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How can you get a car repossessed back?
15th March 2010
how many times can a car be repossessed and be able to get it back???
Posted in: Auction FAQ | | Comments (3)
3 Comments »
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Depends on the lender.
You will need to call them to find out the specifics.
At a minimum, you wil need to pay all of the backdue payments, plus storage, towing and administration fees from the repo.
Many repossession places do not allow you to get your car back.
Remember, as long as you are financing the vehicle, they own it and have the right to do whatever they want with it if you default on the terms and conditions of the loan.
It is typically cheaper and easier for them to sell it at wholesale and then bill you the difference (between your loan amount and the price is sold at auction) than it is for them to give you the car back and risk you defaulting, again, in a couple of months.
Comment by Stupid Flanders — March 15, 2010 @ 6:38 am
Never. Once it’s gone, it’s gone.
Comment by LaFleur — March 15, 2010 @ 6:38 am
Good question.
When a vehicle is repossessed, the remaining loan balance is due IN FULL to even sniff getting that vehicle back. That is the loan default term du jour.
Sounds like you only get one shot.
Comment by alfredb1979 — March 15, 2010 @ 6:38 am