If your car is in danger of being repossessed in Minnesota, you may be considering hiding it to avoid the process. Hiding a car does not mean that the repo man will never find it – they are very good at their job and have many resources. However, you may think it can buy you some time and give you a chance to work out a payment plan or come up with the money to pay off your loan. Unfortunately, this may not be the reality of the situation and could cause negative results.
Why would someone hide their car?
There are several reasons why someone might hide their car to avoid repossession. They may be struggling to make ends meet and cannot afford the monthly payments, or they may have fallen behind on payments and are trying to avoid repossession. Additionally, hiding the car is a way to prevent creditors from seizing it.
Even if you successfully hide your car, the lender can still repossess it once they obtain a court order. Finally, if you hide your car and the lender finds it, they may charge you for the cost of their search plus any legal fees incurred. Therefore, if you are facing financial difficulties, it is always best to talk to your lender about options before taking any drastic measures.
If you’re considering hiding your car, here’s what you need to know:
- Your lender will likely find out eventually
- It could damage your credit score
- Your lender could sue you
Another option is to try and work out a payment plan with your lender. If you show them you’re willing to try to repay your debt, they may be more lenient and work with you to avoid repossession. For example, if your car was repossessed and you were not in default, that would be considered wrongful repossession.
Working with your lender
It can be tempting to hide your car from your lender to avoid repossession when you’re struggling to make your car payments. However, this risky move can backfire and leave you in an even worse situation. If you don’t make payments, your lender will eventually catch wind of it and begin the repossession process. Unfortunately, hiding your car won’t stop this from happening.