Depending on your lender, you might have an opportunity to get back your repossessed truck. Your truck was likely repossessed because of nonpayment, so the bank is within its rights to repossess it. Once your truck is repossessed, locate it to obtain your belongings. Consider purchasing it back from the bank, if possible.
Locating Your Truck
A repossession company can take your truck from most locations. It can be taken from your home, place of employment or from a parking lot. If you are able to meet the repossession company before it towed the truck, you can take your belongings from the vehicle. If not, call your lender or your local police station to find out where your truck is. Make arrangements with the repossession company to remove your belongings.
Plates and Insurance
State laws vary on license plates rules. You likely will have to return them promptly. Call your state motor vehicle department to determine whether the plates should stay with the truck or whether they must be returned. If you have belongings to collect from your truck, take your plates as well. Cancel your insurance on the truck as soon as possible to avoid paying for a vehicle that you no longer own. Return the plates to a motor vehicle office if your state requires it. If you don't take your plates off the truck and receive notice from your state's motor vehicle office that they weren't returned, you might have to report your plates as lost or stolen or provide your state's motor vehicle office with proof of the repossession.
Purchasing Your Vehicle Back
You might have an opportunity to buy your truck back from the bank before it's resold. Call your lender to ask about the possibility. Often, banks allow you to pay your past due amount in addition to any repossession, collection and locating fees it incurred. Your repossessed truck is likely brought to an auction site or to a bank holding area, which is where you can go to retrieve it. Some banks require the entire loan balance upfront to retake possession of the vehicle.
Long-term Effects
If you decide not to purchase your truck back from the bank, it will be resold at auction or it will be sold privately. Once the truck is sold, expect to receive a letter stating its selling price and the amount due on your loan balance, if the balance did not exceed sales price. If the bank sold the truck for more than you owe, it will return the profit to you after taking cost for repossession fees. If not, you must pay the remaining loan balance to avoid a future lawsuit and wage garnishment.
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