Car Repossession
Car Repossession
-
Car Repossessions and Auto Loan Charge Offs
If you default on your car loan, you can almost always expect the lender to repossess the vehicle. If, after a car repossession, you still owe money pursuant to the loan, the lender may go after you for the money.
-
Car Repossession: What Is the Difference Between Reinstatement and Redemption?
If your car is repossessed, you might be able to get it back by redeeming the car from the lender (paying the full amount you owe) or reinstating the car loan (getting current on payments). Below you can learn about redemption and reinstatement after vehicle repossession, the difference between the two, and whether those options will be available to you.
-
Car Repossession: Notices the Lender Must Provide
Learn what notices your auto loan lender must provide during the car repossession process.
Deficiency After Car Repossession
Deficiency After Car Repossession
-
Deficiency After Car Repossession: Will I Still Owe Money?
If your car lender repossesses your car, truck, van, motorcycle, or another vehicle, you might still owe on your vehicle loan if the lender took reasonable steps to sell the car for what you owe. The money owed after a car repossession is known as a “deficiency.” If a court issues a deficiency judgment, the lender can collect the money you owe for the car repossession deficiency using a wage garnishment, bank levy, or property seizure.
-
Dealing With a Deficiency Judgment After Car Repossession
If your car has been repossessed and the lender sells it for less than the amount owed on the loan, the lender can go to court and obtain a deficiency judgment. A lender can take steps to collect the deficiency judgment against you even though the car was repossessed.
Q&As About Car Repossession
Q&As About Car Repossession
-
My car was repossessed after I filed for bankruptcy. What can I do?
Suppose you file bankruptcy and several days later discover your car, van, SUV, motorcycle, or truck is missing. With a frantic call to the local police department you learn that your creditor has repossessed your car. Fortunately, most creditors will release the car right away after you notify them