Not knowing what to expect for a repossession can prove worrisome. If you have missed a car payment -- or more likely, two or more payments -- your bank will try to contact you and arrange a solution before it attempts repossession. You should get in contact with your bank (if you haven't already) to avoid an involuntary repossession, meaning a repossession company comes for your car. The repossession company does not need to notify you of its collection, although repossession details should be further explained in your contract.
Voluntary Repossession
If you're preparing for repossession, you don't have to wait for the bank to send out a repossession company to take your car back. You can offer to bring your vehicle back to a dealership or other drop-off location to participate in a voluntary repossession. Call your bank to ask where you can drop off your vehicle and return it as soon as possible. This way, you can plan for the day you won't have access to the vehicle any longer and avoid a potentially embarrassing situation.
Involuntary Repossession
If you have not paid for your car, the bank will sooner or later come and get it. A repossession company can take your car back while you are at work, while you are in a store shopping, or right from your driveway while you are home. The company does not have to call you first, nor must it come to find you once the vehicle has been loaded on the tow truck. If you did not make arrangements with the bank for return, expect the vehicle to disappear at any time, even with your belongings in it.
If You Are Present
If you are at home or at work while your vehicle is being loaded onto the tow truck and notice it being taken, you can get your belongings out of the car before it leaves. Bank contracts differ as do laws by state, but more often than not, the repossession company does not have to notify you. The repossession company's main interest is collecting the vehicle, not taking your belongings. If you get the opportunity to access your car, you can clean it out and take off your license plates to return to your motor vehicle office.
After Collection
You can call the bank or a police station (the repossession company will notify the police of the car's location) to find out where your car is located. It is usually in the possession of the repossession company until the vehicle is returned to the bank. You can make arrangements with the company that has your car to collect your belongings. You do not have to pay storage fees to obtain your property, although you will have to set up an appointment to access your vehicle, which is likely in a locked yard.
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