How To Get A Repossessed Car Back?
The first step for getting repossessed car back from your lender is to go through contents of your car loan agreement. Check out if at the time of signing the loan contract with your auto loan dealer, you gave consent for repossessing the financed vehicle in case you missed few payments. Lenders have right to sell repossessed cars and if the selling price is less then borrowers will have to pay the difference between loan dues and car’s selling price.
- You can think of redeeming the car or reinstating the loan (if your state permits that) as per terms of loan contract.
- If lender arranges an auction for selling your car to recover loan dues then you can make a bid to buy it.
- Contact lender to find out if any solution can be worked out to get back your car. Lender may cooperate with you.
For getting car back after repo, you may have 3 major alternatives as mentioned below :