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A vehicle repossession can often come as a surprise.\u00a0 In many states, including Pennsylvania, the lender is not required to tell you in advance that it will repossess your vehicle.\u00a0 Often, your lender will attempt to repossess your vehicle in the middle of the night, when no one is around to stop it. The lender\u2019s repo company will then take the vehicle either to a storage lot or an auction.\u00a0 But how do you know where they took it, and how do you get it back?<\/p>\n
After a vehicle repossession, the law requires the lender to send the borrower a specific notice, addressed to the last known address of the borrower.\u00a0 This repossession notice\u2014also known as the Notice of Intended Disposition or Notice of Right to Redeem\u2014must be mailed immediately or shortly after the repossession. That notice is important because it is required to contain specific information informing you exactly where the car is, how much it will cost for you to get it back, and how much time you have to do so.\u00a0 If you do not \u201credeem\u201d (pay the lender to get the car back) the car will then be sold, and the lender will apply the sale proceeds to your loan balance, which usually reduces but does not eliminate your loan balance.<\/p>\n
In many states, including Pennsylvania, the only way to get your car back after a repossession is to pay the entire<\/em> loan balance, not just past due payments.\u00a0 For example, let\u2019s say you missed one $300 payment, prompting the lender to repossess your vehicle.\u00a0 You owe $10,000 on the loan.\u00a0 To get the car back before the lender sells it, you have to pay the entire $10,000, plus reasonable repossession expenses.<\/p>\n You can get the car back at any time before the lender sells the vehicle, even if the vehicle was already taken to an auction.\u00a0 In Pennsylvania, the lender is required to hold the car for 15 days before it can be sold. But even after the 15-day period, you have the right to get the car back so long as you can pay the entire loan balance and reasonable repossession expenses.\u00a0 Other states might permit the lender to hold the car for a shorter time period, such as ten days.\u00a0 But no matter what, you have the right to redeem until the vehicle is sold.<\/p>\n Many people do not have enough money to pay the entire loan balance, and the lender will sell the vehicle at a private or public auction.\u00a0 You have the right to be present at and oversee any public auction.\u00a0 The lender\u2014in the repossession notice\u2014should have told you the date, time, and location of any public auction if they intend to sell it by public auction.<\/p>\n If the car is sold, then typically the lender will send you another notice explaining the amount you owe after the sale.\u00a0 This notice\u2014sometimes called an \u201cExplanation of Deficiency,\u201d must itemize specific information about how much you owe, including the principal balance, the sale proceeds, the repossession expenses, and the auction expenses.<\/p>\n A vehicle repossession can often come as a surprise.\u00a0 In many states, including Pennsylvania, the lender is not required to tell you in advance that it will repossess your vehicle.\u00a0 Often, your lender will attempt to repossess your vehicle in the middle of the night, when no one is around to stop it. The lender\u2019s … <\/p>\nHow Much Time Do I Have to Get the Car Back?<\/h2>\n
What Happens if I Can\u2019t Pay to Get My Car Back?<\/h2>\n
Seek Legal Help to Enforce Your Consumer Rights<\/h2>\n
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If your lender did not give you the required post-repossession notices containing the information described above, you might have a consumer protection claim against your lender.\u00a0 Your right to receive these post-repossession notices apply even if you were in default on the car loan.\u00a0 If you feel that your lender failed to give you the information required in these post-repossession notices, contact Flitter Milz for a no cost legal evaluation to determine whether your consumer rights have been violated.<\/p>\n![\"Contact](\"https:\/\/www.consumerslaw.com\/blog\/wp-content\/uploads\/2019\/11\/Botton-of-Blog-CTA-Contact.jpg\")
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