In many states, if you are in default, the lender can repossess your car without giving you any notice. But for example, if your car was sitting in a parking lot and you were not there to object, then the lender is free to repossess it without giving you any notice as long as there is no breach of the peace.
Repossession | Consumer Protection
If your lender repossesses your car, it can keep it as compensation for your unpaid loan balance or sell it at a public or private sale. In most states, you have the right to know the time and location of the sale so you can attend and participate in the bidding.
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But you will still have to continue making timely regular payments in the future if you wish to keep the car. If you're facing a lot of debt, and are considering bankruptcy, you may have more options to get your car back.
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See Bankruptcy and Car Repossessions. A deficiency is the difference between what you owe on your loan and what the lender was able to get by selling the car after repossession. In most states, the lender is allowed to sue you for this balance to try and collect the money.
It is a good idea to talk to your lender first if you are having trouble making your payments because you may be able to work something out like a temporary lower interest rate or tacking overdue payments onto the end of the loan repayment period before risking repossession.
Can the Lender Seize My Car? You may have a defense against the lender's collection of the deficiency.
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Car Repossession Laws: An Overview
By Nandini Sen Gupta. Mayur Shetty. Be careful when you ask the finance company to repossess your vehicle and settle the loan amount. So what should you as the customer look out for if you are asking the financier to repossess your car?
Sources in the financing industry say the most important thing is to make sure you get a post-sale letter within days of the repossession. Read more on Car Loan. Follow us on. Download et app. Become a member. Investors in mid-cap funds rake in the moolah as companies like Ashok Leyland perform beyond expectations.