If you’ve been handed a notice of repossession, the first thing you need to do is contact your lender. The lender will tell you what actions they will take to get the car back. If they have enough money in their account and can’t afford to pay off their debts, they may just sell the vehicle at auction instead of repossessing it themselves.
Contact The Lender As Soon As Possible To Arrange A Repayment Plan
You should contact the lender as soon as possible to arrange a repayment plan, saysNathan Deladurantey. If you can’t pay back the full amount, try to negotiate a smaller payment. If you still have no way of paying off your car loan, consider negotiating for a settlement instead of repossession.
If the lender has already repossessed your vehicle and sold it at auction, this may not be an option and they will likely want their money immediately (or else they’ll take legal action). In this case, it’s best just to pay up as quickly as possible so that they don’t come after you later on!
Contact An Attorney For Advice
When you are dealing with the stress of repossession, it can be easy to overlook important steps that need to be taken. An attorney like Nathan Deladurantey can help you understand your rights and options when dealing with creditors who have repossessed your vehicle.
An attorney can also assist you in bankruptcy proceedings if you are unable to pay off any debts by yourself. There are many options available when filing for bankruptcy including Chapter 7 and Chapter 13 filings. Consultation with an attorney will help determine which option is best suited for your situation and goals moving forward after repossession has occurred or if bankruptcy seems like an attractive option because of its ability to eliminate debts completely while providing protection from future collection efforts by creditors
Keep Records Of Your Expenses, Income And Payments Made
The first step to take is to keep a log of all expenses, income and payments made. This will help you track your spending habits so that they can be adjusted accordingly once you have the car back in your possession again.
Keep a record of:
- All expenses (gas, maintenance and repairs)
- Income from other sources
- Payments made towards repossession fees or other costs associated with getting your car back
You May Be Able To Get The Vehicle Back Through A Lease Buyout Agreement Or Re-Financing
Lease buyout agreements are when a lender agrees to pay off your remaining lease payments, and you no longer owe anything on the car. If you’re lucky enough to get this agreement in place, it will save you from having to pay all of those monthly payments that would have been due after repossession.
A re-financing option involves taking out another loan (e.g., from a credit union) in order to pay off existing ones–in other words, paying off one debt with another debt instead of paying cash upfront like normal people do! This sounds terrible but might actually be better than nothing if there isn’t enough money left over after selling everything else left inside your house during foreclosure proceedings…
