Consumer Protection Law
Consumer Protection Law Questions? Ask a Lawyer Now.
Hello and thank you for the opportunity to assist you. My name is ***** ***** I'll be glad to help if I can. Do you have any specific questions? I just want to make sure that I understand what legal information you are seeking. Thank you.
Why was the vehicle repossessed? Did you fail to make payments? If so, are you prepared to make those payments now?
You need to contact the finance company first thing tomorrow morning. You need to explain that you have the funds, or will have them within two weeks. The important issue here is that you communicate to the finance company before they schedule for your car to be sold at auction. You should also inquire about any additional fees, such as repossession fees. In other words, the finance company is not only going to want payments that you missed, it will also want reimbursement for the repossession fees.
While it is possible to negotiate out of the contract, I would consider it unlikely. The finance company would likely sell the car at auction that apply the proceeds two your loan balance, rather than negotiate to change the contract.
Yes, your credit will, unfortunately, be negatively affectedby this. It is quite possible you willnot qualify to lease another car with this repossession on your credit report.
I am sorry for those bad news.