If you have a choice should your repossessed vehicle be sold at a private or public auction?

1. When a car is repossessed and sold at auction?
2. Can you negotiate repossession fees?
3. What happens if a repo car is never picked up?
4. Should I pay off a repossession?
5. Do you still have to pay for a repossessed car?
6. Can I get my leased car back after repossession?
7. When your car gets repossessed Where does it go?
8. How do you get a repossession fee waived?
9. Is there a repo list?
10. How do you keep the car when an auto loan is charged off?
11. How do I park my car to avoid repossession?
12. Is surrendering a car the same as repossession?
13. Can a repo man enter private property?

When a car is repossessed and sold at auction?

When your lender has your car or other property repossessed, it sells the property, usually at auction. If the proceeds from the sale don't cover the total of what you owe to the lender—they rarely do—you might be liable for the balance, called a "deficiency" or "deficiency balance."

Can you negotiate repossession fees?

Repossession is time-consuming and expensive and many lenders will be willing to work with you to avoid that option. You may be able to negotiate a longer grace period or a lower interest rate, which will make payments easier.

What happens if a repo car is never picked up?

WHAT IF THE LENDER DOESN'T REPOSSESS YOUR CAR? This means that: You are stuck with it – if the lender doesn't come to pick up the car. You can't sell it – because the lender still has the lien, and selling it would be committing a theft.

Should I pay off a repossession?

When you pay off a repossession, it reduces the amount you owe to your creditors. This has a positive effect on your credit and will help to raise your score. ... Making the new payments as agreed on can help to boost your score by showing a recent history of on-time payments along with reducing your debt.

Do you still have to pay for a repossessed car?

Giving Your Car Back Voluntarily:

Doing so is called voluntary repossession. The main benefit is that you don't have to reimburse the lender for the costs of repossessing the car. However you may still have to pay the lender for the costs of storing and selling it.

Can I get my leased car back after repossession?

Often, a bank or repossession company will let you get your car back if you pay back the loan in full, along with all the repossession costs, before it's sold at auction. You can sometimes reinstate the loan and work out a new payment plan, too.

When your car gets repossessed Where does it go?

Code § 9609). In most cases, once the car is repossessed, the lender will sell it either at auction or through a private sale, often to a used-car dealer.

How do you get a repossession fee waived?

You may give the vehicle back to the lender. This is called a voluntary repossession. Not only can it save you the repossession fee, the lender may also agree to waive the deficiency balance and not report it as a repossession on your credit report.

Is there a repo list?

Generally, the list of cars any given lender intends to repossess is not released to the public. However, you can find out if your car is up for repossession by checking in with your specific lender. They will have detailed information about your loan's status.

How do you keep the car when an auto loan is charged off?

Auto loans are typically secured by the vehicle, which means it acts as collateral. If you don't make your car loan payments as agreed, your lender can take back your vehicle and keep it as payment for the missed loan payments or sell it to recover the money you owe.

How do I park my car to avoid repossession?

Keep your car in your garage.

If you keep your car in a private garage, it will not be repossessed. Just be aware that a trip to Wal-Mart, your work parking lot, or any other public space could give the repo man the window he needs for repossessions. They will watch your house, and they will follow you wherever you go.

Is surrendering a car the same as repossession?

Repossession. Surrendering your vehicle and repossession are very similar in financial terms. You are unable to make the loan payments, so the lender is taking the vehicle back. ... For this reason, lenders may consider a voluntary surrender to be slightly less negative than a repossession.

Can a repo man enter private property?

The quick answer to this is yes. The California repossession laws allow repossession agents to enter private property to repossess a car or vehicle. ... A repossession agent can also walk into the backyard to repossess a car as long as there is open access to the backyard. Again, there must be open access to the backyard.