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What to do When Your Car Was Repossessed

You Just woke up and your car is missing. You know you are a payment or two behind. Was your car repossessed, or was it stolen? The best way to handle this situation is to call your lien holder. If they are closed you will have to wait until they are open for business.

My Car was Repossessed, What do I do?Repossession Services will not be able to advise you if they have repossessed your car. Don't waste your time trying to call around to repossession services to see if they have your car. You must call your lien holder for information on your vehicle that was repossessed.

There are thousands of repossession service companies that operate on a national basis. It would be silly to think that you could call and find the repossessor that actually repossessed your car. You are only wasting your time and going to get annoyed by all of the repossessors hanging up on you.

My Car was Repoed, What do I do?The repossession service does not care if you have left important papers, medicine, identification, or whatever in your car that was repossessed. Personal property will be released to the owner of the car once the bank authorizes the repossession service to do so. Usually 2 to three business days after your car was repossessed. If you have left necessary medication in your repossessed vehicle, start calling your pharmacy or doctor immediately. Calling the repossessor is only going to slow down the process of you getting your medication.

If you really feel that you have to do something and your bank is closed perhaps consider hiring an attorney. The lien holder is going to file a lawsuit against you in less than 30 days for the deficiency balance on the car loan and you are going to need an attorney. The deficiency balance is calculated by subtracting how much the vehicle sells for at auction from the entire loan balance. Repossession costs, auction charges, and all late charges are added to the loan balance prior to subtracting the auction proceeds.

What's your opinion?

Reader Comments:

RonRepo says: It amazes me how much important stuff people leave in their car that they haven't made a payment on in the last three months. I think people feel that if they put enough of their important stuff in the car, the repossession service won't take it. WRONG!

RepoRick says: Suggestion: If your car payment is more than one month late, don't fill up the gas tank as you are probably wasting your money, and get your personal property out of the car ASAP.

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