Consumer Protection Law
Consumer Protection Law Questions? Ask a Lawyer Now.
I'm Lucy, and I'd be happy to answer your questions today. I'm sorry to hear that this happened.
The starting point is to check your contract. Sometimes, there is a clause that says, if the car is repossessed, you have to pay the loan in full to get the money back. That's called an acceleration clause. If there isn't such a clause, then you'll be required to make the outstanding payments plus any costs associated with the repossession to get the car back. If you're not able to make the payments, they'll auction the car off - but you'll still be liable for any remaining balance between the auction price and the loan. So, if there's any way to borrow enough money to make the payments, that may save you from having to pay for a car that's already been taken.
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