Question:

My car was repossessed!what are procedures the repo man has to follow?

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my car was repossessed two days ago,i still have not received any paperwork.also ,does the repo man have to tow it,or can they drive it away?

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4 ANSWERS


  1. They are acting as the agent of the lawful owner (lender) and can recover it by whatever means available. I'm sure you will be notified by the lender in due time.


  2. Scott is right, the owner of the car (the lender) can drive it away anyway possible.  The only paperwork you will get is when the lender sells the car and you are still liable for the difference it what you owe and what it sold for.  So I am sure they will file for a judgment for the difference.

  3. They can take it however they want.  Once you default on the terms and conditions of the agreement, it isn't your car anymore.

    You will get some paperwork.  It will be from the lender - A notice of sale at Auction and a bill for the difference in what you owed and what it sold for at auction. In addition, you will owe storage fees and towing fees/repo man fees.

    If you want to try to avoid losing your car for good and try to save your credit, call your lender immediately and try to work something out.  Note that you will at least need to catch up on payments plus pay for any towing and storage fees.

    It is better than having a repo on your credit which will keep you from financing another car or house in the next few years.

  4. If you're truly interested in keeping the vehicle, I'd be on the phone with your lender now. You're about to enter into a world of pain. Your car will be sold at auction, and you'll be liable to pay back the difference between what it sells for and what you owe. Can't pay? They'll get a judgment against you.

    And, repo men can tow or drive the car. There are many who have to hotwire a vehicle in order to get it back.

    At this point, I wouldn't worry about how or why the car was repo'd, I'd be trying like heck to avoid having it sold at auction.  

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