange auctions for recovering their dues. Hence, it is advisable to take quick action to get back your car.
- Need to be reasonable
You can get your auto loan reinstated if your state allows it and get back your vehicle by paying all missed monthly car payments, repossession and storage fees, penalties, etc.
- Know what your rights are
Car repossession can have adverse impact on your credit profile. To that effect, check whether your contract with lender has repossession clause. If not, you can get back car and claim damages.
- Make an informed decision
There are several other ways to get back your repossessed car. See if getting a payday loan can be of help in repaying missed car instalments or borrow money from someone else to repay debt.
- Consider filing a bankruptcy
Although filing bankruptcy can be the last option for saving your car from repossession, such a proposal cannot be entirely ruled out. In some cases, court may allow debtors to keep cars with restructured payments.
- Purchase the car at auction
If lender finally decides to organize an auction, you may have the chance to buy back the car. However, you will have to pay some additional fees as repossession attracts certain costs.
Here Are Your 3 Main Alternatives To Get Car Back After Repossession
To sum it all, you can get repossessed car back in the following different ways.
- Redeem the vehicle or get auto loan reinstated if allowed by state or contract terms.
- Wait for your lender to organize an auction so that you can purchase the car.
- Negotiate with lender to try and get your repossessed car back as early as possible.
Getting Your Car Back After Repossession – Things That You Can Expect
- Lender will give you some time for paying back missed car instalments before initiating repossession process. If you fail to meet lender’s requirements, you will be sent car repossession notice.
- If you are unable to repay the loan dues, lender will arrange an auction and adjust proceeds to settle loan dues. If any balance still remains, you will have to pay it.
- In case, the remaining balance amount is too high then lender may settle loan for 50% of the loan amount and close the car loan but you must get that in writing.
- Even after repossession of cars, some lenders sue borrowers. If that is the case with you then you need to consult a qualified and highly experienced attorney at the earliest.