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Can You Get Your Repo Car Back?

If you are wondering whether or not you can get a repo car back, the answer is yes, but it largely depends on the circumstances of your repossession.

Understanding Car Repossession

Car repossession happens when a lender takes back a vehicle that a borrower has failed to make payments on or has defaulted on the loan. The lender is then able to resell the car to recoup some or all of the money owed on the loan.

If your car has been repossessed, it is important to understand that you still owe money on the loan even though you no longer have the car. The lender may also charge additional fees for repossession and storage of the vehicle.

Getting Your Repo Car Back

If you want to get your repo car back, you will need to pay off the remaining balance on your auto loan as well as any fees associated with the repossession. Depending on the lender, you may also need to pay for towing and storage fees.

If you are unable to pay off the loan in full, you may be able to negotiate a payment plan with the lender. However, they are not obligated to accept a payment plan and may choose to sell the car instead.

The Right to Redeem

In some states, borrowers have the right to redeem their car after repossession. This means that they can reclaim their car by paying off the outstanding balance on the loan, as well as any fees and expenses incurred by the lender.

The right to redeem typically only lasts for a certain period of time after repossession, usually around 10 days. If you do not exercise your right to redeem within this time frame, the lender may sell the car.

Conclusion

Getting your repo car back is possible, but it will require paying off the remaining balance on your auto loan and any fees associated with the repossession. The right to redeem may also be available in some states, allowing you to reclaim your car within a certain period of time after repossession.

It is important to act quickly if you want to get your repo car back, as time is often of the essence. If you are unable to pay off the loan in full, consider negotiating a payment plan with your lender or seeking guidance from a financial advisor.