How Do I Get My Car Back From Repossession

Repo-men take your car — everything inside of it as well? How do you get it back? Lots of questions loom over your head as the financial burden that brought you down has now spat in your face and you owe someone more money, but how do I get my car back from repossession?

It’s surprisingly clear cut,  in order to get your car back, you have to pay back the entire loan balance plus the costs of repossession and relocation. Essentially that means you need to pay the lot owner for where your car is being held. 

What this means financially, however, is a lot more imperative than just paying to get your car back. 

If you default on your loan, it will show up on your credit score for some odd years (seven years) afterward, and you will need to work with your bank (or loan officer) in order to get it reinstated. The problem that lies within this course of action is that usually you need to pull that money together in a fraction of the time (sometimes only 10-20 days once repossession). 

* Find Out: Is my Car on a Repo-list?

Getting your car back from repossession is no easy task however, along with fronting the money for the defaulted loan as well as lot fee, you’re going to have to evaluate and get your loan reinstated. This will usually come with some flack to yourself and ultimately change your payment plan to be paying more than you once were. 

Know your rights when it comes to a car repossession, know why it has been repossessed (usually due to defaulting on your loan) and know what you can do to stop such a situation. When a repo-man takes your car away, they are only repossessing the vehicle. You still retain ownership of all items inside the car. 

Making a master list of every item inside your vehicle, and what state it is in is beneficial to you as (unless stated otherwise) would be responsible for any items that are damaged once the vehicle is repossessed. 

Firstly you should contact your local repo-office or loan officer to find the state and place where your vehicle is. Loaners are required by law to display the information to you in order for you to ‘right’ the wrong that is defaulting. 

During this phone call, the time to speak to them on the terms of loan reinstatement are in play. You may be able to get your car back, but if you are still defaulting on your loan then you will need to have paid some amount of it back in order to stop a future repossession.

Once you have gotten your loan reinstated and worked out a future payment plan, it is then necessary to go to the lot in which your car has been relocated. From there you need to pay back the lot fee, fill out paperwork, and the car should revert back to your possession (for the time being). 

Know that it will be an extremely hefty fee to pay back not only your defaulted payments but also the charges for the repo-men for holding your car in their lot. You may have to take out another loan or find another way to create a surplus of cash flow quickly, for the sake of your credit. 

If your car has already been repossessed, then your credit score will report that. For seven years it will show that you defaulted on a car loan, what this means though, is entirely up in the air. 

* Read Further: What Happens If You Hide a Car From Repossession?

Your credit score will take a dip, as will your potential financial prospects for credit cards and other such loans will certainly be worse for wear for the time being.

Your car being repossessed is the start of a lengthy process in which you will have to bear a heavy financial burden that will ripple for your upcoming years, but losing your head (and transportation) over it is not the way to go around it, stay strong and know many other successful people have been in your position. 

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