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My car was repossessed, can I reinstatr. New York 2013

Customer Question
My car was repossessed...

My car was repossessed , can I reinstatr

Lawyer's Assistant: What state is this in? And how old is the car?

New York 2013 hundai

Lawyer's Assistant: Have you contacted the manufacturer?

No, do you mean the bank? Happen about2 hrs

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I will like to reinstate and work on lowering my payment

Submitted: 8 months ago.Category: Consumer Protection Law
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Answered in 18 minutes by:
11/16/2017
Consumer Protection Lawyer: RobertJDFL, Lawyer replied 8 months ago
RobertJDFL
RobertJDFL, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 15,209
Experience: Experienced in multiple areas of the law.
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Thank you for using Just Answer. I am a licensed attorney and look forward to helping you. I am reviewing your question and will reply back shortly.

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Consumer Protection Lawyer: RobertJDFL, Lawyer replied 8 months ago

Good evening,

There is no automatic right to reinstatement. I would recommend you call the bank/lender tomorrow morning and see if they will allow you to reinstate the loan by paying all past due amounts and any towing/storage fees that have been incurred. If you're able to at least pay back the amount you are in arrears, most lenders will release the car to you once you've given them the money (guaranteed funds, such as a cashier's check, may be required).

If the contract is not reinstated, the lender will likely look to sell the vehicle at auction. In New York State, if you have paid more than 60% of the loan when the car is repossessed, the lender must auction the vehicle within 90 days.

If the car is auctioned, the lender will apply the funds first to any repossession or storage fees and expenses and then to the balance owing on the loan. If the amount recovered at auction is insufficient to pay the loan in full, the lender can look to sue you for the balance remaining, called the deficiency.

As far as lowering payments, you can look to refinance the loan. Depending on your credit, you may be able to get a lower rate than what you got when you bought the car, especially if you went through the dealership.

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Consumer Protection Lawyer: RobertJDFL, Lawyer replied 8 months ago

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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