What You Should Know About Repossession And How It Affects You
Vehicle repossession is a big deal and can significantly affect you, especially if you are at risk of losing the only vehicle you own. Repossession towing and recovery is serious business, and the agents coming for your car will use whatever means possible to get it. Still, there are some things you can do to make the situation better.
Stopping The Repo Man
If you are in default on your car loan and the lender has placed the car in repossession status, the best thing you can do is call the lender and discuss your options with them. In most cases, once the vehicle is placed in repossession, the only way to stop the repossession towing company from taking the car is to pay the loan up and bring it current.
Once you are no longer in default, the bank will take it out of repossession, but if you default again, they will take the car much more quickly because you will then have a history of defaulting on the loan. Getting current and staying that way is the best way to ensure that the repossession towing company will not be back looking to take your car while you are sleeping.
Where Can Your Car Be Repossessed
The short answer is anywhere that is public access. If your car is parked in a lot at work, in your driveway accessible publicly, or even at the grocery store, it is fair game for the repossession towing company. As soon as you get out and leave the car unattended, the repo agent can come and take the car in a matter of minutes.
In many cases, the repo company knows where your car is and will wait until they can access the vehicle without causing a scene or running into you during the repossession. People are often emotionally attached to cars, and the repossession towing company or the agent taking the vehicle may be verbally or sometimes physically assaulted when they are removing a car, so often they will wait until you are sleeping or at work to repo the vehicle.
Parking in the garage at night can slow the process because the agent can not enter the property, but eventually, you will park on the street or in a lot somewhere, and they will get the car if you have not brought your loan current.
Holding The Car
The repossession towing company will take the car to a secure location and hold the vehicle until it goes to auction. During that time, you can negotiate with the bank for the car's return, but in most cases, you will need to bring the loan current and pay the fees associated with storage and the repo.
The cost of repossession is high, so if you are trying to recover the car after it is seized, the fees will be significant. You could be looking at hundreds or even thousands of dollars, depending on the situation. Talk to a repossession towing company to learn more.