What is an alternatives to repossession?

already exists.

Would you like to merge this question into it?

already exists as an alternate of this question.

Would you like to make it the primary and merge this question into it?

exists and is an alternate of .

Let someone else take over the payments. Sell the car and pay off the balance of the loan. Talk to the lender and see if you can get the monthly payments reduced. Get another part time job and make enough to pay off the loan. The worse thing you can do is allow the car to be repossessed. When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car. Talking with Your Creditor
It is easier to try to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you'll be late with a payment. Many creditors will work with you if they believe you'll be able to pay soon, even if slightly late. Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may refuse to accept late payments or make other changes in your contract and may demand that you return the car. By voluntarily agreeing to a repossession, you may reduce your creditor's expenses, which you would be responsible for paying. Remember that even if you return the car voluntarily, you're responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report. Seizing the Car
In many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a "default." In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are allowed on your property to seize your car without letting you know in advance. But creditors aren't usually allowed to "breach the peace" in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace. Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property. A creditor usually can't keep or sell any personal property found inside. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can't account for articles left in your car, talk to an attorney about whether your state offers a right to compensation. Selling the Car
Once your creditor has repossessed your car, they may decide to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold. In either of these circumstances, you may be entitled to buy back the vehicle by paying the full amount you owe, plus any expenses connected with its repossession (such as storage and preparation for sale). In some states, the law allows you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession. The creditor must sell a repossessed car in a "commercially reasonable manner" - according to standard custom in a particular business or an established market. The sale price might not be the highest possible price - or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable. Paying the Deficiency
A deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $2,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing. In most states, a creditor who has followed the proper procedures for repossession and sale is allowed to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract. Depending on your state's law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only opportunity to present any legal defense. If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment.
3 people found this useful

What is repossession?

It is where a lender (usually a bank or credit union) recoverscollateral that is held in a security agreement and hasn't beenpaid for. In the usual sense, something purchased

What is the alterneator?

The alternator is the device in a vehicle's engine compartment that generates electricity. It is commonly found bolted to the engine block and driven by the belt assembly.

What does an alternator do?

An alternator is an electromechanical device that converts mechanical energy to alternating currant electrical energy.

What is an alternator for?

The alternator generates power to run the car and charge thebattery. An alternator in a vehicle generates Alternate Current (AC) insteadof Direct Current (DC) electricity to

What is the process of repossession?

Repossession is an option that some lenders use to help pay against a bad debt. The debt or loan must have been secured by property. That property will in most cases have a li

What is alternator?

It is a device that converts mechanical energy to electrical energy on a car. It works by:the alternator creates an electric field by spinning a magnetic rotor with direct cur

What are alternatives?

You have alternatives when there is more than one possibility and you can choose between at least two things.

What is alternator do?

This is an easy answer. The alternator is hooked (through wires blue and black) to the battery. So every time you start an engine the alternator kicks on and charges the b

What is a alternator?

The devices that develop electric power are a generator (for direct current), or an alternator (alternating current). In a car, an alternator is used, with a rectifier, becaus

Can you repossess your repossessed car?

you can buy it back from the repossess depot thinger yeah but you have to pay all your payments on it The above answer is correct, but does not answer the question actually
In Science

What is an alternative answer?

A second answer, perfectly proper, to a question. "is light a wave?". Well, "yes". But also, "yes and no". It implies that the question needs refining.