Car Repossession

Bad Credit Auto Financing. To Eliminate Automobile Debt

Steps to avoid car repossession

The more you know about Car Repossession, the better your chances of keeping your car and reworking your loan.

How We Can Help Today

Americans have come to rely heavily on their cars. People need to get to work, go shopping, and generally keep their life moving along. The lack of a car would place a significant burden on their lives. As bad as that would be, think how much anguish must be felt by those who got a car and got their lives moving, and suddenly faced losing that precious freedom to car repossession.

Unfortunately, if you have not yet investigated the many bad credit auto loans out there, you may have set yourself up for this fall. At Credit-Yogi we will help you understand the negative effects of car repossession, why it happens, and how to stop car repossessions before they begin.

The Car Repossession Process

Repossession is triggered by one of two things. Missing a car payment per the contract repayment schedule, even by a day, is legal cause for repossession. Most car creditors won’t be this harsh, but they can be. Also a legal cause for repossession is failure to maintain proper insurance coverage on the car if insurance was written into the loan contract. Either way, the creditor will not have much faith that you will be able to make good on the agreement.

Once you enter the car repossession process, your options are limited and almost universally costly. The creditor can have your car repossessed and towed without even notifying you. If they wer e kind enough to let you know they were coming, you could at least save yourself being charged for towing costs by turning the car in voluntarily. You cannot hide the car or lock it in a garage. This is likely illegal in your state; however can help you stop the bank car repossessions legally and affordably like we have done for thousands.

how to stop repossession of car

The Impacts Of Repossession

The creditor has the right to come on to your property and get the car so long as they do not cause a breach of the peace, such as property damage. They have the right to sell your car publicly or at auction. You could theoretically buy your own car back for a lump sum, but if you could afford to do that you wouldn’t have been missing payments in the first place. After the car is sold the creditor must calculate net profit or loss from what they sold the car for versus what was still owed on the car and the cost of repossession. Not surprisingly, this calculation usually shows that the sale did not cover the outstanding amount owed. The creditor will then file a deficiency judgment against you for the difference. So even if you surrendered the car voluntarily you have not cleared yourself of the problem.

Preventing Repossession

It should be obvious that you want to find out how to avoid repossession after bankruptcy. Bankruptcy is not really an effective option. Although it will prevent car repossession the bankruptcy process will also do serious damage to your credit. The only really effective way to avoid it is to see it coming and pursue a new bad credit car loan to replace the loan that you cannot keep up with. This refinancing probably cannot be done through the original creditor. However, firms such as, specializing in such refinancing are widely available and eager for your business. They can provide the cars bank repossession help that you need. They can certainly bring a lower interest rate to bear than the one you are currently struggling with. They will even provide you with a free on-line car payment calculator. This will allow you to quickly determine your potential savings. It will also allow you to shop around amongst offers from the competing refinancing firms.

Bad credit auto financing is surprisingly quick and easy to obtain. It is not unusual to have your new loan ready to go in a couple of days. At that point, the new loan will pay off your unhappy original creditor and you may continue life with the help of your car.
Find Out How We Can Help You Get A New Loan To Stop Your Auto Repossession

how to stop repossession of car

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