When you purchase a car on credit, your creditor retains specific rights and an interest in that car until it’s fully paid off. If you fail to make the agreed upon payments, the creditor can repossess the vehicle.
Has your car been repossessed? There are a number of things that could depress you such as having your car repossessed. At GM law firm, you’ll receive all the help you need. If you act hastily, it’s possible to get your car back. In the event that the repossession agents violate the peace while retaking your car, you can obtain compensation. You are urged to get in touch with a bankruptcy attorney for assistance.
What Should You Do When You Learn That the Lender Wants to Repossess?
In a car loan contract, there is usually a provision which allows the lender to repossess your vehicle in case you’re unable to make payment. Once you receive a notice for repossession, the best action to take is to contact your lenders and pay what you owe. However, if you are undergoing hardships, and you can’t make payments as initially agreed, it’s possible to get a modification of your original agreement. Your lawyers will negotiate with the lenders to reduce the payments to a sum you can afford.
Violation of Peace in Repossession is Prohibited
Should the repossession agents come to take your vehicle, they are forbidden from breaching the peace. That means, they may not take your car if you object. They are prohibited from using force and they certainly can’t haul it away if you’re inside.
How Can A Repossession Lawyer Help You After Repossession?
Once they repossess your vehicle, you only have a limited time to reclaim it. An attorney can help you take swift action. It’s often required you pay off the entire amount of the loan. However, a lawyer can negotiate for you to offset the default through a satisfactory payment, and a commitment to continue with the payments faithfully.
After repossession, there is a sale that usually takes place within 10 days or more. Your car is auctioned at the sale. The loan company is more likely to go ahead and file a lawsuit against you for the outstanding loan and repossession costs minus the amount recouped in the auction. A good attorney can defend you against such a lawsuit. The lawyer will also counterclaim for any damages, including violation of the peace, that may have happened during the repossession.