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What happens if your vehicle is repossessed?

People who are overwhelmed with debt face many hard choices. Sometimes, they decide to skip some loan payments for a few months in order to keep the electricity or other essentials on.

However, if you skip your car payments, that could mean your vehicle gets repossessed at some point. What happens then?

Can you pay off the balance?

It may be possible for you to get the vehicle back if you can pay off the balance of your loan plus any fines incurred by the repossession. Otherwise, the creditor will likely sell your vehicle. If it sells for less than the balance you owe, you still have to pay what is left.

If you have another car, you obviously cannot afford to lose it too. Consider filing for bankruptcy, as you may be able to keep the car and even your home. In fact, bankruptcy can help even if you do not have another car. For instance, if you still owe on your car even after its repossession, bankruptcy can wipe out the deficiency.

What if your property was in the car?

Sometimes, creditors repossess vehicles that have personal property inside. Examples include your wallet, cash, child seats and even toys. The creditor is not entitled to this property, so get in touch to retrieve it.

What if repossession is likely but has not happened yet?

If you are behind on payments, your car could be taken back at any moment. Instead of tying your stomach up in knots waiting for it to happen, contact your creditor. You may not be able to prevent repossession, but you can at least do a voluntary repossession to limit the creditor's costs. This caps your overall burden.

Whether your car has already been repossessed or not, you should get in touch with an attorney. You can discuss the viability of bankruptcy and the odds of keeping your car or getting it back.

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