Car Repossession

It was a dream vehicle.  Sure the payment was a little high, but you just got a promotion at work, and you felt that as long as you cut back on a couple other things, the car was affordable.  And everything was going well at first.  But then, you suffered a cutback at work, or lost your job entirely.  Maybe you or someone you love became ill, and medical bills piled up.  Suddenly, other pressing concerns become priorities over that vehicle and before you know it, you have missed your car payments for a few months.  Your car loan company, however, has the right of repossession because of the security agreement you signed when you purchased the vehicle. 

If you are behind on your car, prepare yourself for a possible repossession.  Don’t leave valuables in the vehicle, and realize that the bank may come at any time to tow away your vehicle.

If the bank does take your car through repossession, they will sell your vehicle, but they will still hold you liable for the remainder of your loan with them (called a deficiency), and may seek to file a lawsuit against you.  If this happens, you need help, or you may be faced with a default judgment for failure to pay, which itself can lead to wage garnishments or frozen accounts, which certainly will not improve your situation.  Make an appointment with Simon Haysom today to get your life back on track.