How does repo know where your car is?
Repo men (or, more properly, repossession agents) know all the ins and outs of getting cars back. If the borrower isn’t at his last known address, they’ll use “skip tracing” to find a car owner who’s in default. This involves using online databases to find evasive debtors.
Can they repo your car from anywhere?
What a Repossession Agent May Do in California. In California, the lender (or an employee of the repossession agency) can take a vehicle from any publicly accessible place, including your unsecured driveway, the street, a parking lot, or another publicly accessible area.
Does still own the car after a repossession?
If your car is repossessed, you still have rights that protect you. For example, any property you kept in the car is still yours . If the creditor repossesses your car, they can sell it, but they can’t sell your personal possessions. The law requires creditors to return your property to you.
What to do if your car is being repossessed?
What to do if your car is repossessed. 1. Pay off the repossessed car. Bankruptcy lawyer Steven Striffler notes that you have the right to “redeem the vehicle for the outstanding loan balance plus repossession costs before the lender may sell the vehicle.”.
What happens when you let your car gets repossessed?
Having your car repossessed doesn’t get you off the hook for your obligation to pay the entire balance of the loan. If the proceeds from the sale of the vehicle aren’t enough to cover the balance of your loan, the remaining portion is called the deficiency balance. In most states, your lender can sue you to collect this deficiency.
What happens if I let a car get repossesed?
What happens after your car is repossessed. Your lender may be able to “accelerate ,” which it when it requires you to pay off the whole balance of the loan if you want to get your vehicle back. Alternately, the lender can sell the repossessed vehicle or auction it off.