The Top 3 Most Effective Ways To Solve Your Car Repossession Issues
A car is one of the most precious possessions of an individual. We have saved enough from our hard earned money for the downpayment to make this dream come true. But if you possess a car, you’ll need to invest in its regular upkeep.
Apart from repaying the car loan that you take, a car calls for certain maintenance and repair costs at regular intervals. Now, your financial situation may not be always at its best, and a sudden crisis in your business or professional life can land you in a deep financial mess. In such a situation, when you are unable to repay the monthly installment amount that the car financing company lends you out while buying the car, your car could be possessed by the lender, also known as car repossession.
How Does Car Repossession Work?
When you buy a car by signing a loan contract, your lender automatically gets an upper hand till the time you repay the entire loan amount. Now, in case you are unable to repay the monthly payment, the lender can lawfully take your car as a replacement for the money that you owe him.
This can be done without prior warning or court orders. Once the lender has repossessed your car, he can auction the car or sell it off to get back his money.
This is a critical situation for the car owner and going by the way car repossession works; there can be worse situations like your car being repossessed even if only one installment is left to be paid. Car repossession is a legally complex process that is required to be dealt with proper financial help.
Ways of Getting Your Repossessed Car Back
In the uncalled for incidence of your car being repossessed by your lender, you can definitely hope to get it back using the following approaches:
And once you clear the dues, there should be no reason for the lender to hold back your car. Depending on the intensity of the situation, you might, however, have to pay the repossession cost to get back the car. Do not forget to ask for the belongings of your car if it was repossessed, and your valuables or belongings were inside.
In fact, with negotiation, you can ask your lender to extend the time period so that you can get some more time to repay your loan. If your financial crisis has resulted from a really serious cause, such negotiation should ideally work in your favor.
Filing for Chapter 7 bankruptcy will ensure stopping the creditor from taking further steps or demanding further payment. The court will ask the lender to change the loan conditions while also promising you the scope and the time to prepare for the repayment.
Bankruptcy is definitely the most reliable and full-proof way of dealing with car repossession and coming out successful. This is one of the easiest, feasible and lawful ways to hold onto your dream car, if all else fails.
Contact Cibik & Cataldo Today
If your car has been repossessed, you will require a seasoned personal bankruptcy lawyer by your side to get back your prized possession. Give us a call at 215-735-1060 for a free consultation for the best course of action for you.
We are a debt relief agency that helps people
seek bankruptcy protection under federal law