Repossession

Repossession is when the bank that loaned you money wants to obtain possession of the vehicle that you drive.  A bank or finance company does NOT need a court order to repossess your vehicle, and there is no minimum amount of payments that you have to be behind before your vehicle can be repossessed.   The vehicle will usually be taken at night from your house, or while you are at work, and even when you are out shopping!  The “repo” guy is good at his job and will get the vehicle one way or another.  Once your vehicle is repossessed you have a time period determined by state law to redeem the vehicle from the creditor but that time is very limited.  After the vehicle is repossessed, the finance company will auction off the vehicle after the redemption period is over, for pennies on the dollar.  You will still be responsible for the balance of the contract though.  After they sell the car they will sue you and try to garnish your wages.  One way to redeem your vehicle is to file a Chapter 13 Bankruptcy Case.

For a Free Consultation Call Charles L. Basch II at 877-343-9930