You rely on your car to commute to work, pick up groceries and get your children to and from school. So, if you no longer have access to your vehicle, it will lead to a variety of challenges within your day-to-day life.
If you slip behind on your car payments, repossession is always a possibility. If this happens, here are some of the steps you can take to get your car back:
- Contact your creditor: In addition to learning more about your situation, including how much money you owe, you can negotiate better terms to help you recover your vehicle. For example, your creditor may allow you to make up payments at the end of your loan.
- Loan reinstatement: If your lender failed to provide advanced notice of repossession, you may be entitled to get your car back after a predetermined number of days, as long as you've caught up on back payments.
- File for bankruptcy: It's not the best way to get your car back, but it's an option to consider. To recover your car, you're required to file for bankruptcy before your creditor sells the vehicle.
While these are among the best ways to get your repossessed car back, there are other things to consider. For instance, if your car was wrongfully repossessed, learn more about your legal rights.
With the assistance of a wrongful repossession attorney, you can better understand the steps to take and how to hold your creditor responsible for their actions. Depending on the circumstances, you may be able to recover compensation for not having access to your car.