When you buy a vehicle on credit, that vehicle will almost always be collateral for the loan. If you get behind in your payments, the lender has the legal right to repossess your car. The loss of your vehicle will make it difficult to go to work or to look for a job. Causing even more financial difficulties.
The lender is legally allowed to break into your car and either drive it or tow it away. You can politely object to your car bein taken, and legally the repossession must stop, rest assured they will be back at another time to get that vehicle. The people coming to repossess your car can not open your garage to get your vehicle. They also can not bring along a police officer unless there is a court order.
Retrieve Your Items
They do not, however, have the right to keep your belongings that may be inside the vehicle, like car seats or blankets. You must be granted access to your car to retrieve your items.
Once the lender has possession of the vehicle, they will then attempt to sell your car, often for less than it is worth. The lender may also sue you for the balance due on the loan.
If your car has already been taken, but before the lender has sold it, you may be able to get the car back if you file bankruptcy due to the automatic stay. The automatic stay stops all legal action against you, including repossession. If you are late on your car payments and behind on other bills as well, you may want to consider filing bankruptcy.
If you are worried your car is about to be repossessed, or your car has already been taken, and you want it back, contact a Dayton bankruptcy attorney to find out what can be done to keep your vehicle.