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What to do after vehicle repossession

The rate at which people filed for bankruptcy hit an all-time high during the economic recession. Things have been on the decline, and in 2016, approximately 800,000 people filed for bankruptcy in the United States.

Once a person starts defaulting on important payments, it is entirely possible for a lender to repossess the car. This can be extremely inconvenient, and many people panic when this occurs. It is important to remain calm and follow these steps to get through this time all right.

Contact the lender

People have rights. When a lender repossesses a vehicle, the entity needs to inform the person why this took place. The person will need to call the lender and find out what actions are necessary to potentially get the car back.

Determine if it would be best to get it back

Immediately, buying back the car may be the priority. However, the individual really needs to think about whether that would be the best option. If people cannot make insurance payments or pay for gas, then it may be more of a burden to buy back a vehicle. This is also a good time to see if public transportation is a viable option. Taking the bus or carpooling may be a good temporary solution.

Get items inside the car

A lender may be within its rights to repossess the car. However, it cannot repossess items within the vehicle. For example, if a person had electronics or clothing in the car when the repossession took place, then those items still belong to the person.

Determine if you still owe money

When the car eventually sells, the money will go toward the remaining payments. This may cover the rest of the balance, or the person may still need to pay off some of the debt. For example, if a person still needs to pay off $5,000 on the car and only $4,000 comes in at auction, then the person would still need to pay $1,000 to the lender.  

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