A lot of car owners depend on their vehicles for everything. They use it to get to work, take the children to school, do the shopping, travel to see relatives and so much more. Thus, losing your vehicle could be devastating. Unfortunately, that is what could happen if you don’t keep up with the loan payments.
Creditors typically are allowed to repossess a vehicle if the person does not keep up to date with the payments. However, they can’t just go about it any way they like. They must stick to the proper procedures as required by the law and also respect the vehicle contract. Sadly, some don’t and they take a car they should not be taking or use illegal methods to take one they are entitled to take.
Over a million people lost their cars in 2022
Reports show that 1.2 million people had their vehicles repossessed by lenders in 2022. While the majority of those repossessions were totally legal, a percentage of them would not have complied with the law.
It can be hard to understand whether or not a lender is acting within the law or not. The worry that could swamp you once a lender starts threatening (or acting) to take your vehicle away may affect many areas of your life, even if they don’t end up taking the vehicle.
If you feel a lender is stepping beyond the legally defined boundary, then getting urgent legal help to learn more is wise. The sooner you act, the sooner you can understand what, if anything, you can do to prevent them, or whether they are actually within their rights to proceed. You might also be able to come up with a solution that prevents them from taking this extreme measure and buys you more time to come up with the money.
