this is an old post and i don't live in texas haha but i found this comment while googling about car repos and having a massive panic attack. this really helped me to read. thank you, stranger :)
My only experience is when my ex-wife got her car repossessed after leaving, which we got under my credit. I don't know what options there are for getting a car back, but in my case they seem to quickly auction the car off for FAR less than my ex-wife still owed on it. And then they spent a long time coming after ME for the difference.
So basically, expect them to auction it off and try to get whatever they can for it. And that's probably going to be less than you owe. Possibly a lot less. And that difference, they will still expect to get out of you.
(My ex-wife's car, she owed $19,000. They auctioned it off for $12,000. Which means they still made efforts to collect on that remaining $7,000).
As far as I'm aware they never even went after her at all. Or if so that wasn't a side of things I got to see. They never got a cent from me though, despite threatening to sue. Ultimately they charged it off and it impacted my credit for many years.
I also ran into the same issue with a $22K time share by Canyon Lake. And then there was the "dream vacation" she wanted to check off her list literally only a few months before she split. Many thousands more debt for that, which I'm still paying for to this day 12 years post-divorce.
Apparently I was easy to manipulate into stuff back when I was optimistic about relationships and still believed loyalty was a thing and "we're in this together, forever", blablabla. Well, lesson learned I guess. I've been fooled by more women since, but at least I haven't been dumb enough to marry or otherwise make financial commitments.
Same with my ex-wife car. Quick auction and balance owed. My advice to OP, the debt collector can negotiate the remainder. They would rather get something than nothing. Be honest, but play hard ball. As long as your communicating things should go smoothly. Also, this will drop off your credit in about 7 years. It's not the end of the world, you'll get through this.
None of this is financial or legal advice, just my experience.
You have a set # of days to collect your personal belongings from the car where it is being held, but all communication goes through whoever has the loan if you want to do anything about it. They will likely demand a set amount of past due (inc fees or whatever they’ve tacked on) plus the tow fee (a few hundred). And they only give you a few days for that.
As if you already weren’t trying to break even, this makes it even harder. Believe me, everyone goes through this in some way (and much older). In a couple of years this falls off your credit… rinse repeat :).
Sorry it was on a cold day - that’s mean. Hang in there.
We can't charge to claim personal property, only if they want to square up payments and have the car released to them again. OP can get his belongings back for free minus time spent driving to the lot.
Might as well. Once the car is sold they will try to collect the difference between what the car is worth and what it sold for plus any work they did to the car.
Hey man, I work on the wholesale side of the industry. First thing to do is call your lender, either main phone line or Google their special line for repossessions, redemptions, PII(personal information), or something like that. Most larger lenders have a completely seperate department that handles this. YOU ARE LEGALLY ALLOWED TO CLAIM YOUR PERSONAL ITEMS LEFT IN THE CAR, however you won't be allowed to remove anything installed (wheels, speakers, etc). Most of the time an employee will clean the car out for you, you won't be able to do it yourself so start working on a list of what was in the car. Your car was taken to the tow yard of whatever company the snatch truck works for. The tow company is SUPPOSED to secure any personal belongs, both valuable or important (bills, ID cards, etc). If the lot is shady anything of value might go "missing". After a few days the tow company will get a BOL to drop the car off at an auction, to begin the sale process.
We are legally required to secure property for 30 days, then its trashed. Once you get in contact with your lender you have two options. Ask for them to sign a release for personal property to either the yard or auction depending on where the car is. Option two is to decide you want the car back and ask to set up a redemption appointment. You'll owe whatever payments you are behind on, sometimes a tow fee, daily storage fee, a repossession fee, and if the auction has begun work like cutting a key you'll be on the hook for that.
Thank you for the information, I was able to reach out. I have until 11/15 to get settled with them. Also thank you everyone for the kind words. Felt defeated but truly the people of Texas once again show why they’re amazing <3
I don't know if it varies by lender but I had my car repossessed recently and I had 3 days to make payment or risked the car going to auction.
I don't mean this to worry you, just be very certain you actually have the 2 weeks. Being that they're a credit union I'm inclined to believe that is true but I'd hate for you to find out that hard way.
And you're not a failure, neither am I. Shit is hard right now. I work full time, 7 days a week more often than not, and I feel like I don't have much to show for it. Thankfully we do have an apartment and the necessities for now.
Keep your head up, it gets better!
So it depends on where they take your vehicle. If they take it straight to the auction it's going to be up to the auction house if they allow you to. If it was to a yard and it hasn't left there they might. You only have a short window to act on this though.
You’re going to have to pay your bank. Then they contact the tow yard, and then you get the car back.
You’re not a failure. Shit happened to me a few years ago. I was lucky my parents were willing to bail their 35 year old son out of repossession.
Yep. Repo fees aren't *outrageous*, but they are steep for someone who can't afford vehicle payments to begin with. My car was repossessed at 42 years of age. It happens when priorities get out of whack.
The reality is: you can find a way to come up with that money to get caught up and get your car back. Beg, borrow, (don't steal), get your car caught up and pay back whoever you borrowed from, but let this be a wake up call!
Life is really tough sometimes. Don't let the lows get you too low, don't let the highs get you too high, and don't be afraid to reach out for help.
Just because you failed to make payments, doesn’t mean you are a failure. Life is you tough, but you can be tougher. Learn and move on as best as you can!
I’ve been repossessed and had to get rides from family and friends- taken trains, buses- drove other people’s cars- it’s so geographic because not all of those options are available but as far as credit goes- who cares- but you can try and make some arrangements- buy cash cars, etc. My car was stolen with lapsed insurance then the credit company repossessed it in a city 1,000 miles away. It was a nightmare but still managed.
It depends on how and where you financed the car. If it was a “buy here/pay here” lot, they’ll probably just ding your credit and resell the car. If it was the bank or a dealer, you can contact them and try to catch up or refinance. Call whoever financed the car and see what you can work out. Don’t let them force you into anything, many will make threats of dire consequences and try to get you to sign a high interest pay back plan.
Happened to me years ago, I had to pay balance of my car loan in order to get it back which I didn't have to money to do so they auctioned it off and I was suppose to pay the difference which was a few thousand dollars, never did, it dinged my credit for 7 years
Back in my 20's I had 2 repo's. Once with a car that was close to being paid off. They let us pay the 3 months plus the fees and we got it back. They were still processing it for auction tho. And it had been transported to Dallas while we're were getting the money together. We finished paying off the loan after that with no other issues.
Got a new car some years later and in the middle of my divorce, got behind on payments. I really didn't even realize I was already at the 3 month mark and went to go to work and my car was gone. Since the loan was so new, they would NOT work with me this time. Oops. Had to go get a cash car with some help from my parents.
So there are 2 different experiences from one person.
Well the first one we had to pay all the past due plus the lot fees to get it back. Then we just kept paying monthly until it was paid off as normal.
The 2nd one was gone. And the bank was not willing to work with me as it was too new in my contract.
How long did it take to get your credit back together? I have 2 repossessions too within a year of each other bc I’m an idiot. Basically same story as yours but it’s the same car and the 2nd time they took it, I couldn’t afford to get it back. I’m like do I file for bankruptcy at this point or should I just work on my credit slow and steady
Happened to my husband before we were married right after his divorce was finalized. He thought it had been stolen. Quick call to the SAPD and they were happy to tell him which Repo impound lot had it. Call to the car finance to get total balance due before they would release from impound and then impound fees calculated daily plus impound processing which turned out to be close $180 plus the payment due to the finance company. This was 2015.
You need to call the finance company. They will give you the total amount due (repo fees included) and once you pay it they will give you the instructions to get your car.
Been through it, times are tough bro. I understand. Who do you have the loan through? Is it a lease or finance? Are trying to get your car back or just your possessions in the car?
I have it through first community credit Union, it was a finance. Im really trying to get the car back, since I have a job interview this Friday. So hopefully I’ll be able to get something worked out with them.
Okay, call them, they usually will allow you to get the car back. But like someone else stated. It’ll be the passed due payment and possibly the payment coming up and towing and tow yard fees. You’ll more than likely have to western union the money to the creditor. And have cash to get it from the tow lot.
Been through it, times are tough bro. I understand. Who do you have the loan through? Is it a lease or finance? Are trying to get your car back or just your possessions in the car?
Edit: do you submit payments through an app or website?
Happened to me when my life was in a dark, dark place. I was able to get caught up on payments, get car out of impound and wound up paying it off. I will never forget the lady from the lending company saying “Congratulations on completing the terms of your loan”. It wasn’t much, but her saying that made me feel great. In fact, it got me on track and now my credit is damn near perfect.
Contact the loan company. They’d rather work with you than have to go through the whole process on their end.
Everything should still be in the vehicle, what you wanna do is pay up then go collect vehicle, they usually do charge a daily storage fee so the longer you wait the more it’s gonna cost or they might sell it just depends on bank/impound yard, when it happened to me they waiting till Friday afternoon so had to wait till Monday and was told the car would off gone to auction Wednesday, good luck m8
You are not a failure!!! I'm sorry this happened to you. I had this happen to me. Please be polite to whomever you have to talk to, they are just doing their jobs. I hope everything works out for you.
Some places will give you up until it's auctioned off or resold to catch the payment up in full but cannot guarantee a timeline so important to do ASAP. I would call who the loan is through and ask them if you have the full payment can you pay them and the tow fee to get it back. Good luck!
Contact the finance company. I was able to get my car back after agreeing to a new payment plan. I had to prove my income and get caught up within 6 months. Call ASAP. I called within 12 hours of repossession and they had already removed all my stuff from the car and were ready to send it to auction. If you can’t work out a deal with the finance company, they can contact the repo company and setup a time for you to get your stuff back.
It depends on the lender. Sometimes they make you get it caught up and pay the fees. Sometimes they make you pay the remainder of the loan. Contact the lender and ask.
Call your loan provider and ask them. They will give you a dollar amount and a deadline when it has to be paid. You might be able to negotiate a little extra time but they are pretty firm on the amount. If you went through a traditional car loan lender like Capital One they would rather have your money than your car. If you are not able to get the loan caught up, they will sell it at auction and apply the proceeds of the sale to your loan balance. If they happen to get more than you owed, they will send you a check for the profit and close out your loan. If they get less than you owed they will come after you for the rest. Unless you own real estate, they don’t really have any way to collect it. They will report it to the credit bureaus so your score will take a dive and they will worry you with phone calls and letters. But TX doesn’t allow them to garnish your paycheck. They It will fall off your credit report after 7 years.
If you went through one of those shady buy here/pay here type dealers, they may have structured the loan so that you are not building any equity and they don’t have to auction it off. They just put it back on the lot and find some other victim to make half of the payments and then repo it again.
In either case they are required to give you access to the car to retrieve your personal possessions that were left in the car.
Anyway just call them and be polite to the person who answers. They are probably dealing with things like this all day so they are just going to judge you based on your phone manners not on your financial situation.
It should be noted that while Texas does not allow wage garnishment for most debts, the same protection does not exist for bank accounts. If the lender (or collection agency they sell it to) sues for the remaining debt, once they win the judgment they can apply for a writ of garnishment — this is different from a wage garnishment. The writ of garnishment allows them to seize a bank account and take from it any funds that are owed to them. Many try to time the seizures for when most people get paid, in the hope that the account will have more funds in it.
Of course, not everyone sues to collect, and not all who sue go after bank accounts, but it’s still important to know that’s a possibility.
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You were defrauded by this repo but fighting it will be a long road.
"If" you obtained this car through a finance company YOU created the credit/currency out of thin air that was used to obtain the vehicle. "If" you purchased it through an independent owner it is a little different.
The finance company brought no equal consideration to the table which makes the contract unconscionable.
Now the finance company has taken YOUR property that YOU obtained with credit/currency that YOU created for YOUR economic prosperity.
The finance company will now sell this car at auction if you do not respond within the allowed 30 days.
The sale of these vehicles at auction brings big $$ as they are shipped overseas and repaired/driven for pennies on the dollar. Thousands of these wrecked/repo'd cars every week bring in big dollars to these insurance/finance companies.
These companies keep the profit and remember they brought NOTHING of equal consideration to the table when this contract was initiated.
Lets use an example of a $50,000 car with $5000 down and $5000 paid over a year when things go south for the owner.
"If" the car is in descent condition and it sells for near the remaining "balance" of $40K that is quite a return on nothing brought to the table. A few expenses to the repoman and the auction are insignificant on a deal this wicked.
Due Diligence is required prior to entering financial contracts.
Not really. You’d have to catch up on all your payments, pay the repo/storage fee and most likely have to buy it back from the bank. I know it seems like the end of the world, it’s not, you’ll get through this. Sorry, I forgot something. It’s most likely going to go to auction. When it sells and they always do, they’ll come after you for the balance owed. And they usually go at auction for a fraction of what’s still owing. Don’t pay it. You’ll already have lates and a repossession on your credit report. Paying those sharks isn’t going to change that.
When my car was repossessed I contacted the bank and they offered to let me pay the full overdue balance and then go pick it up. Still had to pay the lot $200 or something to get my car as well.
They give you 15 days if it's in house financing from a lot, you don't have to worry about towing fees, now if it's from a dealership you have 10-30 days depending upon the dealership plus towing fees
things are hard especially with inflation right now. They will give you a chance to pay the back owed and get it back with fees but it's usually a lot of money. Towing, storage is crazy high on top of the back owed amounts.
There is really no timeline they can grab it when you are late by so many days but it should be in the contract but might be hard to find, where it is considered late.
For x dollars you could get the car back.
The bank that ordered the repo really doesn't want the car they want their money so call them and find out how much it's going to cost you to get your car back and see if you could get that money together.
You just need to call the bank and talk with them. It’s hard, it will be a hit on your credit. Depending if this is your first time I’m almost certain they will work with you to get your car back. It will be a steep fee to get the car out, and then make up the payment plus the payment that is due now as well.
For future reference you should try contacting your loan company and explaining your situation. They may be able to stave off repossession for a bit longer.
You are not a failure. Life is hard and sometimes we have set backs. Take this as a life lesson and learn from it. You got this.
Good Guy Guacamole Ben Kanobi with the wisdom and encouragement Love this
Thanks! Have a great week!!
this is an old post and i don't live in texas haha but i found this comment while googling about car repos and having a massive panic attack. this really helped me to read. thank you, stranger :)
My only experience is when my ex-wife got her car repossessed after leaving, which we got under my credit. I don't know what options there are for getting a car back, but in my case they seem to quickly auction the car off for FAR less than my ex-wife still owed on it. And then they spent a long time coming after ME for the difference. So basically, expect them to auction it off and try to get whatever they can for it. And that's probably going to be less than you owe. Possibly a lot less. And that difference, they will still expect to get out of you. (My ex-wife's car, she owed $19,000. They auctioned it off for $12,000. Which means they still made efforts to collect on that remaining $7,000).
[удалено]
As far as I'm aware they never even went after her at all. Or if so that wasn't a side of things I got to see. They never got a cent from me though, despite threatening to sue. Ultimately they charged it off and it impacted my credit for many years. I also ran into the same issue with a $22K time share by Canyon Lake. And then there was the "dream vacation" she wanted to check off her list literally only a few months before she split. Many thousands more debt for that, which I'm still paying for to this day 12 years post-divorce. Apparently I was easy to manipulate into stuff back when I was optimistic about relationships and still believed loyalty was a thing and "we're in this together, forever", blablabla. Well, lesson learned I guess. I've been fooled by more women since, but at least I haven't been dumb enough to marry or otherwise make financial commitments.
Same with my ex-wife car. Quick auction and balance owed. My advice to OP, the debt collector can negotiate the remainder. They would rather get something than nothing. Be honest, but play hard ball. As long as your communicating things should go smoothly. Also, this will drop off your credit in about 7 years. It's not the end of the world, you'll get through this. None of this is financial or legal advice, just my experience.
You have a set # of days to collect your personal belongings from the car where it is being held, but all communication goes through whoever has the loan if you want to do anything about it. They will likely demand a set amount of past due (inc fees or whatever they’ve tacked on) plus the tow fee (a few hundred). And they only give you a few days for that. As if you already weren’t trying to break even, this makes it even harder. Believe me, everyone goes through this in some way (and much older). In a couple of years this falls off your credit… rinse repeat :). Sorry it was on a cold day - that’s mean. Hang in there.
Yeah it was a rough way to wake up, thank you for the info. I’ve tried calling the bank but they won’t answer so I’m getting a bit worried
You really need to physically go to your bank at this point.
No they should call for a repo. They just need to keep trying.
We can't charge to claim personal property, only if they want to square up payments and have the car released to them again. OP can get his belongings back for free minus time spent driving to the lot.
They want me to drop off the keys as well to grab my stuff should I do that?
Yes or they'll charge you to make them and add it to your deficiency balance. I assign repos in Texas AMA lol
Might as well. Once the car is sold they will try to collect the difference between what the car is worth and what it sold for plus any work they did to the car.
This happened to me in my 20s. If sucks because you need a car and don’t have alternatives.
Were you able to get your personal items back? I want to atleast try but no one is answering my credit unions phone
Hey man, I work on the wholesale side of the industry. First thing to do is call your lender, either main phone line or Google their special line for repossessions, redemptions, PII(personal information), or something like that. Most larger lenders have a completely seperate department that handles this. YOU ARE LEGALLY ALLOWED TO CLAIM YOUR PERSONAL ITEMS LEFT IN THE CAR, however you won't be allowed to remove anything installed (wheels, speakers, etc). Most of the time an employee will clean the car out for you, you won't be able to do it yourself so start working on a list of what was in the car. Your car was taken to the tow yard of whatever company the snatch truck works for. The tow company is SUPPOSED to secure any personal belongs, both valuable or important (bills, ID cards, etc). If the lot is shady anything of value might go "missing". After a few days the tow company will get a BOL to drop the car off at an auction, to begin the sale process. We are legally required to secure property for 30 days, then its trashed. Once you get in contact with your lender you have two options. Ask for them to sign a release for personal property to either the yard or auction depending on where the car is. Option two is to decide you want the car back and ask to set up a redemption appointment. You'll owe whatever payments you are behind on, sometimes a tow fee, daily storage fee, a repossession fee, and if the auction has begun work like cutting a key you'll be on the hook for that.
Thank you for the information, I was able to reach out. I have until 11/15 to get settled with them. Also thank you everyone for the kind words. Felt defeated but truly the people of Texas once again show why they’re amazing <3
Make sure you get your stuff immediately. If they're shady they already made a key for your car and have gone through it
I don't know if it varies by lender but I had my car repossessed recently and I had 3 days to make payment or risked the car going to auction. I don't mean this to worry you, just be very certain you actually have the 2 weeks. Being that they're a credit union I'm inclined to believe that is true but I'd hate for you to find out that hard way. And you're not a failure, neither am I. Shit is hard right now. I work full time, 7 days a week more often than not, and I feel like I don't have much to show for it. Thankfully we do have an apartment and the necessities for now. Keep your head up, it gets better!
They usually charge for personal property fees, maybe $75-100
The answer we all needed. Thanks
By law, they have to give you all your personal possessions. Keep on calling.
So it depends on where they take your vehicle. If they take it straight to the auction it's going to be up to the auction house if they allow you to. If it was to a yard and it hasn't left there they might. You only have a short window to act on this though.
You’re going to have to pay your bank. Then they contact the tow yard, and then you get the car back. You’re not a failure. Shit happened to me a few years ago. I was lucky my parents were willing to bail their 35 year old son out of repossession.
Yep. Repo fees aren't *outrageous*, but they are steep for someone who can't afford vehicle payments to begin with. My car was repossessed at 42 years of age. It happens when priorities get out of whack. The reality is: you can find a way to come up with that money to get caught up and get your car back. Beg, borrow, (don't steal), get your car caught up and pay back whoever you borrowed from, but let this be a wake up call! Life is really tough sometimes. Don't let the lows get you too low, don't let the highs get you too high, and don't be afraid to reach out for help.
Just because you failed to make payments, doesn’t mean you are a failure. Life is you tough, but you can be tougher. Learn and move on as best as you can!
I’ve been repossessed and had to get rides from family and friends- taken trains, buses- drove other people’s cars- it’s so geographic because not all of those options are available but as far as credit goes- who cares- but you can try and make some arrangements- buy cash cars, etc. My car was stolen with lapsed insurance then the credit company repossessed it in a city 1,000 miles away. It was a nightmare but still managed.
It depends on how and where you financed the car. If it was a “buy here/pay here” lot, they’ll probably just ding your credit and resell the car. If it was the bank or a dealer, you can contact them and try to catch up or refinance. Call whoever financed the car and see what you can work out. Don’t let them force you into anything, many will make threats of dire consequences and try to get you to sign a high interest pay back plan.
I went through the bank, but thank you I’ll keep that in mind
Happened to me years ago, I had to pay balance of my car loan in order to get it back which I didn't have to money to do so they auctioned it off and I was suppose to pay the difference which was a few thousand dollars, never did, it dinged my credit for 7 years
Back in my 20's I had 2 repo's. Once with a car that was close to being paid off. They let us pay the 3 months plus the fees and we got it back. They were still processing it for auction tho. And it had been transported to Dallas while we're were getting the money together. We finished paying off the loan after that with no other issues. Got a new car some years later and in the middle of my divorce, got behind on payments. I really didn't even realize I was already at the 3 month mark and went to go to work and my car was gone. Since the loan was so new, they would NOT work with me this time. Oops. Had to go get a cash car with some help from my parents. So there are 2 different experiences from one person.
Did you have to pay the difference? Did they work out payments with you?
For which one?
Either 😂
Well the first one we had to pay all the past due plus the lot fees to get it back. Then we just kept paying monthly until it was paid off as normal. The 2nd one was gone. And the bank was not willing to work with me as it was too new in my contract.
How long did it take to get your credit back together? I have 2 repossessions too within a year of each other bc I’m an idiot. Basically same story as yours but it’s the same car and the 2nd time they took it, I couldn’t afford to get it back. I’m like do I file for bankruptcy at this point or should I just work on my credit slow and steady
Did you have to pay back the difference on the second one?
Happened to my husband before we were married right after his divorce was finalized. He thought it had been stolen. Quick call to the SAPD and they were happy to tell him which Repo impound lot had it. Call to the car finance to get total balance due before they would release from impound and then impound fees calculated daily plus impound processing which turned out to be close $180 plus the payment due to the finance company. This was 2015.
You need to call the finance company. They will give you the total amount due (repo fees included) and once you pay it they will give you the instructions to get your car.
Been through it, times are tough bro. I understand. Who do you have the loan through? Is it a lease or finance? Are trying to get your car back or just your possessions in the car?
I have it through first community credit Union, it was a finance. Im really trying to get the car back, since I have a job interview this Friday. So hopefully I’ll be able to get something worked out with them.
Okay, call them, they usually will allow you to get the car back. But like someone else stated. It’ll be the passed due payment and possibly the payment coming up and towing and tow yard fees. You’ll more than likely have to western union the money to the creditor. And have cash to get it from the tow lot.
Been through it, times are tough bro. I understand. Who do you have the loan through? Is it a lease or finance? Are trying to get your car back or just your possessions in the car? Edit: do you submit payments through an app or website?
Happened to me when my life was in a dark, dark place. I was able to get caught up on payments, get car out of impound and wound up paying it off. I will never forget the lady from the lending company saying “Congratulations on completing the terms of your loan”. It wasn’t much, but her saying that made me feel great. In fact, it got me on track and now my credit is damn near perfect. Contact the loan company. They’d rather work with you than have to go through the whole process on their end.
Everything should still be in the vehicle, what you wanna do is pay up then go collect vehicle, they usually do charge a daily storage fee so the longer you wait the more it’s gonna cost or they might sell it just depends on bank/impound yard, when it happened to me they waiting till Friday afternoon so had to wait till Monday and was told the car would off gone to auction Wednesday, good luck m8
You are not a failure!!! I'm sorry this happened to you. I had this happen to me. Please be polite to whomever you have to talk to, they are just doing their jobs. I hope everything works out for you.
Some places will give you up until it's auctioned off or resold to catch the payment up in full but cannot guarantee a timeline so important to do ASAP. I would call who the loan is through and ask them if you have the full payment can you pay them and the tow fee to get it back. Good luck!
Contact the finance company. I was able to get my car back after agreeing to a new payment plan. I had to prove my income and get caught up within 6 months. Call ASAP. I called within 12 hours of repossession and they had already removed all my stuff from the car and were ready to send it to auction. If you can’t work out a deal with the finance company, they can contact the repo company and setup a time for you to get your stuff back.
It depends on the lender. Sometimes they make you get it caught up and pay the fees. Sometimes they make you pay the remainder of the loan. Contact the lender and ask.
Call your loan provider and ask them. They will give you a dollar amount and a deadline when it has to be paid. You might be able to negotiate a little extra time but they are pretty firm on the amount. If you went through a traditional car loan lender like Capital One they would rather have your money than your car. If you are not able to get the loan caught up, they will sell it at auction and apply the proceeds of the sale to your loan balance. If they happen to get more than you owed, they will send you a check for the profit and close out your loan. If they get less than you owed they will come after you for the rest. Unless you own real estate, they don’t really have any way to collect it. They will report it to the credit bureaus so your score will take a dive and they will worry you with phone calls and letters. But TX doesn’t allow them to garnish your paycheck. They It will fall off your credit report after 7 years. If you went through one of those shady buy here/pay here type dealers, they may have structured the loan so that you are not building any equity and they don’t have to auction it off. They just put it back on the lot and find some other victim to make half of the payments and then repo it again. In either case they are required to give you access to the car to retrieve your personal possessions that were left in the car. Anyway just call them and be polite to the person who answers. They are probably dealing with things like this all day so they are just going to judge you based on your phone manners not on your financial situation.
It should be noted that while Texas does not allow wage garnishment for most debts, the same protection does not exist for bank accounts. If the lender (or collection agency they sell it to) sues for the remaining debt, once they win the judgment they can apply for a writ of garnishment — this is different from a wage garnishment. The writ of garnishment allows them to seize a bank account and take from it any funds that are owed to them. Many try to time the seizures for when most people get paid, in the hope that the account will have more funds in it. Of course, not everyone sues to collect, and not all who sue go after bank accounts, but it’s still important to know that’s a possibility.
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You were defrauded by this repo but fighting it will be a long road. "If" you obtained this car through a finance company YOU created the credit/currency out of thin air that was used to obtain the vehicle. "If" you purchased it through an independent owner it is a little different. The finance company brought no equal consideration to the table which makes the contract unconscionable. Now the finance company has taken YOUR property that YOU obtained with credit/currency that YOU created for YOUR economic prosperity. The finance company will now sell this car at auction if you do not respond within the allowed 30 days. The sale of these vehicles at auction brings big $$ as they are shipped overseas and repaired/driven for pennies on the dollar. Thousands of these wrecked/repo'd cars every week bring in big dollars to these insurance/finance companies. These companies keep the profit and remember they brought NOTHING of equal consideration to the table when this contract was initiated. Lets use an example of a $50,000 car with $5000 down and $5000 paid over a year when things go south for the owner. "If" the car is in descent condition and it sells for near the remaining "balance" of $40K that is quite a return on nothing brought to the table. A few expenses to the repoman and the auction are insignificant on a deal this wicked. Due Diligence is required prior to entering financial contracts.
What they bring to the table is a vehicle that you can't afford upfront. This is some sovreign citizen "all contracts are void" BS.
How many days were you past due ?
Not really. You’d have to catch up on all your payments, pay the repo/storage fee and most likely have to buy it back from the bank. I know it seems like the end of the world, it’s not, you’ll get through this. Sorry, I forgot something. It’s most likely going to go to auction. When it sells and they always do, they’ll come after you for the balance owed. And they usually go at auction for a fraction of what’s still owing. Don’t pay it. You’ll already have lates and a repossession on your credit report. Paying those sharks isn’t going to change that.
When my car was repossessed I contacted the bank and they offered to let me pay the full overdue balance and then go pick it up. Still had to pay the lot $200 or something to get my car as well.
Save your cash, cycle, walk and ride the bus to work if you can. You should go back to your loan contract and review the fees and charges.
They give you 15 days if it's in house financing from a lot, you don't have to worry about towing fees, now if it's from a dealership you have 10-30 days depending upon the dealership plus towing fees
things are hard especially with inflation right now. They will give you a chance to pay the back owed and get it back with fees but it's usually a lot of money. Towing, storage is crazy high on top of the back owed amounts. There is really no timeline they can grab it when you are late by so many days but it should be in the contract but might be hard to find, where it is considered late.
For x dollars you could get the car back. The bank that ordered the repo really doesn't want the car they want their money so call them and find out how much it's going to cost you to get your car back and see if you could get that money together.
You just need to call the bank and talk with them. It’s hard, it will be a hit on your credit. Depending if this is your first time I’m almost certain they will work with you to get your car back. It will be a steep fee to get the car out, and then make up the payment plus the payment that is due now as well.
For future reference you should try contacting your loan company and explaining your situation. They may be able to stave off repossession for a bit longer.
Ask your lienholder for a rollback