How is a car repossessed?

already exists.

Would you like to merge this question into it?

already exists as an alternate of this question.

Would you like to make it the primary and merge this question into it?

exists and is an alternate of .

I just had a car repossessed a few months ago. But it was a voluntary repossession, I called them and told them I wasn't going to be able to pay anymore and that i was doing a voluntary reposession. It's not any better than a normal repossession except that you're telling them to come and get it. My friend, however, had hers repossessed, they basically just came and took it one day, she hadn't paid her car note for 3 months. And yes they have every right to do it. It sucks, but there's nothing you can do about it. They will most likely auction the car (this is what happened with mine), and then whatever they get for it will be subtracted from your balance, and you will have to pay the difference if anything is left unpaid. Some places will work with you and set up a payment plan with no interest for you to pay the balance. That is what I am doing now. And usually there is quite a balance, if you were upside down or haven't made many payments on it. The reason for this is that they sell the vehicles for cheap. That's about all I know, the bank told me that it will be on my credit for 7 years. Longer if i don't pay them. Hope that helps!
14 people found this useful

What do you do if your car is repossessed?

Answer . Firstly, in a legal sense, the lending institution owns the car, you are just the registered owner on the title - you promised to make timely payments to the lend

What can you do about a repossessed car?

When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These

If your car is repossessed what do you do?

While I know that everyone who has it happen to them "must" be the exception, the sad fact is that cars are not repossesed unless payments are substantially in arrears. Giv

What can you do if your car is repossessed?

The first thing to do is to contact the company you handle your car payments with. Once payed, you can then go to the reposestion office and receive your car back. Notice th

Can you repossess your repossessed car?

you can buy it back from the repossess depot thinger yeah but you have to pay all your payments on it The above answer is correct, but does not answer the question actually

Where is the car after repossession?

It depends, but as a general rule, the finance company that repossed it will keep possession of it, either on their own lot or at an auto auction for a certain number of days
In Repossession

Can they repossess your car with you in it?

A valid repossession must not cause an unlawful breach of the peace - even if the debtor is the one instigating the breach. So if the debtor gets into the car, it cannot be re
In Cars & Vehicles

How do you repossess my car?

Firstly, is not "your" car ... The lending institution actually "owns" your car and can legally repossess it whenever the monthly payments are not being made as agreed upon wh