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In Marietta & Cobb County
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- 103 Springfield Drive, Suite 204Woodstock, GA 30188
- 2650 Holcomb Bridge Road Suite 110Alpharetta, GA 30022
Negotiating With Your Lender
Buy Your Car Back At Auction
If youve missed the deadline to redeem or reinstate your loan and your lender decides to sell your car to a private buyer, you probably cant stop them. Fortunately, if theyre selling the vehicle at a public auction, they legally have to tell you when and where the auction is taking place to give you the chance to buy it back. 3
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Ask For A Hardship Variation
If you’re willing to pay back the loan but don’t have the money, ask your credit provider for a hardship variation. They may offer you:
- extra time to pay
- a payment plan based on what you can afford
- other options to help you repay the money
You can also ask your credit provider to postpone legal action.
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If youre present when the car is being repossessed, you can ask to collect your personal items from the car before its towed. Youll also get a notice telling you what you can do to have the car returned to you. This usually means making a payment in full and paying extra fees and costs for the repossession.
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Getting Your Car Back After Repossession By A Lender
You should not lose hope if the lender on your car loan has taken away your car. Consumers in this position have certain options to consider if they want to get their vehicle back. The most obvious but perhaps the most difficult way to get your car back is known as redemption. This involves buying your car outright before the lender sells it. You would need to pay off the full balance on the loan, in addition to repossession costs, fees for storing the car, and any other costs incurred by the lender. While most people who have had their car repossessed do not have the resources to redeem it, sometimes circumstances change between the repossession and the vehicles sale. However, you may want to think twice about whether you want to redeem your vehicle. It may not be worth the total cost of redemption, and it may have been damaged during the repossession process.
The lender responsible for repossessing and selling the car is legally required to provide you with notice of the sale and an explanation of what you need to do to redeem the vehicle. It should tell you how much you need to pay and the time window in which you need to meet the requirements. You should be aware that a sale following repossession is as final as any other sale, and your right of redemption expires with the sale.
Next Steps After A Car Repossession
Its important to know your rights after your cars been repossessed. If you have questions about your rights or your states consumer protection laws, reach out to your state attorney general, state consumer protection office, a local legal services office or a private attorney.
The repossession process can be difficult and could leave you feeling powerless. Take action by focusing on rebuilding your credit. A repossession can stay on your credit reports for up to seven years and cause your credit scores to drop. But making on-time payments, paying down debt and limiting the number of new credit accounts that you open are some of the things you can do to build up your credit.
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What Are The Steps To Repossess A Car In Oklahoma
Laws on repossessing a car vary by state. In Oklahoma, a lender can repossess your vehicle any time after a missed payment. The lender doesnt need to provide prior notification to take possession. They will hire a repossession company to take your car back.
Repossession companies can come onto your property to repossess the car at any time. But they arent permitted to cause damage during the process. For example, if the vehicle is parked on the street or in a driveway, they can tow it away. But if its secured in a garage, they cant cause damage and enter the structure to repossess it.
If you suspect your car is about to be repossessed, your instinct may be to lock it in a garage to avoid the process. This tactic will only drag things out and could lead the lender to pursue legal action against you. Although a repossession is challenging to face, trying to hide your car wont benefit you in the long run, it will only worsen the situation.
The lender will sell the repossessed vehicle at auction to recoup as much of the balance on the outstanding loan as they can. The lender will provide notification of the time and place of the sale.
How To Get Your Car Back After A Repossession
At a glance
You can usually buy your car back within a short window after a repossession. There are several ways to go about this.
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If your car has been repossessed, you might be worried about whether you can get it back. The good news is that if you act fast, you probably can. Heres everything you need to know about reclaiming a repossessed car.
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You Can Get Your Car Back If You Make All Your Payments
If you made all of your payments on time and are current on the loan, the lender will likely return your car once youve paid off the balance. According to Experian, about 1 out of every 100 new car buyers will have their vehicle repoed over this period of time. However, according to Experians data only .1% of new car buyers will have their vehicle repoed over a two-year period .
Buy Back Your Car At Auction
If neither of these options works for you, your lender may keep the vehicle as compensation for your debt or resell the car to recoup its losses.
In some states, your lender must let you know about its plans. If the lender plans to sell the repossessed car at a public auction, it may be required to tell you the time and place so you can attend and bid on the car. The same goes for a private sale the lender may need to disclose the date of the transaction.
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Take Care Of All Outstanding Bills On The Car
Be sure that all outstanding bills are paid before you go through repossession. If you miss any payments, your lender can take back your car through repossession and you could be left with nothing. According to Experian, less than .1% of new auto buyers will have their vehicles repoed over this period of time.
What Is Illegal Repossession
Illegal or wrongful car repossession typically means that your lender or the repo agent didn’t follow the proper procedures for repossession your vehicle. … Whether or not you missed payments, borrowers have rights against the lender and repo agent when a car, truck, motorcycle, boat or RV is repossessed.
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How Repossession Affects Your Credit
If your car is repossessed, your will take a big hit that will have a negative effect for years to come on your ability to get credit, loans and more.
Since repossession means that you defaulted on your auto loan, youve triggered several financial red flags that hurt your credit individually. Collectively, the damage to your credit is even worse. These include:
- Late payments one of the biggest factors in determining credit score
- The repossession itself
- The loan going into collections
- Possible court judgment
Repossession may also hurt your ability to get loans in other ways. For example, some loan programs for low-income earners with less than good credit scores will have provisions that flag car repossession as something that will keep you from qualifying for the loan. A car repossession signals to lenders that, as a borrower, you allowed one of your most important financial obligations to crash and burn. That tells them you may be a bad risk for any other kind of loan or credit.
When Your Car Or Goods Can Be Repossessed
A credit provider can’t repossess your car or goods without a court order if you owe less than:
- 25% of your loan
If you owe more than this, they can repossess your car or goods, but only if:
- you’re behind on repayments, and
- they have sent you a notice giving you 30 days to pay the overdue amount, and
- the 30 days have passed and you haven’t paid this amount, or made an arrangement to pay, or asked to postpone repossession
Your car can’t be repossessed if it’s parked on your property this includes your garage and yard. If your car is parked on the street, it can be towed away.
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You Defaulted On The Loan
If you defaulted on your auto loanthat is, if you stopped making paymentsthe lender can repossess your vehicle and sell it to recover their investment in it. According to Experian, about 1 out of every 100 new car buyers will have their vehicle repoed over this period of time. However, according to Experians data only .1% of new car buyers will have their vehicle repoed over a two-year period .
Do You Have The Right To Redeem
Every state grants a borrower some form of redemption right, however, those laws may differ as to:
- how long the lender must keep the car before it is sold
- what kind of sale the lender must use
- how the lender must notify you of your right to redeem, how and when it plans to sell the car, and how much it will cost you to redeem it.
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Can I Get My Car Back After A Repossession
A car repossession can be a double setback it leaves you without a way to get around and can damage your credit. You may be able to get your vehicle back, but youll likely need to come up with some cash first. Contact your lender to understand your options. State laws vary, but here are some options you may have.
If Your Repossessed Car Or Goods Have Been Sold
If you don’t pay or make other arrangements during the 21-day period, the credit provider can sell the car or goods. They have to sell it for the best possible price.
After it’s sold, the credit provider will write to you stating:
- how much it sold for
- how much it cost to repossess and sell it
- any outstanding balance
If there’s an outstanding balance, you need to pay it immediately. If you’re in financial hardship, ask the credit provider to set up a repayment plan.
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Talk To A Bankruptcy Lawyer
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Example Credit Contract Did Not Specify Each Item
Hoani buys a few items of household furniture on finance. The finance company does not list all the items individually on the credit contract as required, but only states “dining room table and chairs, lounge suite etc”. The finance company cant rely on the credit contract to repossess all the items if Hoani defaults on his loan as they didnt specify each item individually. If they repossess items not listed in the contract, Hoani can report them to the Commerce Commission, and may be able to get help from Community Law.
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Look At Your Loan Agreement
Your signed loan agreement, or Retail Installment Sales Contract, states terms if your vehicle is repossessed. Some loan agreements allow the borrower to reinstate the loan by paying past due payments, while others demand a full payoff of the loan. Check your agreement to see the terms that were agreed upon for your loan.
When Items Can Be Repossessed
There are special rules for repossession in the Credit Contracts and Consumer Finance Act . The rules dont apply to commercial products. They only apply to consumer products bought for personal use.
Lenders can repossess items from you when:
- your credit contract gives them the right to repossess an item, and to enter your premises to make the repossession, and
- you have defaulted, according to the terms of the credit contract or breached the credit contract in some other way or the lender has reasonable grounds to believe the items will be destroyed, damaged or removed, and
- the lender is registered as a financial service provider.
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Can Bankruptcy Help Stop Repossession
Bankruptcy is a legal way to have many debts forgiven and put you on the road to financial recovery. If youre a good candidate for bankruptcy, filing can keep creditors from harassing you and seizing your possessions, allow debts to be discharged, and provide a way for you to keep assets and begin to rebuild your life.
While Indiana does not allow you to file bankruptcy to stop repossession, filing can temporarily stop a creditor from repossessing and, in some cases, let you recover repossessed property that has not been sold. You may still have to eventually work out payments with the creditor to keep the property from being repossessed. There are several possible options, and an attorney can advise you of your alternatives.
What Happens When Your Car Gets Repossessed
After your car has been repossessed in Georgia, the lender will notify the debtor that they have 10 days to pay off the loan in full. This includes any associated costs that were added to actually repossess the vehicle. Once that period has ended, the lender will usually sell it through an auction. It is important to note that most of the time, the lender does not receive the full amount that was owed on the vehicle, this could be thousands of dollars less than what you owed on your loan. The difference between what you owed on the loan and what the lender sold it for is called the deficiency amount. Your lender will expect you to pay the deficiency amount. They can legally sue you for it.
Your Credit report will also suffer in more ways than one. The repossession will show up on your credit report for 7 years and if your creditor sues for a deficiency judgment and is successful, that will also be on your credit report.
It is very important to know that there are ways that Cherney Law Firm can help, before or after all of this happens. We can help with car repossessions, judgment and loan deficiencies, but we cannot help if you dont reach out and ask us to help.
Voluntary Repossession of a Vehicle in Georgia
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