Your next steps after your car has been repossessed

After you have received notice that your vehicle is being repossessed you are left with the unpleasant reality that you are now without transportation. You may be feeling at a loss and wondering if there is any possible way to reverse the situation you are now in. At Goldman & Beslow, LLC, we are advocates for people in New Jersey who may be struggling with financial debt that has left them in challenging circumstances. 

If your car has been repossessed, chances are it is because you have neglected to pay your lender the agreed-upon amount for the loan you have been granted. In many cases, you can request an extension if you know that your payment will be late. In other circumstances, you may be able to negotiate with your lender to modify your loan to something more realistic for your current financial situation. However, if you are absolutely unable to pay your debt and cannot or have not worked anything out with your lender, you are at a much higher risk of having your vehicle repossessed. 

According to Auto Credit Express, you do have a couple of options after your vehicle has been repossessed that you may consider in an attempt to get your vehicle back into your possession. First, you may be able to request that your loan be reinstated. If your request is granted, you will be required to pay all outstanding balances including any additional fees to cover the reinstatement process. Second, you may be able to redeem your car which is similar to having the loan reinstated in that you will be required to pay everything you owe including any additional costs that resulted from the repossession itself. 

When you are aware of your options, you may be able to take immediate action to get your car back into your hands before it is too late. For more information about negotiating with creditors, visit our web page.  

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