4 Common Questions on Car Repossession
If you’re facing car repossession, it’s essential to gather as much information as possible by asking the right questions. The best way to inform yourself about the details of car repossession and the methods you can implement to avoid it is to hire reputable bankruptcy lawyers from Chula Vista, CA, and allow them to deal with the creditors in your stead. However, we’ve assembled a list of the most common questions, just to get you started.
What are the most frequent questions about car repossession?
Vehicle repossession is extremely stressful, which is why it helps to be prepared and know what you can do if and after it happens as well as how to avoid it. Besides that, you’ll want to find the answers to other pressing questions as well during your process of gathering the necessary information:
1. When can the creditors repossess my car or other vehicles?
In California, as soon as you stop paying off your loan, the creditor can repossess the vehicle you put as collateral. This means that one late or missed payment puts you at risk. Even if you miss your insurance payments, the creditors can take your car. If you know you’re going to be late with a payment, you may talk to your lender and try to modify the terms of your agreement so that you’re both happy with the arrangement.
2. Can the lender repossess my car without notice?
Under California repossession law, you aren’t entitled to be notified about car repossession. An agent can come to get your vehicle without telling you in advance or getting your permission.
However, your creditors can only do this in a publicly accessible place, such as the street or driveway. So, if your vehicle is inside a private building or locked garage, the repo agent needs your or the building manager’s permission to access the property and tow your car without breaching the peace.
3. What happens with my personal belongings in the repossessed car?
If a repo agent takes your car, you are entitled to get your personal items back, such as your clothes, pillows, decoration, etc. Once the vehicle is out of your hands, you will get a notice with an inventory of your belongings found in the car.
However, if you have anything attached to the vehicle, such as a stereo system, it won’t be on the list, and you can’t get that back.
Be aware that you have 60 days to pick up your items and pay any storage fees. If you miss the deadline, the repossession company can dispose of, keep, or sell your belongings.
4. How can I get my car back after repossession?
To get your vehicle back from your creditors, you can take one of the following routes:
- Redeeming your loan: If you want to do this, you have to pay off the entire loan, which may also include late fees and interest. On top of that, you’ll have to cover any repossession expenses.
- Reinstating your loan: You can accomplish this by making all missed payments, paying any late fees, and covering any other incurred expenses.
After your creditors give you a notice offering you those two options, you have 15 days to act. You may also ask for a 10-day extension if necessary.
Which bankruptcy lawyers in Chula Vista should I hire to avoid car repossession?
Bankruptcy is the best option when it comes to keeping possession of your car and managing to get on top of your finances stress-free. However, to get the most out of bankruptcy you need dependable lawyers. Luckily, Chang & Diamond are at your service. We will give you the necessary information, answer all your questions, and handle the filing process entirely.
Contact us to get a free initial consultation and let experienced and knowledgeable lawyers assist you with your financial strain so that you can enjoy some worry-free stroll in Mountain Hawk Park.