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How do you get a car back after it’s been repossessed?
Can I get my car back after repossession? COVID’s made life a bit tough this past year and a half. My car was repossessed because of missed payments.
Hana Sabah · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m so sorry to hear about that. COVID has been rough. Car aside, I hope things are getting better for you!
Now, here’s what you need to do.
Contact your lender: In most cases, the repossessed vehicle will be sold at auction. But if you contact your lender, they might strike a deal with you before doing so. They may return your car if you pay the price in full plus repossession fees or might even restore the loan and get you on a payment plan.
Unfortunately, the repossession will be reflected on your credit report, but if you do manage to get the car back, then so will your new payments.
Avoid a deficiency balance: If your car is sold at an auction, you must contact your lender to make sure you still don’t owe them money. You might think you’re good, but that’s not always the case. If you took out a $10,000 loan on your car, you still owed $5,000, and your car sold for $4,000, then you still have to pay $1,000 plus repossession fees (aka the deficiency balance).
Know your rights: This may not help you get your car back, but if you had items in the vehicle when it was repossessed, then you have every right to get them back. The lender is not allowed to sell or auction any of your items in the vehicle. But that’s not usually the case with installed car accessories, like a radio or rims.
Also, the lender should not damage your property in the process. If your garage, for example, was broken into or damaged as a result of the procession, then you should contact a consumer lawyer, as it’s a violation of your rights.
You’re in a tough situation, but I hope this helps. If you are planning on buying your car back, save money on other car expenses with
Jerry
. A licensed broker that offers end-to-end support, the Jerry app gathers affordable car insurance quotes, helps you switch plans, and will even help you cancel your old policy.View full answer
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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