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lwpat
lwpat, Attorney
Category: Legal
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Experience:  Actively practicing trial attorney
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Someone says that they owe $1,400 on a car that was repossesed

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Someone says that they owe $1,400 on a car that was repossesed a few days ago. What will it take to get it out of repossession if some friends could get some money together to cover the auto loan.
Submitted: 5 years ago.
Category: Legal
Expert:  lwpat replied 5 years ago.
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They will need to pay the entire amount owed plus the costs of the repossession. The finance company has to offer them the right to redeem and tell them exactly how much.
Customer: replied 5 years ago.
Does that mean that everything is dependent on what the finance company says is the cost of repossession, or would there be a reasonable cost? Also, is there any room for negotiation? Would it help if it is done in the name of the person who took out the original loan?
Expert:  lwpat replied 5 years ago.
It has to be done in the name of the person that took out the loan and normally they will not negotiate but you can always offer and see what they say.
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