How Do You Get Back A Car After Repossession?
When you take out a car loan, the lending institution holds the title until the loan is paid in full. In the meantime, the lender can repossess your car if you don’t make scheduled payments. If you fall behind on your payments, try to find the money to catch up before repossession takes place. To get your car back, you’ll have to pay additional costs such as towing and storage fees. The repossession also will show up on your credit report. But you can retrieve your car if you act quickly before the lending institution sells it at an auction. Read the notice informing you that your car has been repossessed. This document will outline your legal rights and the basics of how to get your car back. Contact the lending institution that holds your car loan. It may allow you to make the late payments plus pay the repossession costs so you can get your car back. Or it may require that you pay the full amount of the loan plus the costs it incurred in the repossession. Negotiate a deal with the l
