what rights do you have if your car is repossed?

Question

we just recieved a bill for the total amount payed for on the vehicle. i was layed off and could not afford the payment

Answer 1

Your question is very vague and because of that, hard to answer.

You do have rights when it comes to repo's. They would have had to notify you of the intent to repo. The repo person would have had to take the vehicle without breaching the peace. They would have to give you the right to redeem (how that would work depends on your states statutes). They would have to send you a deficiency notice.

There are strict laws on how everything is to be done before, during and after the repo. All of the notices and the sale MUST be done in a legal and timely manner.

I would suggest that you click on my profile and click on the last link I have listed. Go to the credit forum and do a search for repo. Then do as much reading as you can. If you have any further questions feel free to ask in that forum.

Answer 2

i assume you propose your vehicle replaced into repossessed, no longer repossed. permit me supply you the reason it replaced into, quoting you. "...we've been overdue in elementary terms 2 months..." You had no longer made a charge in 2 months. for sure you hadn't contacted the financial business enterprise explaining why you hadn't made a charge. somebody from the financial business enterprise definitely went to the handle, and there replaced into no person there to talk to different than a neighbor who advised them the homestead replaced into empty. replaced into it? no longer that it concerns. undergo in strategies the papers signed at first of the non-public loan? oftentimes you agreed to maintain coverage on the vehicle, call the lender as loss payee contained in relation to entire loss, to make known money, and to pay the charges of repossession if that grew to become mandatory. So the respond is. particular, they are able to try this. No, they do no longer permit you recognize whilst they plan to repossess the vehicle. in the event that they did, you ought to cover it from them. according to possibility your grandfather can get the vehicle back by making up the late money and the charges of the repossession. sometime although after a repossession the financial business enterprise will insist that the comprehensive stability be paid earlier they're going to return it. yet that's a query for the financial business enterprise. if youin case you don't get it back, they're going to grant it on the industry at public sale, and deduct the sale value from the stability of the non-public loan plus the charges of repossession and sale training, and the guy who signed the unique own loan would be to blame for the relax stability, plus that guy or woman now has a repossession of their credit rfile. appears like somebody ought to have stored up money and communicated with the financial business enterprise if there replaced right into a project doing that. yet back, particular, that's the way repossessions artwork, and particular the approach replaced into suitable and legal.

Answer 3

pay all the dues and take it back

Answer 4

Auto finance is what I do for a living and Echo is correct as far as she goes.

The lender would have to notify you of the repossession and give you the right to redeem it. But if you have received a bill for the total amount due, I am assuming that this has already passed and you did not redeem the vehicle.

What the lender will do if you do not pay in full is sell the vehicle at auction for much less then it's worth and then add all of the fees for the repossession, towing, storage, auction and lawyers to the balance and sue you for it.

They will get a judgment and at that point they can attach bank accounts, garnish wages (if your State allows it) and file liens on any other property you may own like boats, other vehicles, land and homes.

Add all of this to the fact that the repossession and judgment will show on your credit for 7-years and you start to understand how important it is that you settle this somehow someway.