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The Top 3 Most Effective Ways To Solve Your Car Repossession Issues

car repossession

Jan,03,2018

By:Mike Cibik

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. If you’ve ever been involved in a car crash, you will have had to make sure you dealt with it accordingly and sorted any knocks and scratches effectively. If you haven’t done so already, it would be worth investing in a dash cam from somewhere like blackboxmycar.com to provide you with video footage of any accidents should they ever arise. Being able to provide evidence can greatly help you if you do have to go to court. If you find that you are going to court for something that wasn’t your fault then you need to get a lawyer involved. Why not take a look at using someone like these prime lawyers Sydney to help you with your case.

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. Your car should also be sold for salvage, with a new owner insuring a salvage title car and ownership.

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:

  • Repayment of the Dues – Even if your car is repossessed, all is not lost till the car is with the lender and has not been put up for an auction. You can make financial arrangements to repay off the monthly installments that are yet to be paid. In spite of the fact that you have already missed the deadlines, you can seek immediate help from someone you trust or make alternative arrangements to settle all the remaining dues.

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.

  • Negotiation for a Revised Loan Term – There’s no point in losing your calm or temper. Negotiating with the lender is yet another way of dealing with the tricky situation of car repossession. Since it is a one-to-one communication between you and your creditor, you might be able to convince him to lower the loan amount or perhaps revise the contract a bit to make it easy on your finances.

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.

  • File for Bankruptcy – If none of the above ways work, the best-possible option is to file for personal bankruptcy with the help of a trusted bankruptcy lawyer.

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.

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