what can you do if you car has been repossessed?

Answer 1

Well you have the option of bidding on it when the lender runs it through the auction.

Other then that you can make plans on going to court when they sue you for the balance due after they auction it off.

This can amount to several thousand dollars depending on how much they get for it verse how much you owe plus all of the fees for repossessing, towing, storage, lawyers and interest.

When they get a judgment in court, they can attach your bank accounts, garnish your wages (if your State allows it) and file liens on any other property you may own like cars, boats, land and homes.

Both the repossession and the judgment will show on your credit for 7-years making any other loans extremely hard to get and the interest on them will be very high.

Answer 2

If it has recently been repossessed - the loan company will usually work with you to get the car back. It will require a large payment depending on much you were behind on. If you don't work it out - they will sell it at auction. You will have to pay the difference of what they get at auction and what you owed. At auction vehicles go pretty cheap.

Answer 3

Call the auto lender. If it hasn't been too long you can usually get the car back. Believe me, they don't want to sell it and lose money and sue you for the difference. I know people who had their cars repo'd multiple times by Ford. Each time it went to impound, they paid the back payments + penalties and got the car back.

Answer 4

What do you mean? If it has been repoed, it will be sold, and if there is a difference between what you owe and it sold for they will sue you for the difference.

Actually a judgment will show on your credit reports for quite a bit longer than 7 years, i THINK it is 15 years but not sure.

Answer 5

Walk
Take the bus
Depend upon friends
Ride a bicycle
Call a taxi

Take your pick.