How to Obtain Your Car if it Has Been Repossessed

If you act fast, you may be able to get your car back after repossession. This will save you from having to pay for the remainder of your loan after the car is sold at auction.

Instructions

1. Visit your creditor immediately.

2. Pay your car payments and repossession fees in full, if possible.

3. Give the creditor a time frame in which you can come up with the money. Usually you will only have a few days.

4. Ask the creditor to delay selling your car privately or at auction. (In most states they are required to inform you of upcoming auctions, so you shouldn't be caught unaware.)

5. Find a buyer for the car before auction time. If you can find a buyer willing to pay full price, your creditor might be interested. You will still be required to pay the difference between the sale price and what you owe. This is called the "deficiency."

6. Consider asking a friend or family member for a loan.

7. Consider bidding on your car at auction. You will still be responsible for the deficiency.

8. Ask your creditor to call the credit bureau and withdraw the repossession from your credit report.

Tips & Warnings

• You have a right to recover the personal property left in your car, not including sport racks or car stereos.