My friend's car was repossessed! Can she get it back??

Question

I told her that she can, but she's freaking out over having a repo on her credit. She called the bank and was told that the car has yet to be sold. It's been about 1 month since the car was taken I think and she owes about $3,000 past due. How much will it cost up-front to get the car back???
I told her that I would try to get an answer and call her again tonight, so she can get some sleep! lol
Any info would help.
Thanks

Answer 1

I have worked at an institute that finances autos for 6 years...

She can get it back based on your state laws, some states allow more time than others. Also, she will need to pay the past due plus like $450.00 in repo fees. Plus, there may be a storage fee for each day it sits before she redeems the unit. IF she redeems the unit in the alotted time there will not be a repo on her credit, they legally have to remove it since the repo was not completed.

Good Luck!

Answer 2

Depending on her contract, she either has to pay the back payments due (all of them) or the entire amount of the loan. She'll also have to pay the credit company's costs of repossessing her car, towing it and storing it.

Tell her to call the credit company. She may be able to work a deal with them where she pays a portion of the past due amount and then catches up over time. If they let her do that, tell her that she MUST make the additional payments on time because they're going to have zero tolerance for any more lateness.

Answer 3

Buy her a bus pass. Sorry couldn't resist. 3k past due she must have been driving the car around for 6 to 10 months. Which means when she couldn't pay she thought it was OK to continue to drive the car rather than turn it in.
I would say there would have to be a payment in full or some settlement.

Answer 4

No, she cannot get it back...
The bank will no longer extend her credit,
even if she pays the back payments..
She would have to buy the car back outright...