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Find out if you can get your repossessed car back 3. Voluntarily surrendering your vehicle, also known as voluntary repossession," works the same way as regular repossession except you're initiating it and, as such, you might be able to avoid the fees associated with vehicle's physical repossession. If so, then this court judgment can last a long long time, and in many states, can be renewed indefinitely. What's a Mechanic's Lien and How Does It Work? | Credit Karma By signing up you are agreeing to receive emails according to our privacy policy. How to Recover From a Car Repossession in 5 Steps Your personal liability on unsecured AND secured debt will be gone. Pay off outstanding debt on the car loan. If you cant afford to pay the redemption amount, the car company will sell your car at a public auction. My car has been repossessed, and I was told it will be sold. What can I Do I Still Owe Money After My Car was Repossessed? You still might owe the loan company some money. Jennifer reviews, fact-checks, and evaluates wikiHow's legal content to ensure thoroughness and accuracy. "What is the Statute of Limitation for a car loan?" Look it over carefully. Depending on the laws in your state, the mechanic may even be able to sell your car to recoup some or . The less you owe, the better your credit score and you wont have monthly car payments to fall behind on. [1] What Happens When You Default on a Title Loan? | CASH 1 Blog - News The best way for the lender to get that money is to sell the car, often through an auction. Its also possible that your car loan may be turned over to a debt collection agency, which could lead to a lawsuit, wage garnishment, and even more damage to your finances for years to come. If you receive any written notices assuring you of your right to reclaim your car, bring copies of those as well. Sheryll Poe is a journalist and freelance writer based in Washington, D.C. where she writes about the latest news and trends in the automotive, finance, retail, and technology industries.
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