How to Deal With a Bank Car Repossession

One of life's biggest frustrations can be when you can't pay your bills on time and when the bank is repossessing your car. Once your car is repossessed, your headache is not over. In fact, it really has just begun.

Instructions

1. Choose whether you are going to hide your car from the bank or whether you are going to turn it over gracefully. If you want to hide your car, you are going to have to be clever. The bank will send a repo man who gets paid to find your car. He'll go to your house and might even camp out and wait to see where you go when you leave your house. He might follow you until you get to your car.

2. Communicate with your bank when your car is repossessed. You may not have been communicating with your bank before the repossession. But if you don't communicate with them afterward, you will have a difficult time understanding your options.

3. Decide whether you want the bank to keep your car or whether you want to pay your past due amounts and get your car back. This can be tricky sometimes. If you are in financial duress, paying your bank the amount they want in order for you to get your car back can be a tall order. It might just be best to let them keep the car. If you do this, be prepared to still be responsible for a large chunk of change from your car loan and for the repossession to be on your credit report.

4. Pay the repossession fee for the repo man. Your car is likely in a far-off repossession parking lot somewhere. You will have to not only pay the fee for having your car repossessed in order to get it back, you will also have to pay a rate for having your car parked in the repossession parking lot. This can be quite expensive.

5. Drive with a friend to the car repossession parking lot to pick up your car. Talk to someone in the office of the repossession lot and show them the paperwork that you have paid all the fees to reclaim your car.