How to Get a Repossessed Car Back

This is an article on how to get your repossessed car back. Learn how the repossession redemption process works with this handy guide.
Written by Cheryl Knight
Reviewed by Carrie Adkins
To get your repossessed car back, you're going to need to pay off the the balance you owe on your loan, plus potential additional fees and charges.
If you have a car, you might have a
car loan
. Cars are big investments that often equate to heavy loan payments that some vehicle owners have trouble making.
Maybe your credit score showed you could afford your vehicle, but your financial situation has changed since you bought the car. Or maybe you simply overestimated what you could afford.
If you go miss payments on your auto loan, that gives the loan company the power to
repossess
your motor vehicle. When you purchased your car and signed the loan terms, you agreed that you would meet the payments—and if you don't, that puts you at risk of losing ownership of your car.
Fortunately, if you fall behind on your car payments and experience a car repossession, there are steps you can take to get your car back in your possession and on the road.
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How the redemption process works

The repossession process is pretty straightforward. If your car is repossessed, to redeem it (take ownership back), you have to pay off the balance that you owe. Keep in mind, this balance will include any repossession fees and charges, including storage, towing, and attorneys’ fees.
The lender will notify you to give you the option to redeem the car. If you haven’t received the notice within five days of your car being repossessed, you should contact the company. This notice will tell you how much it will cost to redeem the car and the deadline for doing so.
If you don’t pay the deficiency balance by the established deadline, the lender will put your car up for auction and you will be unable to get it back.

What to do when your car is repossessed

Time is of the essence when your car has been repossessed. Once it's sold at auction, there is no way to get it back. Here are the steps you need to take if your car is repossessed:

Determine if you can afford a redemption

Once you receive the notice from the lender, you need to determine if you can afford to redeem the car. It might be a very large sum of money that is impossible to scrape together in a short timeframe.

Find the funds

If you decide to redeem your car, you need to determine how you’re going to pay the redemption fee. Chances are, if you were unable to pay the monthly payment, you will not be able to pay the full amount plus the fees.
One option for acquiring the funds to redeem your car is to apply for a low-interest loan from another financial institution. Another option is to get a loan from a friend or family member.

Notify your lender

Most lenders hold on to repossessed cars for 10 to 15 days before selling them. If you intend to redeem your car, you should notify the company as soon as possible.

Negotiate with your lender

Once you notify the lender of your intent to redeem the car, you might also try to negotiate the amount you have to pay. The lender may stand firm on the price, but there is no harm in trying.

Redeem your car

In many cases, a lender will want your redemption payment in a specific form, such as a cashier’s or certified check.

Fill out paperwork

Once you have paid to redeem the car, you’ll probably have to fill out paperwork completing the
transfer of the vehicle title
. Make sure to keep copies of any paperwork for your records, including a receipt for any costs incurred by redeeming the car.
In some locations, you might also need a redemption release from the police, which will probably cost a small fee. Once the creditor is paid and the appropriate documents have been signed, you are entitled to take possession of your car.
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