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Can you stop someone from repossessing your car?
If you reinstate the loan, you can prevent a repossession or, if the car was already repossessed, get the car back. With reinstatement, you bring the loan current by making up all of the past due payments, including applicable fees and late charges, in one lump sum.
What can a repo man not do?
Here are 5 things a repo man cannot do (aka creditors) when they attempt to take your car.
- A Repo Man Cannot Send You to Prison.
- A Repo Man Cannot Threaten You Physically.
- A Repo Man Cannot Break Into Enclosed Property.
- A Repo Man Cannot Just Take Your Car Without Reporting Their Activity First.
Does the repo man ever give up?
It’s important to keep in mind that the repo man will likely not give up on repossessing your car. We’re talking about a trained professional whose livelihood depends on getting their hands on your vehicle. A repo man can seize the vehicle in any place where the car is out in the open.
What happens when a car is repossessed by a lender?
After your vehicle is repossessed, your lender can either keep it to cover your debt or sell it. In some states, your lender has to let you know what will happen. For example, if the car will be sold at a public auction, your state’s laws might require the lender to tell you when and where the auction will happen so you can be there and bid.
Where can I find out more about repossession laws?
For more on how to deal with debt, go to ftc.gov/debt. Contact your state attorney general or local consumer protection agency to learn more about your rights and specific repossession requirements in your state, and to report lenders who aren’t following the rules.
What happens if a repoed car is sold for less than value?
If the repoed car is sold for a price far less than the fair market value, you may be able to dispute the high deficiency balance in court. If you ignore this deficiency balance entirely, the account may be sent to collections. The lender can also sue you for this balance, generally, if the debt is within the statute of limitations.
What happens if I don’t reinstate my car loan?
If you don’t reinstate the loan or you live in a state where there is not a right to reinstate, your lender can either keep the vehicle as compensation for your debt or sell it at a private or public sale. For a public sale the lender must notify you of the date, time, and place of the sale so you can have a chance to bid on the vehicle.