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When your car has been repossessed, you’ll naturally want to know if you can get it back. The answer is, it depends on your lender, on where you live and on your specific situation.
If your car has been repossessed, you need to take action right away to get your finances in order and get back on the road. Here are two questions you'll need to answer: The average person has to ...
While having your car repossessed can lead to big financial problems, you should know that you would be far from alone if this were to happen to you. More than 1.2 million cars were repossessed in ...
Usually, the vehicle owner must be notified of a repossession. The repossession agent will find the car and check its information such as the vehicle identification number (VIN) to make sure they have the right vehicle. If there is a match, they will attempt to hook up the car to the tow truck and tow it away or pick the lock and drive it away.
The vehicle is hooked up to a tow truck, and the owner is given a chance to win it back by answering five general-knowledge trivia questions. If the owner can answer three questions correctly, the vehicle is removed from the tow truck and the owner gets it back, with all delinquent payments and any outstanding loan balance paid off by the show.
Auto auctions are the most common method of disposing of repossessed vehicles. Repossessed vehicles can feasibly sell for less because the financial institution disposing of them only seeks to offset its losses (also restricted by federal regulations). The condition of such cars may be compromised by lack of maintenance.
The right of possession is a right of a person who currently holds property in hand or under their control to retain such possession, or alternatively for another person who claims superior title or right to possession of the property.
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