I have just had my car repossessed, what are my rights/?

Answer 1

You will get a letter from the creditor stating what amount you owe to get the vehicle back. Depending upon the state law, you will have a specific timeframe to pay off the entire loan amount owed plus any expense the lender incurred to repossess the vehicle. In my state, this is 21 days. If you do not pay the loan in full, the lender will sell the vehicle at auction, apply the proceeds of the sale to your loan balance and attempt to collect the balance from you. Depending upon your state and your situation, the lender may obtain a judgment and attempt to garnishee your wages. If you own real estate, the judgment will have to be paid before you can sell or refinance your property.

You have the right to claim any personal property that was in your vehicle when it was repossessed. Call the lender and ask them where your property is located and when you can claim it.

If you want to salvage your credit history and want the car, you can attempt to make arrangements with the lender to catch up the payments and they may allow you to keep the car. The lender is not required to do so, but if you ask they may allow it.

Good luck!

Answer 2

You have the right to reclaim personal property (books, cd's, clothing) that was in the vehicle at the time of repossession.

You have the right to go in and pay the entire balance due, including the cost to repossess.

You have the right to know when and how they intend to re-sell it if you don't redeem it.

You have the right to pay the difference between what you owe and what they sell it for, or to be paid the overage in the unlikely event they get more than you owe.

You have the right to blow it off and just take the hit on your credit report and have bad credit for about 7 years.

Answer 3

There are really no rights left to talk about but here is what you need to do

1~ Call the police station and find out the name of the repo company that took your unit also ask for their phone number as well. The finance company may have double assigned the account and believe it or not they may not know who has it.

2~ Call the finance company and explain to them that your unit has been repossessed, ask them what you need to do to get it back. If you have a history of being late they may not let you have it back, it may have gone to the lot, and was cleaned out and sent right to the auction

3~ If they let you have it back you need to ask them about the repo charges, the storage charges and how many days you have to reclaim the unit. Some finance companies will add the repo fee to the note, some will demand it up front. Some finance companies have it in the contract that they will hold the unit up to 15 days with no storage charge, others will start charging you up to 50.00 a day after the unit was picked up and will demand that up front as well.

4~ If they will let you have it back you will need to get the ash to them today as NO repo company will be open to release units until Monday and if you are being charged 50.00 a day storage that can get costly in a hurry.

5~ If they will not let you have the unit back you are going to have to call the repo company and make an appointment to redeem your personal property. What you need to do is to sit down and make AN HONEST list of what was in your unit. My company tapes all clean outs so if someone claims there was a purse with 1000.00 in it, we can prove there was not and then have that person arrested for making a false police report. This is going to cost you an Administrative fee. Depending on the company it could be as little as 25.00 and as much as 200.00, depending on how much stuff you had, what you attitude is / was if the field adjuster made contact, i.e.: If you lied to him /her if you got out of line that sort of thing.

When you get your stuff back go through it before you leave their lot, if anything is missing call the police and have a theft report made. Now keep in mind if you are missing 1 CD the cops are not going to do a lot, but if you are missing your cell phone, ATM card that sort of thing, call them before you leave. Do not breach the peace on their property. Simply take your belongings to the car you went in and go through it in the car.

That is the best and all you can do at this point. I hope for your sake that you are not dealing with one of those companies that took it right to the auction.

Also, if you have had trouble with your finance representative, when you call in ask for a supervisor, as the representative may not be willing to work with you. I have had 11 years of dealing with these "people" and some of them seem to live and breath with the repossession of someone's car. However, I have had to repo. one of their cars and it was not so funny them, even though the rest of us had a good laugh over it.

Answer 4

None, since you failed to pay due to whatever problems you have faced that prevented you from meeting your obligations ,your only recourse is to come up with the total sum to get it out of hawk.but with so many auctions and so many cars to choose from I am suggesting that you look at a cash and carry attitude next time around,and try living way below your means this way you have a nest egg for a buffer for these situations,good luck

Answer 5

you have the desirable to pay off the very own loan, plus repo & storage expenses and get the vehicle lower back. frequently lenders will enable somebody to get the vehicle lower back by using paying the quantity overdue plus repo & storage expenses yet once you do not have a job, they might not furnish that to you. what is going to take place after see you later is they'll public sale off the vehicle and you will owe the stability much less proceeds at public sale. and that they are able to return when you for that by using utilising destiny salary garnishment or such. Oh, and you have the desirable to retrieve any very own contents that have been left interior the vehicle. yet, you should pay storage expenses.

Answer 6

You have the right to make your payments on time as per your contract and you would not have to deal with this issue... once your car has been repo'd you have little to no rights as to the vehicle or its contents...

Answer 7

I think you should be more concerned with the loan company's rights. They're the ones that trusted you to pay the loan back. You didn't, they took their car back. You have no rights.

Answer 8

You have a right to follow the terms of the agreement you signed, in other words, make the payments.