My Car Has Been Repossessed!

If your vehicle has been repossessed by the lender because you have not made payments, there are not many options open to you. Your best bet is to contact the lender directly and try and work out some type of payment plan; chances are they will only take a loss if the vehicle has to be sold.
If you cannot afford to reinstate your loan, the best advice that anyone can give you is to check your notices carefully to make sure the lender did them properly. If they do not, they may not be able to get a deficiency judgment.
The first thing you should do is to reclaim your personal belongings. They can be claimed by contacting the company that repossessed your car and asking the location of it. Take someone with you when you pick up your property. Someone who can appear in court with you later to testify if necessary. Allow plenty of time to inspect the car. Be careful not only to inspect your property, but also check the general condition of the car itself. It is also a good idea to take a camera to support any claim you may have for damage. If you notice any of your property missing, request the attendant to note those items on your receipt.
After the vehicle has been repossessed the lender is required to dispose of the vehicle in a commercially reasonable manner with the proceeds credited against the unpaid balance of your loan.
If the lender wants to obtain a deficiency, the next thing you will be getting is a notice from him telling you when and were they are going to dispose of your vehicle.
Before the sale the lender is required to give you a right to reinstate the loan by paying the delinquent payments and the expenses of repossession. The notice you receive should indicate that right and the amount. This right is limited however, and the lender does not always have to give it to you.
The Notice of sale should also set out the total amount of the loan balance which remains unpaid plus expenses incurred to repossess the vehicle. It should also indicate when and where the vehicle will be sold.
If you receive no notice or you receive a defective notice this may be a bar to the lender's obtaining a deficiency judgment against you.
The notices are technical in nature and difficult to explain clearly. If you have a question in regard to repossession then please take advantage of the FREE e-mail consultation, or call and speak to an attorney at our office for a free telephone consultation at (949) 251-1377.