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3 steps to take after your car is repossessed

If you are already struggling to manage your finances and someone comes along and repossess your car, this can compound the problem even further by making it difficult or impossible for you to get to work or earn a living. It can also impact your credit score, making it even more difficult to dig yourself out of the hole. The steps you take after the repossession, however, can have a considerable effect on your ability to get your vehicle back and return to work.

If you are facing a repossessed vehicle, consider taking the following steps.

1. Determine why the repossession occurred

If you have not been able to make your recent car payments, there is probably little mystery involved as to why someone repossessed your vehicle. However, in some cases the reason for the repossession is less obvious, but if you plan to try to get it back, you need to determine the exact cause before moving forward.

2. Assess your chances of getting it back

If you hope to get your car back following a repossession, it is important that you act quickly. You may be able to do so by paying off the loan amount in full, as well as any costs associated with the repossession. Depending on the circumstances surrounding the repossession, you may also be able to work out a payment plan and reinstate your original loan. If you decide filing for bankruptcy may be your best option, do so quickly. If you file before the repossession agency sells your car at auction, you may be able to work out a way to hang on to it.

3. Determine if you still owe money for it

You may still owe money after someone repossesses and sells your car, particularly if the amount it sells for is less than what you still owe on it. Failing to pay any money still owed can land you in hot water because your account can go to collections where it can wreak havoc on your credit and lead to even more debt.

If you face car repossession, it can feel like the end of the world, but if you do not panic and act quickly, there may be a light at the end of the tunnel.

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