How do I get a repossessed car back?
My car got repossessed after I missed a few payments a couple of months ago. But I’ve recently sold a few things and now have enough money to pay my loan. Is there a way to get my repoed car back?
I’m sorry to hear about your car. Having a vehicle repossessed can be a daunting experience.
The best way to get your car back is to call your bank or lender. Often, they may give you your car back if you agree to pay the loan in full, along with repossession fees.
But keep in mind that once a car is repossessed, banks or repossession companies begin the process of selling it at an auction. So if you plan on getting your car back, you need to contact them soon.
If you find that your car was sold, make sure you ask your lender if you still owe money on it. It’s common to think that if your car is sold, the loan you took out to buy the car just goes away—that’s not the case.
If your vehicle sells at auction for less than what you still owe, then you’re still in debt to your lender. This is called a deficiency balance, which many people tend to have after a repossession takes place.
However, if you have reason to believe your car was sold for a price far less than what it’s actually worth (fair market value), then you may dispute the high deficiency balance in court.
Since all these expenses tend to pile up, consider downloading the Jerry app to save money on car insurance. A licensed broker, Jerry does all the hard work of finding cheap quotes from the top name-brand insurance companies and buying new car insurance. The average Jerry user saves $879 a year!
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