How to Get a a Repossessed Vehicle Back
If you have missed even one payment on your car, it is possible that the lender who gave you your car loan has the right to repossess the vehicle. Miss two or three payments and you are almost guaranteed to end up with a repoman in your driveway. The majority of the time, you will receive a warning letter regarding the missed payment before your vehicle is repossessed, but the lender is not required to send one. And once your vehicle has been repossessed, getting it back isn't easy.
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Instructions
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Call your lender immediately. States have different laws dictating what lenders must do with your car after repossession. Your lender may even be willing to work with you.
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Contact the consumer protection department in your state. Since laws vary from state to state, it is important to know what your rights are when it comes to getting your car back.
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Reinstate your loan. There are a few states where it is possible to get your car back by making up the back payments that you owe along with any expenses that the creditor incurred during repossession.
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Pay the full balance of the car loan. Many states allow lenders to collect the full balance of the loan before returning the car to you. Depending on what you still owe on your car, this can be a lot of money. You will not be able to get another loan to buy the car back, and unless you can come up with the full balance, you will lose the car.
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Pay all additional fees. Aside from the balance of the car loan, in many states lenders can charge you for fees incurred when the car was repossessed and any fees that they have paid to store the vehicle. This can add a few hundred dollars or more to the amount you owe.
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Ensure that the sale of your car was made in a "commercially reasonable" way. If you do not have the funds to buy back your car, the creditor has the right to sell it. This sale, though, must be conducted in a "commercially reasonable" manner in most states. This means that a creditor cannot sell your car at a price far below the market value. If they have sold your car at a price far lower than the car's value, consult an attorney. You may have a case against the creditor. You won't get your repossessed car back but you may not be responsible for the balance of the loan.
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Tips & Warnings
A loan lender does not have the right to personal property that is inside the car at the time of repossession. You should receive a letter informing you of where to pick up these items. You may be responsible for paying a storage and processing fee for your property and, depending on the state, there are limits on how long your property will be held before being disposed of.
