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My sister’s car was repossessed. what happens now? what can she do to get it back?

Please don’t give me stupid answers im very serious right now thanks.

8 Comments »

1. 

   She needs to contact her finance company to find out how much they need (past due balance, next payment if it is due within the next 7 days plus repo fee) and a contact number for the impound lot that has her car. After she pays them, they will send out a release to the impound lot and she can get her car. The impound lot will also charge her. Those rates can vary, so she needs to ask them that too. Keep in mind, she will only have a few days to get this done in. If she can not get the car back, she will need to get to the impound lot to clean it out before it goes to auction… or her stuff is gone too.

   In the case that she does not get her car back, the impound lot will send it to auction, which it is then sold for a lot less than what it is worth. She will still owe the finance company the balance plus fees incured for the repo/auction minus what they got at auction.

   Comment by crazystar1981 — July 8, 2009 @ 9:05 pm

2. 

   I think they give you the option to get it back if she pays the balance owed,if not they will auction it off…

   Comment by (:♥TayLee♥:) — July 8, 2009 @ 9:05 pm

3. 

   Usually a car is repossessed because the "buyer" has missed several payments. The car is taken back to the "dealer" where is gets a full mechanical check and fix and then put back on the market, and the "buyer" gets put down as a defaulter on their credit rating.

   Unless your sister can get enough money together to pay all the outstanding repayments AND offer enough cash up front for the "dealer" to again accept her as a loan risk, she will not be able to get the car back.
   I am unsure on whether the "dealer" will still require her to honor her purchase contract (you have to keep making the repayments even though you no longer have the car) or if they will just cut their losses.
   You may have to talk to a lawyer to help sort things out.

   Comment by i0igeorge — July 8, 2009 @ 9:05 pm

4. 

   She will have to make all payments to make the account current. She will also have to pay towing and storage fees. She should contact her lender right away to find out the exact amount due. The longer she waits, the more it will cost to get her car back. Good luck.

   Comment by candace b — July 8, 2009 @ 9:05 pm

5. 

   They sell the car, usually at auction, and if they do not make as much money as you owe they come back to you for the remainder of the money. For instance you owe $400 when they repo the car. They sell it for $3000. You owe than $1000. You have essentially damaged your credit rating for the next 7 years,

   Comment by Rusty — July 8, 2009 @ 9:05 pm

6. 

   Your sister needs to contact the company she owes the money to, or the lien holder, or the dealer if it was a buy here pay here lot. Not only will she have to pay the payments she missed, but any late charges plus the repossession fees, towing charges and storage fees. If she can’t afford to do that, then the lien holder will auction off the car and get what they can for it. If it is less than what she owes plus any other fees incurred, she will be responsible for whatever is left. But whatever she does, pay for it, or let them auction it off, it will definitely effect her credit rating

   Comment by JEANNE C — July 8, 2009 @ 9:05 pm

7. 

   She has to call the bank or lender and find out what they want to do. When you default on a payment or the car is repo’d the final decision on what happens is the lenders. They can anything from full payment of the loan down to all back payment, late fees and any and all storage charges. You have the right and they must inform you how much the terms and where you can redeem your personal possession within a 15 day period. If you don’t pay or redeem your car the car will be detailed and or cleaned, repaired if needed and put up for sale. Again the bank or lender is under no obligation to sell it for what you owe. They must sell it to the highest bidder no matter who it is. By the way if someone tells you you can bid on it or someone on the loan papers, don’t embarrass yourself by asking because the bank and lenders already know that trick. You are not allowed to bid on a repo’d or defaulted loan to lower what you owe the lender. After the vehicle is sold the lender will sue you for any remaining balance.

   Comment by gotwheels3ne — July 8, 2009 @ 9:05 pm

8. 

   Usually her sister comes to the rescue by paying some back payments. You can do that tomorrow. You know that she will never miss any more payments, so loan her the money and help her out..

   Comment by Ed Atun — July 8, 2009 @ 9:05 pm

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