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My sister just got her car repossessed just a short time ago at about 11:30 pm b/c, of course, she couldn’t afford the payments. She was 3 months behind..Where do they usually take it, and can she call to try to make another payment arrangement with the dealer? it was an independent car lot who financed her within the office. But can anyone ever get a repossessed car back or is that just the end of it?
Yes, she should have been making arrangements before it got this far..but before our parents were refusing to help her, now i think after this they are going to try to help her work out a deal with the car.

3 Comments »

1. 

   Normally, the lender is obligated to notify the buyer of their intent to dispose of the car and specify a remedy. In most cases, if the car is repossessed by a dealer who is holding the note, it will go to the dealership. However, many such dealers sell their loans to another party, so the whereabouts of the car is currently unknown.

   In most cases, contacting the lender and getting current on the loan and paying all late fees and the cost to repossess it will get the car back. Again, under normal circumstances, these remedies will be spelled out by the lender in a letter that they are required by law to mail out. Generally, they must allow thirty days for the buyer to catch up.

   However, they can play hard ball. They can legally refuse to return the car unless the entire balance of the loan is paid, plus the cost to repossess and storage charges. They are not required to give the car back just for catching up, since they may be convinced that the loan will just get behind again.

   This is a bad situation for your sister. Contact the dealer as soon as possible and try to work it out. They usually do not want the car back. They usually just want the money. But, they also don’t want to go through this again.

   Comment by zealot144 — December 30, 2009 @ 11:27 am

2. 

   Legally, they can demand payment in full of the entire balance, plus late fees, repo fee and storage fees.

   Realistically, they would accept the entire amount she is behind, plus late fees plus repo fees.

   Again, they don’t HAVE to.

   In my state, the buyer has 10 days or the car can be sold.

   The dealer does NOT want the car. They don’t want to be taken advantage of. And believe me, if she somehow gets the car back, the NEXT time, they will not wait 3 months to repo it again.

   Its almost always cheaper & easier to make arrangements and then actually PAY rather than having to come up with so much at once after a Repo.

   She just needs to call them and see what they say. Maybe, they will accept 2 months plus the repo and storage fees and give her the car back.

   I wouldnt bet on it. The dealer now has the upper hand, after 3+ months when your sister had it. They KNOW it.

   Comment by Never — December 30, 2009 @ 11:27 am

3. 

   Usually, once the vehicle has been repossessed, there is no more negotiating with the lender. Your sister defaulted on her obligation and the lender has the legal right to take ownership of the vehicle and to dispose of it to recoup some of their money. Then they will sue your sister for the remaining balance.

   Comment by Scott H — December 30, 2009 @ 11:27 am

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