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How to Get Back Your Money from the Repossession of a Car in Five steps Advertiser disclosure We consider you to be our first priority. Every every time. We believe everyone should be able make financial decisions with confidence. And while our site doesn’t include every business or financial product available on the market, we’re proud of the advice we offer, the information we provide as well as the tools we design are impartial, independent simple, and free. How do we earn money? Our partners pay us. This may influence which products we write about (and the way they appear on the website) However, it doesn’t affect our suggestions or recommendations which are based on many hours of study. Our partners are not able to promise us favorable ratings of their goods or services. . How to recover from a Car Repossession in 5 steps. Learn the reason your car was taken, see if you can return it and be aware of your rights. Written by Claire Tsosie Assigning Editor | Credit cards, business software, payments Claire Tsosie is an assigning editor at NerdWallet. Her expertise includes research and strategy. She edits 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 been a speaker in both CardCon (2017, 2018) and FinCon (2019). and Lauren Schwahn Lead Writer | Personal finance, financial debt Lauren Schwahn is a writer at NerdWallet who writes about budgeting, debt, and other savings strategies for money. She contributes to the «Millennial Money» column of The Associated Press. Her work has also been featured on USA Today, MarketWatch and many more. Lauren has a bachelor’s education in the field of history at The University of California, Santa Cruz. She is based within San Francisco. Feb 2 2023, 2023 Edited by Sheri Gordon, Assistant Assigning Editor Credit scoring, making and saving money, paying down credit card debt Sheri Gordon is an assistant assigning editor for the Core Personal Finance team at NerdWallet. In the past 13 years Sheri was on the business and metro copy desks at the Los Angeles Times, where she wrote stories that won an award in the year 1998 for the Pulitzer Prize for breaking news. Sheri has edited magazines on culture, politics education, food, and activism. She written books on health and water policies, and architecture. Sheri earned a Bachelor of Arts in history in the University of California, Los Angeles. Email:

. The majority of products we feature are made by our partners who compensate us. This influences which products we review and where and how the product is featured on a page. But, it doesn’t affect our assessments. Our opinions are entirely our own. Here is a list of and . If your vehicle is repossessed, you may not know why it happened — or what you’ll need to do to make it to work the following day. However, you can get back on track by taking the care of your transportation needs and also to safeguard your credit from further harm. Here are five steps you can follow to get back from repossessions: 1. Find out why your vehicle was repossession. If you’ve done this , you may know exactly why your car was repossessed. Other times the reason may not be as clear. In some states, not having insurance in a loan or lease agreement can be considered a default and your car can be repoed due to it. Call your lender before jumping to conclusions so you can clarify how to resolve the issue. Return to the top 2. Find out if it is possible to return your car that was repossessed. In most cases, a bank or repossession company will allow you to receive the car back if you pay back the loan in total, including all the repossession costs prior to the time it is sold at auction. You can sometimes return the loan and negotiate the new payment schedule, as well. The repossession will not be removed from these circumstances, however your new payments will generally be recorded if you sign an arrangement with your lender (but not if buying the car back at auction). Prior to returning your car, think through the following questions: If you received your vehicle back, could you afford insurance, maintenance and fuel? In the event of ignoring important repairs, or being involved in an accident without insurance could result in a worse financial situation. If you didn’t have fuel, you wouldn’t be able to travel from point A to point B. If you’re not able to pay for these expenses, redeeming your vehicle might not be the most economical alternative. Are you able to access affordable public transportation or a carpool? Getting to work by bus or another means could be a better choice than reinstating your loan or paying your amount and fees for repossession in full. Do you plan to declare bankruptcy? If you’re severely behind on all of your expenses and have no way of turning things around, you may already be thinking about . File before the repo agency sells your car there’s a high chance that you’ll get to keep your car and then work out a plan to make up the debt. Discuss with your banker if this is possible depending on the nature of the bankruptcy you’re filing. >> READ MORE: Return to top 3. Know your rights Even when your car is torn away, you still have certain rights: The bank or repo agency is able to take back the car but not the belongings inside. If you have left your laptop in your car for example it is not a property that the lender can keep it or sell it. In certain states in some states, the repo or bank agency may be required to provide the list of things in the vehicle and inform you what you can do to retrieve the items. If that’s not the case it’s possible to inquire. In general, this doesn’t apply to any accessories you might have installed in the vehicle, like new rims or a souped-up audio system. The property you own shouldn’t be damaged by the process. In the event that your vehicle is locked in your garage, for example, a repo agent can’t break down your garage door to retrieve your car. If you think your rights are being violated, you should contact 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 the car and then sells it in auction, you may think that you do not owe any more money on the vehicle. That’s not always the case. Imagine a bank offered you a $10,000 car loan and you still owed $9,000 for it after you defaulted. If the car that was repossessed was sold at auction for $7,000, you’d still owe $2,000 for the vehicle, plus repossession fees in certain cases. This is known as a deficiency balance. Deficiency balances are common, especially when your auto loan was to purchase a brand new vehicle. It is possible to lose around 10% of the new vehicle’s value by simply taking away from the dealership. Even so, the lender or repossession company still has the obligation to conduct the sale in a «commercially acceptable manner.» In the event that the repossession car is offered for a price far less than the reasonable market price, then you could be able to contest the deficiency’s high balance in court. If you ignore this deficiency in full it could be . The lender may be able to sue you for the balance, generally, if the debt falls within the . Accounts in collections can last seven years, which means should you have money it’s recommended to settle the remaining balance in order to limit the damage to your credit. Some readers also wonder what happens when you make an uninvoluntary repossession? If you notify your lender you can no pay any more and you plan to return the vehicle. The creditor will resell the car, and you’ll receive a statement that includes the details of the sale. Similar to repossessions that are involuntary you’ll have to pay the difference between the price that the vehicle was sold for and the amount you owe on the loan. This is referred to as the deficiency balance. How long does the voluntary repossession remain in your credit file? A voluntary repossession, which is a form of loan default, will remain on your credit report for . The negative marks can affect your credit scoreparticularly your specific credit scores, which determine the rate of interest you pay for the next automobile loan. What happens when you are forced to have your car taken away? If it is seized, the car will probably be sold in auction. If your vehicle sells for less than you are owed, you could be sued for the difference which is referred to as a deficit as well as any fees that may be applicable. Reverse to top 5. Do your best to improve your credit For up to 7 years, so an important part of restoring your credit in the future is waiting. But you can also be proactive in by paying all your expenses on time, and making efforts to pay off other debt. This way, by the time your negative history comes off the record, your credit score will be significantly higher than before as well as you’ll find yourself in better situation. Back to top Know the scoring system for your credit. Check your score free of charge and the factors that impact it, as well as suggestions on ways to improve your score. Authors’ Bios Claire Tsosie is an assigning editor for NerdWallet. The work she has done for the company was highlighted by Forbes, USA Today and The Associated Press. Lauren Schwahn covers consumer credit and debt for NerdWallet. The work she has done was covered by USA Today and The Associated Press. On a similar note… Explore even more deeply in Personal Finance Make all the proper financial moves

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