If you've never dealt with repossession, you may have several questions regarding the process, your rights and if you can get your car back after it's been taken. A repossession may prove a negative experience, but once you know which questions to ask, you should know how to handle the process better.
When Will My Car Be Repossessed?
Read your loan contract to determine when your vehicle can be repossessed. While most contracts state a missed payment as reason for repossession, many banks will not take your car back right away. Contact your bank as soon as you realize you can't make your payment as many banks have programs in place to help struggling borrowers. Avoiding your bank's phone calls is likely to result in repossession sooner, so try to work out a payment plan before your payments are past due.
Where Can My Car Be Taken From?
Your car can be taken from wherever you leave it as long as it accessible and no state laws are broken while taking the car. The repossession company who is hired to take your car may try to contact you first but will most likely come by your home where the vehicle is parked and load it onto a tow truck. Your car can also be taken from a parking lot, including your place of employment or even while you are inside a store shopping.
Will the Company Take My Belongings?
Your belongings will not be kept. Most repossession companies are required to take an inventory of your belongings or park your car in a locked and inaccessible yard. Once you notice your vehicle is gone, both the bank and your local police department can let you know which company has the car. Repossession companies notify the police once a vehicle is repossessed. You can make an appointment to get your belongings back.
Can I Get My Car Back?
You do have an opportunity to get your vehicle back once it has been repossessed. Bank guidelines differ for getting a car back after repossession has taken place, but you likely have an opportunity to pay the amount past due along with towing, locating or late fees. Some banks may require you to pay the loan balance in full. Otherwise, you can contact your bank to find out how much you can pay, where to make the payment and where to pick up the vehicle.
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