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How to Recover From an Auto Repossession in just 5 Steps Advertiser disclosure Your needs are our top priority. Every time. We believe that every person should be able to make sound financial decisions without hesitation. While our website doesn’t include every business or financial product that is available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are impartial, independent simple, and free. So how do we earn money? Our partners pay us. This could influence which products we write about (and the way they appear on our website), but it in no way affects our advice or suggestions that are based on thousands of hours of research. Our partners do not be paid to ensure positive reviews of their products or services. . How to Get Back Your Car After the Repossession of Your Car in 5 Steps Find out the reason why your car was repossessing and determine if you’re able to recover it — and be aware of your rights. By Claire Tsosie Assigning Editor | Business software, credit cards, payments Claire Tsosie is an assigning editor for NerdWallet. Her expertise includes the study and development of strategies. She edits articles on a range of topics that include software for business, Medicare and home improvement. Previously, she was the credit card writer at NerdWallet for more than five years. Her work was highlighted by Forbes, USA Today and The Associated Press. She’s given talks at both CardCon (2017 and 2018) as well as FinCon (2019). as well. Lauren Schwahn Lead Writer | Personal finance, financial debt Lauren Schwahn is a writer at NerdWallet who writes about budgeting, debt and money-saving strategies. She contributes to the «Millennial Money» column of The Associated Press. She has been featured in USA Today, MarketWatch and other publications. Lauren holds a bachelor’s level education in the field of history at her home at the University of California, Santa Cruz. She is based at San Francisco. Feb 2 2023, 2023 Edited By Sheri Gordon, Assistant Assigning Editor Credit scoring, making and saving money, paying down debt Sheri Gordon serves as an editor-in-charge assistant in the Core Personal Finance team at NerdWallet. For 13 years, Sheri served on both the business and metro copy desks of The Los Angeles Times, where she wrote stories that earned the 1998 Pulitzer Prize for breaking news. Sheri has edited magazines on culture, politics food, education, and activism. She written books on the policy of water, healthy living and architecture. Sheri completed her Bachelor of Arts in history in the University of California, Los Angeles. Email:

. A majority or all of the items featured here come from our partners who pay us. This influences which products we feature and the location and manner in which the product appears on the page. However, this doesn’t influence our evaluations. Our views are our own. Here’s a list of and . When your car is repossessed, you may not know what caused it or what you’ll need to do to make it to work the following day. You can still recover it by taking the care of your transportation needs and to protect your credit from further harm. Here are five steps you should take to recover from repossessions: 1. Find out why your vehicle was repossessed If you’ve , you may know exactly the reason your car was taken. Other times, the reason isn’t so clear. In some states, not having insurance in the loan or lease agreement can count as a default, and your vehicle could be repoed due to it. Contact your lender prior to taking a leap of faith so you can clarify how to set things straight. Back to top 2. Find out if you can return your car that was repossessed. Most banks or repossession firm can allow you to get the car back if you pay back the loan in total, including all the repossession costs and before the car is auctioned off. It is possible to restore the loan and negotiate the new payment schedule, as well. The repossession will not be removed in these scenarios, but the new payment will usually be reflected if you make a deal in conjunction with the lender (but not if buying the vehicle back at auction). When you are deciding whether to return your car consider these questions: If you got your car back, would you be able to afford insurance, maintenance and fuel? Neglecting important repairs or being involved in an accident while uninsured may result in a more difficult financial situation. Without fuel, you wouldn’t be able to get from point A to point B. If you’re not able to pay for the costs, then reselling your vehicle might not be your most cost-effective alternative. Do you have access to affordable public transportation or the option of a carpool? The bus ride to work or another means could be a better choice instead of reestablishing the loan or paying the debt and repossession costs in full. Do you plan to declare bankruptcy? If you’re severely behind on your payments and have no way of turning things around it’s possible that you are contemplating . Filing bankruptcy before the bank or repo agency decides to sell your vehicle and there’s a decent possibility that you’ll be able to keep your car and work out the best way to make up the debt. Discuss with your banker if this would be possible, based on the type of bankruptcy that you’re about to file. >> READ MORE: Return to the top 3. Be aware of your rights. Even if your car is towed away there are certain protections: The lender or repo agency can repossess the car , but not the contents inside if you have left your laptop inside the vehicle For instance the lender isn’t able to keep or sell it. In certain states where the bank or repo agency may be required to provide an inventory of the items in the vehicle and inform you what you can do to retrieve them. If that’s not the case, you may have to inquire. In general, this doesn’t apply to accessories you may have installed in the vehicle, like new wheels or an upgraded audio system. Your property should not be damaged in the process If your vehicle is locked in your garage, for instance, repo agents shouldn’t be able to break the garage door to get your vehicle. If you feel that your rights are being violated, you should contact an attorney for consumers. More: Return to the top four. If the car has been sold then ask yourself if you have money to pay back. When a bank or repo company takes possession of your car and sells it in auction, you may think that you do not owe any more money on it. That’s not always the situation. Imagine a bank offered you the 10,000 car loan and you still owed $9,000 for it after 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 the deficiency balance. Deficiency balances are quite common, especially when your auto loan was for a new vehicle. You can sometimes lose about 10% of a new vehicle’s value by simply taking away from the dealership. However, the loan or repossession company still has the obligation to conduct the sale in the «commercially reasonable way.» In the event that the repossession vehicle is sold for a price far less than the reasonable market price, then you could be able contest the excessive deficiency balance in the court. If you ignore this deficit balance completely, the account may be . The lender may also pursue you for this balance typically, if the debt falls within the . The accounts in collections are for seven years, so should you have money, it’s usually recommended to settle the remaining balance to minimize the damage to your credit. People also ask: What is the outcome when you take a voluntary repossession? If you notify your lender that you are unable to more make payments and plan to return the vehicle. The creditor will resell the car, and you’ll receive a statement with details regarding the sales. Similar to repossessions that are involuntary you’ll have to pay the difference between what the car sold for and what you owe to the loan. This is referred to as the deficiency balance. How long will the voluntary repossession remain for on the credit reports of your clients? A voluntary repossession, which is a form of loan default, will stay visible on your credit reports for . This type of negative mark will affect your scorespecifically your auto-specific credit scores, which determine the interest rate that you will pay on the next car loan. What happens when you get your car repossessed? If it is seized, the car is likely to be auctioned off at auction. If your car sells at a lower price than what you have to pay, you could be sued for the difference, known as a deficiency, plus any applicable fees. Return to the top five. Work on improving your credit A for up to seven years, so a big part of restoring your credit afterward is just waiting. You can also be proactive by making sure you pay the bills in time, and trying to pay off any other debts. So you will be able to pay off your debts before your negative history comes off the record, your credit score will be higher than before, and you’ll be in a much better standing. Return to top Learn how your credit is scored Find your free credit score and the variables that affect it, and also insights into ways to improve your score. Authors’ Bios Claire Tsosie is an assigned 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 for NerdWallet. She has also been covered by USA Today and The Associated Press. On a similar note… You can even go deeper into Personal Finance Make all the proper financial moves

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