Finance, Credit and Repossession Information Resource

I’ve been repossessed I think, now what?

A normal morning comes around 7am getting out of bed, having some coffee, showering and stepping outside to get in the car for the usual work day at the office. Problem is this particular morning you get outside and the car is gone. Your adrenaline hits the roof thinking who the hell stole this car and you grab your cell and dial 911 and the 911 operator tells you the car has been repossessed.  Not many good things about repossession although the one good thing I can think of is the fact that a repoman must call it in within a certain amount of time, usually short something like 2 hours I believe.  This is extremely helpful as it doesn’t leave you thinking too long and you can get right on it if you have any intentions of getting that car back.

Do people really get their cars back after repossession?

Yes, a large percentage of people do in fact get their car back and sometimes get repo’d several times before ultimately losing the car or finally paying it off. I can remember having repossession orders for the same cars over and over when I worked in the very beginning doing buy here pay here cars.

The police let them know exactly who has the car, the address and phone number of the place, however instead of calling them the best bet is to call them bank, work out the deal and wait until the bank calls the repo yard first to give them the OK to release the car. Usually you will have to run to the nearest branch with cash that you and the banker agree on and once they confirm it they will send a release to the repossession company. However if you do not act fast the car or collateral will be sold at auction in a fairly quick manor. You may not even get the certified letter as it typically goes to your last known address.


What are some of the things you can do to stop this liquidation from happening. 

  • You can call the bank or finance company and offer a deal but be prepared to have some cash available that same day
  • You can call a lawyer to fight the repossession and possibly stop the sale in its tracks
  • You can file a bankruptcy which will get your car back immediately until the bankruptcy is over or you may have to turn in the car as part of the Bankruptcy
  • Prove some kind of a hardship in some cases may work, such as a long term medical issue that caused you to miss work, but prove that you are now back on track. Some banks will and some won’t listen to this.

These are just some of the things that may work in the extreme case you really need your car back and you truly feel you can recover. If the payments are clearly too high and you have other obligations more important you may be better off just turning in the car and buying something cheap for cash.

The new America has many more cash buyers in everything including houses so ultimately it’s better to buy as much as you can by way of cash these days to lessen the monthly pain of having too many bills to pay.

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