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Can you get your car back after it's repossessed?
"I lost my job last year and fell behind on my car note, so the bank impounded my vehicle.
I'm working again and can pay what I owe. Is there any way to get my car back?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Getting your car back depends on your relationship with your bank. If you explained your financial situation as soon as it began, your bank might be lenient. However, this is entirely up to them.
In other situations, you would have to pay off the entire loan balance to get the vehicle returned. Otherwise, the lender will sell the car at auction, put those proceeds toward the loan balance, and then you’d still be responsible for the remaining balance.
If your bank does allow you to get the car back by catching up on payments, you’ll have to act quickly. Lenders usually provide 10 to 20 days to pay back any late payments, including late fees. Skip the collection agency and call the lender. They’ll have the information you need to know.”
View full answer
- Gregory R.
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