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A car repossession can make you feel powerless,\u00a0as if you don’t have any rights regarding your property. The consequences of a repossession are difficult enough without having to worry about the personal items that were in your vehicle at the time it was taken.<\/p>\n
If you suspect that your car may be repossessed, remove all personal items from the vehicle, glove box, and trunk.\u00a0This includes:<\/p>\n
Follow\u00a0these steps<\/a> prior to the repossession.<\/p>\n When you sign a contract to finance a vehicle, the car is considered collateral<\/a>.\u00a0This\u00a0means that the bank or credit union has the right to take back the vehicle\u00a0if the borrower defaults on the terms of the contract.<\/p>\n Terms for default include missed payments, partial payments, or late payments, or lapse in auto insurance for unpaid premiums.\u00a0Specific terms for default are listed in the loan agreement that you signed.<\/p>\n Retrieve Personal Property<\/strong> Deficiency Notice<\/strong> When the repo agent arrives to take your vehicle, you may request to remove your personal items.\u00a0Car repossession laws<\/a> prohibit repo agents from damaging your personal property.<\/p>\n If your property is damaged, get the name of the repo agent, repossession company name, phone number, and license plate number of the repo truck. Inform the lender of any damage caused by the repo agent.\u00a0 As well, contact the police to file a report. Be sure to take photographs of the damaged property, and gather witness statements.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" A car repossession can make you feel powerless,\u00a0as if you don’t have any rights regarding your property. The consequences of a repossession are difficult enough without having to worry about the personal items that were in your vehicle at the time it was taken. Protect Your Personal Items BEFORE the Repossession If you suspect that … <\/p>\nWhen Can a Lender\u00a0Repossess a Vehicle?<\/h2>\n
How to Get Personal Items Back AFTER\u00a0a Repossession<\/h2>\n
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Notice of Intent to Sell Property<\/strong>
\nAfter a vehicle has been repossessed, the lender will send a letter to the borrower that details terms to retrieve the vehicle. This letter, frequently called a Notice of Intent to Sell Property<\/a>, states\u00a0the location of the repossessed car so that\u00a0the borrower knows who to contact to reclaim any personal items.<\/p>\n
\nYou may be unable to retrieve attached fixtures, such as a stereo or rims, but any loose items are yours to claim. The borrower typically has 30 days to get their possessions from the car.<\/p>\n
\nOnce the vehicle is sold, the lender is to send a letter to the borrower which confirms the selling price and then a calculation of any remaining balance claimed to be owed to satisfy the loan.<\/p>\nDamage to Your Personal Property<\/h2>\n
Seek Legal Advice\u00a0<\/strong><\/h2>\n
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Flitter Milz is knowledgeable about the laws governing the repossession of cars, trucks, motorcycles, boats and RVs.\u00a0 If your vehicle has been repossessed, Contact Us<\/a> for a NO COST review and evaluation of whether your consumer rights have been violated.<\/p>\n