Can You Get Your Car Back After a Repo? Simple Methods

Car Repossession

The good news is that if your car has been repossessed, you might still be able to get it back. Both time and money are required. Fortunately, you can learn about your options for recovering your vehicle after it has been repossessed from this post.

You probably won’t get your car back the same day it was repossessed. It’s not as simple as just following the tow truck and paying them on the spot to get your car back from a recovery company. Even though it might take a few days or weeks, there are ways to get your car back after a repossession.

Typically, you have between 15 and 30 days to reach a resolution with your lender before you can get your car back. There are ways to get your car back from the recovery company, though it might not be as quickly as you’d like.

Can I Get My Car Back After a Repossession?

Repossession of your vehicle can be a double setback because it leaves you without a means of transportation and harms your credit. You might be able to get your car back, but you’ll probably need to start raising money first. In order to learn about your options, speak with your lender. The options you may have to depend on state laws, but they are listed here.


Paying off the loan is the most reliable way to get the car back. You do this by utilizing your right of atonement. You must pay the full amount of the loan as well as additional charges, like repossession and storage fees, in order to redeem the loan.

can you get your car back after a repo

Prior to the auction or private sale, you can always redeem the vehicle. The bank is required to send you a written notice with the necessary redemption instructions. Contact the creditor right away to get the payoff amount and redemption instructions if you haven’t received that notice within five days of the repossession. Once the car is sold, your right to redemption expires.

Reinstatement (If Applicable)

Reestablishing the loan is an alternative if you lack the funds to redeem it. When you reinstate a loan, you bring it current by paying off all past-due amounts in one go, along with any late fees that may have been charged.

Only a few states—not all—allow for the reinstatement of rights, and your loan agreement may also restrict its use. If you can reinstate it, you should do so right away.

Ordinarily, you have just a brief window of time (sometimes 15 days) following the repossession to reinstate the loan. Depending on what is stated in the loan agreement, the time period may be longer or shorter if your right to reinstatement is based on it.

Buy Back Your Car at Auction

If neither of these alternatives suits your needs, your lender may decide to keep the car as payment for your debt or sell it to make up for its losses.

can you get your car back after a repo

Your lender may be required to inform you of its plans in some states. It may be necessary for the lender to notify you of the time and location of any public auctions where the repossessed vehicle will be sold so you can attend and place a bid. For a private sale, the lender might also need to reveal the date of the transaction.

Talk to the Bank

Don’t rule out trying to negotiate a different arrangement with the creditor if none of the aforementioned options are workable for you. For instance, if you were required to make three payments but only have the money to cover two, you could arrange for a partial reinstatement and arrange to make up the remaining payments later.

You could also try to come up with a new payment schedule or even refinance the car loan. Find out what the bank would agree to by speaking with it. Of course, all of these options are more feasible if you try to negotiate them before your car is repossessed.

If you have evidence that the bank violated your rights during the repossession, such as by disturbing the peace, you may be able to use this as negotiating leverage to get the car back.

Talk to An Attorney

Consider speaking with a lawyer if you need assistance getting your car back after a repossession or if you believe the bank broke the law during the repossession.

Getting Another Vehicle After a Repo

It might not be possible for everyone to get their car back the same day it was repossessed. If you are unable to retrieve it, it might be time to start considering your other transportation options.

Getting auto financing through a buy here pay here (BHPH) dealership is one of your only options for at least a year after a repo, so that’s one of your only options. A recent repo might not be a concern because these dealers typically don’t check your credit reports.

Car Repossession

How Much Will I Have to Pay After a Repossession?

Whether the lender sells your car and how much it makes from the sale determine how much you must pay after a repossession.

You might have to pay the difference if your lender sells your car for less than what you owe. This is known as the “deficiency balance,” and it includes the remaining loan balance, missed payments, interest, and any repossession fees.

You would be responsible for paying the $2,000 difference along with any loan fees you owe, for instance, if you owe $7,000 on the car loan and the lender sells it for $5,000.

If the lender sells the car for way less than its fair market value, this could be a sign that the sale wasn’t done in a “commercially reasonable manner,” and you may be able to dispute the high deficiency balance in court. On the other hand, you’re entitled to the surplus if the lender sells your car for more than you owe on your loan, plus any costs associated with the repossession.

If you’re unable to make the deficit payment, your financial situation might deteriorate. The lender may decide to cancel the debt or transfer it to a debt collection company, which will get in touch with you to collect the debt.

Your credit reports would reflect both the collection account and the repossession, which can be detrimental. In the worst case, the auto lender or collection agency might file a lawsuit against you to recover the debt.

Can I Get My Personal Property Back After a Repossession?

In most states, the company in charge of the car’s repossession must permit you to retrieve anything you left inside; however, you’ll need to schedule a time that works for the company.

To learn more about the procedure, first, research the laws in your state before getting in touch with the repo company or your lender. In some states, the company may charge you a “reasonable” storage fee, but the If the lender or repossession business requests payment in exchange for returning your personal items, the Consumer Financial Protection Bureau advises getting legal counsel.

Making a list of the items in your car and assigning estimated values is a smart idea. Make sure everything is there and look over your items for damage before picking them up.

It’s also worth noting that a repossession agent can’t commit a “breach of the peace” when taking your car. A fine or just compensation for your property may be required if, for instance, the company responsible for the repossession forced you to open your garage door while it was closed and caused damage.

What is a Car Repossession?

A loan is obtained to cover all or a portion of the cost of buying a new car. In order to obtain a loan, you sign a contract with the lender that holds you liable for the car’s monthly payments. The lender may reclaim your vehicle if you default on a payment.

can you get your car back after a repo

Reclaiming a car requires effort, time, and money. The majority of lenders won’t start the repossession process until you’ve missed two or three payments in a row, even though in Oklahoma the lender has the right to take the vehicle back after just 30 days.

The borrower should be contacted as quickly as possible, according to the lenders. If they don’t hear from you, they will move quickly. So, get in touch with your lender if you miss a payment.

What Happens After a Car Repossession?

Your car is usually prepared to be sold at auction after being repossessed and taken to a storage facility. Contacting your lender is the initial step in trying to get your car back. They might be able to inform you of your choices. Depending on the reason your car was repossessed, you might have a few options.

The default on an auto loan, typically brought on by missed payments, is one of the most frequent causes of a repo. A lapse in your auto insurance coverage might also be the cause. Whatever the cause, get in touch with your lender to find out the details and your options.

How Can You Avoid Car Repossession?

Being proactive and communicating with your lender in advance of repossession is the best way to avoid it. It is simpler to work with the lender to avoid repossession than it is to contest it after the fact.

Many lenders will work with you to prevent vehicle repossession because it takes time. Additionally, by working with your lender, they are able to avoid using a repo company that would charge for towing and daily storage.

Lenders frequently offer you choices, such as refinancing your loan, delaying payments, or creating a loan option.

Yvette Brown

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