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How To Get A Car Back From Repossession In Halton

How To Get A Car Back From Repossession In Halton

It's always important to know how to get a car back from repossession. Can you get it back? What are your options? This is a question asked of our Halton auto loan team the other week and we thought it would make a great subject for a blog post, even though it may not have happened to you yet, it's good information to know if you want to plan ahead for any possible situation!

 

Nobody wants to go through repossession but we don’t always have a choice. It’s something that happens all too often and can be through no fault of your own. If you’ find yourself in that situation and really want your car back, what are your options?

 

Reinstate the auto loan

 

Reinstating an auto loan means coming to an agreement with the lender to repay everything that is owed and all costs. This can be an expensive undertaking and not all lenders will agree but many will.

 

If your situation was temporary and there are mitigating circumstances, many lenders will gladly reinstate the loan and give you the car back. As long as you repay all you owe and cover all costs.

 

Those costs will include legal and administration, towing and vehicle storage. Cover those and your lender may deal.

 

Redeem the auto loan

 

Redeeming an auto loan in Halton means paying it off in full plus costs. This is another option, although not many people have the luxury of having this much cash around.

 

You will need to contact the lender, get a settlement figure and pay it in full, plus those costs. You can then arrange with the lender to collect your car as part of the settlement.

 

Buy the car back at auction

 

If you’re not in a position to reinstate or redeem the loan, you could buy the car back at auction. This would require a little negotiation with the lender to find out where they sell their cars and when.

 

Some lenders will gladly tell you what auction company they use. Others not so much. You’ll need to pay cash for an auction car, which you could arguably use to reinstate or redeem the loan but it’s entirely up to you.

 

What happens after the car is repossessed?

 

If you have personal items in the car, the repossession company should give you the opportunity to remove them. If they don’t, there should be provision for you to remove your personal items from where the car is stored.

 

Typically, a lender would only repossess a car as a last resort. After several failed attempts to restart the payment process, the lender will need to take legal action to begin the repossession process.

 

Even once the car has been repossessed, that may not be the end of it. If they don’t get the full loan value for the car, there may still be more to pay.

 

For example, if $8,000 is owed on the car but it sells for only $6,000 at auction, you may still be liable for that outstanding $2,000.

 

Nobody wants to have to get a car back from repossession. It’s a tough time financially and emotionally and we recommend doing everything you can to avoid it!

 

Contact Unique Chrysler for help, advice and competitive Halton car finance and leasing.

 

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Categories: Auto Loan

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