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Where does your car go after being repossessed?
Auctions. If you fail to reclaim your car within the stipulated period, the lenders will put it up for sale. Some lenders sell to dealers of used cars, while others organize auctions where private sellers are welcome to place a bid. These auctions are often accessible online, through platforms like Auto Auction Mall.
Does the repo man have a key?
Once a repossession order goes into effect, the repo agent could come to your house without notice and take the vehicle. The agent will usually be equipped with a duplicate key for the vehicle, but could also enter the car by picking the lock and hot-wiring the engine.
Can repo man break a lock?
It can’t break locks or destroy or damage property in attempting to reach the car. If the repo agent breaks into your garage to take the truck, that is breaching the peace.
What happens to my personal belongings when my car is repossessed?
When a car loan lender repossesses your car, it doesn’t have a right to any personal property you have inside the car. That means you have a right to get your personal belongings back.
How do I reinstate a repossessed car?
Some states have laws that let you “reinstate” your loan by paying the past-due amount plus your lender’s repossession expenses. Your lender can’t keep or sell personal property found inside your repossessed vehicle.
What to do if a Repo Man damages your car?
Car repossession laws prohibit repo agents from damaging your personal property. If your property is damaged, get the name of the repo agent, repossession company name, phone number, and license plate number of the repo truck. Inform the lender of any damage caused by the repo agent.
Can a creditor repossess my car if I default?
If you default on your car loan, the lender has the right to repossess and sell your vehicle because your car is the collateral for the loan. But unless the loan papers you signed state otherwise, the creditor doesn’t have a right to keep or sell any other property.