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Auto Repossession – What You Should Know
When you buy or lease a car, your creditor or lessor has important rights on the vehicle - until you pay for the car in full. The
rights and responsibilities of each party in the transaction is detailed in your finance contract and state laws. If you do not pay
your car note on time or if, you stop paying your car note, the creditor or lessor may have the right to repossess your car without
giving you any warning or pursuing the matter in the court system.
When a creditor decides to repossess your car, they cannot “breach the peace”. This means that they cannot forcible remove
you from the vehicle. They cannot enter your garage and take the vehicle, stop you on the street and seize the vehicle, pretend
to be law enforcement or cause unnecessary commotion in the process of seizing the car. If your creditor breaks any of these
rules, they may be required to pay damages.
Once your car has been repossessed, your creditor may sell the car at a public or private auction. Most states require your
creditor to advice you of the date of the auction so that you can attend the auction and bid on the car, if you so please. In most
states, the creditor cannot keep any private items that you had in the car – you will have to verify this in your particular state.
If you decide to attend the car auction to repurchase your vehicle, remember that the full price of the car, will now be the winning
bid plus other expenses associated with the auction and repossession.
If you are not interested in repurchasing your car or if someone other than yourself purchases the car at the auction, the amount
that they pay for the car may be considerable lower than the balance you had left on the car, when it was repossessed. The
difference between the amount that you owed and the amount that the auction winner paid is called the deficiency. You are
responsible for the deficiency and any other fees associated with the repossession. For example, if you owed $10,000 at the time
of the repossession and the car was sold for $8,500, you will owe your creditor $1,500 plus other auto repossession fees. The
creditor may decide to pursue legal action against you and sue you for the deficiency amount.
If your creditor decides to sue you for the deficiency, they will notify you of the court date hearing. At this point, if you feel that the
repossession breached any laws (e.g. breach of peace, unlawful repossession, etc), this is your chance to offer your defense.
You will need the services of an experienced attorney