What Happens If Your Car Gets Repossessed?


3 Answers

Arlene Fernandes Profile
Laws and customs regarding repossession can vary according to the state and country. Thus, the options available at your disposal would vary accordingly. Your rights as a consumer will be governed by the contract you have signed with the dealer as well as by the state laws.

To take a look at your alternatives you would need to get in touch with the local state consumer protection agency in your area or call a private attorney.

An option you might consider, in order to avoid such a situation, would be to simply give back the car to the lender before it gets repossessed. Keep in mind the fact that not only might it mean a lot of effort but you will probably have to pay the tow if the person has to come to your place to repossess the car.
mike carlsen Profile
mike carlsen answered
It gets sold at auction. Then the finance company deducts the amount received at auction from the amount owed on the vehicle. Here's the bad news, legally you owe the difference even though you no longer have the car. I went through all this years ago. I never paid the difference they demanded, never answered their calls or letters, nothing. They still call once in a while and it's been 14 years! I don't care though, my credit's good now ;)
David Profile
David answered
It is sold at auction to the highest bidder

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