Consumer Protection Law
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Within five business days after the repossession, the creditor usually will send you at least two “default” notices explaining why your car was repossessed and what you must do to get it back. In order to get the car back, you can be required to pay the past due amount along with the costs of the repossession (up to $25) and a deposit of up to two of your car payments. As you might imagine, that can add up to a lot of money.If you cannot pay to get the car back, you will be notified that the car will be sold. This notice usually is sent at least 10 days before the sale and can be combined with the default notice described above. The creditor will try to sell the car and apply the money from the sale to the balance you owed on the loan and any repossession expenses. If the car’s sale price does not fully cover the money owed, you still may be sued for the balance due. This is called a "deficiency judgment." In addition to the car balance, you may also be responsible for having to pay the storage fees for the vehicle while it is waiting to be sold, and the auction fees.Rather than waiting to hear from the lender, I would call them tomorrow and see what you owe on the vehicle so you can make arrangements to pay and get it back.