How Do You Get a Car Back After Repossession?

Sometimes in life, the unfathomable happens. Maybe you lose your job, or a personal emergency significantly alters your world, and staying on top of bills becomes more and more difficult. It can happen to anyone.If it’s unfortunately happening to you, you might be asking, “How do you get a car back after repossession?”

If you have found enough stability to have some money, there are steps you can take to get your car, truck, or SUV back with you behind the steering wheel on Elk Grove roads. With that said, if the vehicle has been repossessed, you’ll likely have to pay the outstanding balance to get it back. Read the expert advice from our Kareem Auto Sales Inc finance center employees below.

How to Get a Repossessed Car Back: Reinstate the Loan

When your car is repossessed on a Roseville street, it’s often done without warning. If you weren’t notified that the lender or leasing company was going to repossess your vehicle, they’ll likely return the car to you if you pay the outstanding balance and repossession fees.

If you were aware you car would potentially get repossessed due to a phone conversation or written notice, the process may be a bit more difficult. There are requirements you must meet before the lender will reinstate the loan.

At this point, you should evaluate your finances. It’s only worth moving forward if you’re certain you can afford to keep up with car payments and costs. Calculate the monthly expenses to ensure reinstating the loan is the right move for you.

How to Get a Repossessed Car Back: Purchase at Auction

Lenders will often sell repossessed vehicles at auction when borrowers fall into default on their auto loans and lose their vehicles and can’t purchase the vehicle outright. If you have the cash and your vehicle is still going to auction, you can attend the auction. You’ll be notified a month before the auction is supposed to happen, giving you 30 days to buy it back for the full asking price and repossession fees.

How to Get a Repossessed Car Back: File for Bankruptcy

Filing for bankruptcy due to debts can actually increase your chances of keeping your car, truck, or SUV. When a person files for bankruptcy, the courts require creditors to ask permission from a judge to repossess vehicles. With that said, bankruptcy is not a fix-all solution. The downsides that come with filing for bankruptcy, such as credit score damage, are not to be taken lightly. But you’ll have a chance to keep your car before it goes to auction.

Rely on Kareem Auto Sales Inc for More Financial Advice

Now that you know how to get your car back after a repossession, you’re hopefully prepared for whatever step comes next. Contact us at Kareem Auto Sales Inc if you have any questions about our Nissan inventory, financial services, and more. We’re always happy to assist customers from the Folsom area!

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