Local 612-200-1495
Consumer Justice Center P.A.
Toll Free 800-556-6752
Don’t Feel Bad, Get Mad. Stand Up to Consumer Abuse.
In This Section

My car is in danger of repossession: How can I keep it?

Automotive repossession happens when you fail to pay your car payments on time. Usually, your bank will contact you via letter to notify you that you're late on your payments. Next, your bank will call you to ask if you're going to pay the money you owe and notify you of the threat that your vehicle will be repossessed. Following a predetermined grace period, the bank will then contact a repossession service and put in an order for the repossession of your vehicle.

Next, your vehicle will get repossessed. They won't call you and tell you when it's going to happen, it will just happen as soon as they find your car out in the open where the repo man can hook up the tow truck. After the repossession happens, you'll receive a letter detailing how much you owe in repossession fees and outstanding loan payments.

This, of course, is what happens if you don't do anything to fix your late payments. Before the repossession process is underway, you may have opportunities to call and negotiate a solution with your lender. The earlier you call your lender to negotiate the easier time you'll have. Since most lenders see repossession as a last resort, they may be willing to work with you by letting you skip one or two payments or by spreading the amount you owe across several months.

Other solutions might be to refinance your car, negotiate a loan modification, sell your car and pay off your loan with the money you receive and many other solutions. Ultimately, if no solution exists that fits your situation, you may be able to file for bankruptcy -- which could delay the repossession of your vehicle and help you keep it.

No Comments

Leave a comment
Comment Information

Get Answers To Your Questions

Contact the Consumer Justice Center. Tommy Lyons can speak with you in a free initial consultation arranged at 800-556-6752, toll free, or by email from wherever you are in the U.S.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Contact The Consumer Justice Center P.A.

Consumer Justice Center P.A.
367 Commerce Court
Vadnais Heights, MN 55127

Toll Free: 800-556-6752
Phone: 612-200-1495
Fax: 651-704-0907
Vadnais Heights Law Office Map

  • Facebook
  • Google Plus
  • Linkedin
  • Twitter