“Dude, Where’s My Car?” may be the name of a lame Ashton Kutcher movie, but it could also be your response as you realize that your car has been repossessed.
Just like a home, a car is not yours until it is fully paid off. The creditor has the right to repossess it under certain circumstances, typically for failure to make payments. The same principle applies to purchased and leased cars.
If your car has been repossessed, what action should you take? We suggest starting with the half-dozen below.
1. Assess Damage – Repo companies have the right to take your car, but not the right to damage your property or use excessive force in the process. Document any property damage or other harm caused by the repo agency. You may be able to take action and get reimbursement for the damage, and potentially even have the car returned to you.
2. Find Out The Reason – If you haven’t been making payments, you know…