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Vehicle Reposession

Dealing with Vehicle Repo Situation

If you’re like most people, you rely on your vehicle to get you where you need to go – and when you need to go – whether it’s to work, school, the grocery store, or the soccer field. But if you’re late with your car payments, or in some states, if you don’t have adequate auto insurance, your vehicle could be taken away from you. Knowing your rights and options in a stuation vehicle repossession situation, helps you stay ahead of the game and can save you hundreds of dollars and your car

What To Do - Getting Ahead of Financial Troubles

If you know you’re going to be late with a car payment, contact your creditor right away. It’s easier to try to prevent a vehicle repossession than to dispute it later.

• Many creditors will work with customers they believe will be able to pay, even if a little late.
• You may be able to negotiate a revised schedule of payments.
• If you can reach an agreement to change your original contract, get it in writing to avoid questions later.

What To Do - If your Vehicle is Repossessed

• your creditor may decide to keep it as compensation for your debt or resell it in a public or private sale.
• you may be able to buy back the vehicle by paying the full amount you owe (usually, that includes your past due payments and the entire remaining debt), in addition to the expenses connected with the repossession, like storage, preparation for sale, and attorney fees.
• check with your state consumer protection agency. Some states have laws that allow you to “reinstate” your loan. This means you can reclaim your car by paying the amount you are behind on your loan, plus your creditor’s repossession expenses.
• a creditor may not keep or sell any personal property found inside the vehicle.

For More Information

To learn more about your rights and specific repossession requirements in your state, contact your state Attorney General (www.naag.org) or local consumer protection agency (www.consumeraction.gov). You can get the phone numbers for these organizations in your phone book, through directory assistance, or through Web directories.

Also, download the 2011 Consumer Action Handbook. This everyday guide to being a smart shopper is hot off the press and chock-full of helpful tips about preventing identity theft, understanding credit, filing a consumer complaint, and much more. In the 2011 edition, you'll find updated information about filing for bankruptcy, finding a lawyer, and planning a funeral, along with many other useful topics.