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How to Recover From an Auto Repossession in just 5 Steps Advertiser disclosure Your needs are our top priority. Each time. We believe that everyone should be able make financial decisions with confidence. While our website doesn’t feature every company or financial product on the market We’re pleased that the advice we provide as well as the advice we offer and the tools we create are independent, objective, straightforward — and completely free. So how do we make money? Our partners compensate us. This can influence the products we write about (and where those products appear on our website) however it does not affect our advice or suggestions that are based on thousands of hours of research. Our partners are not able to pay us to guarantee favorable reviews of their products or services. . How to Get Back Your Car After the Repossession of Your Car in 5 steps. Learn the reason your car was taken and see if you are able to get it back — and know your rights. Written by Claire Tsosie Assigning Editor | Business software, credit cards payment Claire Tsosie is an assigning editor for NerdWallet. Her specialties include analysis and planning. She has edited writing on a variety of subjects that include software for businesses, Medicare and home improvement. Previously, she was a credit cards writer at NerdWallet for over five years. Her work was highlighted by Forbes, USA Today and The Associated Press. She’s spoken at both CardCon (2017 and 2018) and FinCon (2019). And Lauren Schwahn Lead Writer | Personal financial and credit card debt Lauren Schwahn is a writer at NerdWallet who writes about debt, budgeting and ways to save money. She contributes to the “Millennial Money” column for The Associated Press. Her work has also been featured by USA Today, MarketWatch and other publications. Lauren has a bachelor’s degree in history from The University of California, Santa Cruz. She is located at San Francisco. Feb 2 2023, 2023 Edited by Sheri Gordon Assistant Assigning Editor Credit scoring, earning and saving money, and paying down credit card debt Sheri Gordon works as an associate assigning editor for the Core Personal Finance team at NerdWallet. In the past 13 years Sheri was on the Metro and business copy desks of the Los Angeles Times, where she was involved in stories that won the 1998 Pulitzer Prize for breaking news. Sheri has edited publications on politics, culture food, education, and activism. She also edited books on the policy of water, healthy living and architecture. Sheri completed a Bachelor of Arts in the field of history in the University of California, Los Angeles. Email:
. Many or all of the products we feature are made by our partners, who pay us. This affects the products we review and where and how the product is featured on a page. However, this does not affect our assessments. Our opinions are entirely our own. Here’s a list and . If your vehicle is repossessed, you may not know what caused it or how you’re going to get to work the next day. But you can recover by taking care of your transportation needs and to protect your credit from further damage. There are five steps you should take to recover from a repossession: 1. Find out why your vehicle was repossessed If you’ve already figured out the exact reason why your car was repossessed. Other times it’s not so evident. In certain states, not getting insurance stipulated in the loan or lease agreement could count as a default, and your car could be repoed due to it. Call your lender before taking a leap of faith so you are able to clarify the best way to set things straight. Return to the top 2. Find out if it is possible to recover your vehicle that was repossed. Often, a bank or repossession firm will let you get your vehicle back if you repay the loan in complete, as well as all repossession expenses prior to the time it is sold at auction. You can sometimes reinstate the loan and come up with an alternative payment plan too. The repossession might not be removed from in these scenarios, but your new payments will generally be recognized if you negotiate an arrangement with your lender (but not if buying the vehicle back at auction). Prior to returning your car, think through these questions: If got your car back, would you be able to pay for insurance, maintenance, and fuel? Not making the necessary repairs or causing an accident while uninsured may result in a more difficult financial situation. If you didn’t have gas, you’d still not be able to make it from A to B. If you’re unable to afford these expenses, redeeming your vehicle might not be the best alternative. Do you have access to affordable public transportation or the option of a carpool? Going to work via bus or another means could be a better choice rather than reestablishing your loan or paying the balance and repossession expenses in full. Are you planning to declare bankruptcy? If you’re extremely behind on all of your expenses and you’re not able of turning things around, you may already be contemplating . Filing bankruptcy before the repo agency buys your car, and there’s a good possibility that you’ll be able to keep the car and figure out the best way to make up the debt. Talk to your about whether this would be possible, dependent on the type of bankruptcy that you’re about to file. More: Return to the top 3. Know your rights your car is torn away, you still have certain rights: The bank or repo agency can repossess the car , but not the items inside If you put your laptop in your car for example the lender isn’t able to keep or sell it. In certain states, the bank or repo agency could be required to provide the list of things in the vehicle and explain what you can do to retrieve the items. If this isn’t the case it’s possible to ask. Generally, this does not apply to accessories you may have installed in the vehicle, like new wheels or an upgraded audio system. Your property shouldn’t be damaged as a result of the process. If your car is stored in your garage for example, repo agents aren’t able to tear down the garage door to retrieve your vehicle. If you believe that your rights are being violated, consider contacting an attorney for consumers. >> MORE: Return to the top 4. If the car has been sold, ask if you still have debts to pay when a repo agency or repo company takes possession of your car and sells it at auction, you might believe that you don’t have any debt on it. That’s not always the situation. If a bank granted you an $10,000 automobile loan and you still owed $9,000 on it when you defaulted. If the repossessed car went on auction for $700, you’d still owe $2,000 on the car and repossession costs In some instances. This is called a deficiency balance. Deficiency balances are quite common especially if your auto loan was for a brand-new vehicle. It is possible to lose around 10% of a brand new car’s worth by simply driving away from the dealership. However, the loan or repossession company is still under the responsibility of conducting the sale in a “commercially reasonable way.” When the repoed car is sold at a lower price than the reasonable market price, then you might be able to dispute the high deficiency balance in the court. If you don’t pay attention to the deficit balance completely it could be . The lender could also sue you for this debt typically, if you are in the . Collections accounts are held can last seven years, which means should you have money it’s an excellent idea to pay the balance to minimize the damage to your credit. Readers also ask What happens when you make a voluntary repossession? If you notify your lender you can no longer make payments and intend returning the automobile. The lender will then resell the car and you’ll receive a statement that includes the details of the sale. Similar to repossessions that are involuntary, you have to make payments for the gap between the price that the vehicle was sold for and the amount you owe to the loan. This is referred to as the deficiency balance. How long will a voluntary repossession appear in your credit file? A voluntary repossession, which is a form of loan default, will stay on your credit report for . That type of negative mark can affect your credit scorespecifically your auto-specific credit scores that will determine the interest rate that you will pay on your next automobile loan. What happens if you have your vehicle seized? After being seized, your vehicle could be sold in auction. If your vehicle sells for less than you have to pay, you could be legally liable for the difference, known as a deficiency and any fees applicable. Reverse to top 5. Do your best to improve your credit A for up to seven years, so the majority of the work to restore your credit is waiting. However, you can be proactive by making sure you pay your bills on time, and trying to pay off any other debts. This way when your negative credit history disappears from the records, your credit score will be higher than before which will put you in better position. Back to top Know how your credit is scored Find your free credit score and the factors that influence it, and also suggestions on ways to build your credit. Authors’ Bios Claire Tsosie is an assigning editor for NerdWallet. The work she has done for the company was highlighted on Forbes, USA Today and The Associated Press. Lauren Schwahn covers consumer credit and debt at NerdWallet. Her work has been highlighted in USA Today and The Associated Press. On a similar note… Dive even deeper in Personal Finance Make all the appropriate financial decisions
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