Find Out How To Avoid Dealing With The Repo Man

If you’re like most of us, you depend upon your vehicle for a quite a bit. Whether it’s a drive to and from work, to the grocery story or to the soccer field to catch your kids’ match, our cars and trucks are essential. But what happens if you fall behind in your payments? How well would you be able to adjust to having your car or truck repossessed by the lender? In this issue, we’ll talk about auto repossession; how you can avoid it and what you can do to get your car or truck back.

What Can Happen If I Fall Behind On My Payments?

Legally speaking, you are in default on your auto loan the day after you miss a scheduled payment. That means that once you miss a single payment, your lender has the legal right to repossess or seize your vehicle. But repossession of an auto is actually a lose-lose situation for all involved parties. As the borrower, you lose your car or truck and suffer a huge dent to your credit score, while the lender is stuck with a used vehicle that must be resold at a huge loss. For many lenders, repossession is the last step and the least desirable outcome imaginable.

How Can I Avoid Repossession Of My Vehicle?

It’s much easier to prevent the repossession of your vehicle before it happens rather than disputing it after it’s been towed. The first step you should take is to contact your lender the moment you realize you’ll be late with a payment. You may be surprised to find that many creditors are all too happy to work with you to make your payment…even if it’s slightly late. In addition to possibly being able to negotiate a payment delay, you will probably be able change the due date of your payment to one that is more convenient for you.

What Can The Repo Man Take?

While the lender can repossess your vehicle, they can’t claim the personal items inside. While that generally doesn’t apply to accessories (new tire rims, sweet audio system, etc), it does mean that the fantastic CD collection left on the front seat should be returned to you.

Find Out If You Can Get It Back

There are some lenders and repossession companies that will let you have your car or truck back if you pay the loan in full and the associated costs of repossessing your vehicle. Also, you may be able to reinstate the loan and work out a new payment plan.

Let The Oswalt Law Group Help You With Getting Rid of Crippling Debt

There are far better ways to get out from under crippling debt than not paying your auto loan and taking your chances with the repo man. Since no two situations are alike, we urge you to take advantage of our expertise in debt relief and law by calling us at The Oswalt Law Group. The first consultation is always free, so call us at 602-225-2222 for a free consultation.