Understanding what happens when your car is repossessed

Despite your best efforts to continue making car payments on your vehicle, you are unable to meet the required expectations and your car is repossessed by the loaner. Now, you are left trying to figure out where to go from here and what steps come next. At Goldman & Beslow, LLC, we have helped many people in New Jersey to work their way through challenging financial disruptions. 

Just because your car has been repossessed does not mean you are required to forfeit all of your personal belongings. It also does not mean you are completely unable to negotiate an agreement. According to the Federal Trade Commission, your creditor has limited rights even though they have been able to legally take back your vehicle. One of the first things you should do once your vehicle has been repossessed, is to refer back to your original contract with your lender. Make sure that you understand what constitutes a default and clarify that you have indeed been in breach of contract. 

If you left personal belongings inside of your vehicle, you should be contacted with instructions on how you can retrieve those items. Under no circumstances should a lender ever claim rightful ownership to personal belongings that were stored inside of your car. If there is a deficiency and your lender is unable to sell your vehicle for what you owed, you will most likely be required to make payments until that amount is paid in full. 

When you understand what happens if your car is repossessed, you may be able to take action as soon as you realize you are late on your payment and prevent a repossession from happening. for more information about asset forfeiture, visit our web page.  

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