How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Rakhi Vasavada Your Own Question
Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4476
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
43581946
Type Your Finance Question Here...
Rakhi Vasavada is online now
A new question is answered every 9 seconds

How do i get my car back from repossession??

Customer Question

how do i get my car back from repossession??
Submitted: 11 months ago.
Category: Finance
Expert:  Rakhi Vasavada replied 11 months ago.

Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

Sorry to hear this. However, there are several methods as to how you can get your car back.

Redemption

The most sure fire way to get the car back is to pay off the loan. This is called exercising your right of redemption. To redeem the loan, you must pay back the entire balance of the loan as well as certain fees and costs (such as repo and storage fees). You can redeem the car at any time prior to the private sale or auction. The bank is supposed to send you written notice that contains the information you need to redeem. If you haven't received that notice within five days of the repossession, contact the creditor right away to get the payoff amount and instructions for redemption. Your right of redemption ends when the car is sold.

Reinstatement (If Applicable)

If you don't have enough money to redeem, then another possible option is to reinstate the loan. With reinstatement you bring the loan current by making up all of the past due payments, including applicable fees and late charges, in one lump sum.

The right of reinstatement is only allowed in some (not all) states, or by the terms of your loan agreement. If you can and are able to reinstate, you should act quickly. Usually, you are allowed only a very short time after the repossession (sometimes 15 days) to reinstate the loan. If your right of reinstatement is based on the loan agreement, then the time period may be more or less, depending on what the agreement says.

Buy the Vehicle Back at the Auction

If the car is going to be sold at public auction (the bank is supposed to give you notice if it is), then you can attend the auction and bid on it yourself.

Talk to the Bank

If none of the above options are doable for you, don't rule out trying to negotiate an alternative arrangement with the creditor. For instance, if you owed three payments but only have enough funds to pay for two, you could negotiate a partial reinstatement and pay the rest of the past due payments later. You could also try to work out a new payment plan or even refinance the car loan. Talk to the bank and find out what it would agree to. (Of course, all of these options are more feasible if you try to negotiate them before your car is repossessed.)

If you have reason to believe that the bank violated your rights during the repossession, such as breaching the peace, you could use this as bargaining leverage to get the car back.

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards