If you ever face the unpleasant prospect of having you car repossessed, you’re not alone. In fact, experts say that the amount of daily repossessions leaped close to 20% last year. So there are lots of people who know all too well the stress such situations create.
If you’re not too sure about what the car repossession process entails for all parties involved, you’re in luck because the following information will explain the anatomy of car repossession as the vehicle changes hands throughout the ordeal.
The Person Who Owns the Vehicle
Let’s assume that you went out and bought yourself a new BMW eight months ago. As per this scenario, you were lucky enough to find an auto dealer who was flexible enough to let you drive off the lot with a spanking new car without your having to first put money down. Then, eight months after your purchase, you are laid off and no longer have the means to make your substantial monthly car payments.
If you stop making payments, your lender will send you numerous notices requesting that you pay any and all amounts owed. If payment still does not arrive, it will start the repossession process. This process starts with a lien filing, a court request to grant a levy and then a note to you that informs you about where your BMW will be sold.
The Person Who Repossesses It
When the repo agent comes to your door, you should understand that he or she is contractually obliged to do the bidding of the lender. The laws on the books in some states allow repo agents to access private property – whether or not the owner approves – in order to get the vehicle. Each state also stipulates what you as the owner can do in such a case. For instance, some states will permit you to move your vehicle to another location so that the repo agent can’t get at it, which means that the onus is on the lender to find you and the BMW.
The Auction and Dealership Lot
Should the repo agent successfully repossess your BMW, the car will likely end up being part of a private auction.
Parting Thoughts
While the best case scenario is for you to never have to face a repo agent, check out the repo cars guide on what to do if you incur your lender’s ire, this will help you to make the most of a trying ordeal.
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