How Do I Get My Car Back If It Gets Repossessed?

Posted: Saturday, March 26th, 2016
If your car has been repossessed, make sure you take the following steps:

  • Get in touch with your lender
  • Explore your legal rights
  • Develop a repayment plan
  • Work to repay any accumulated debt
  • Improve your credit
Green Light Auto Salesman with Mother and two Children

Find out more about what to do if your car has been repossessed—including how you can get a car loan in the future—today in this guide!

What to Do Immediately After a Repossession

To start, you’ll want to find out why your vehicle was repossessed. If your loan was delinquent, that’s the likely cause, but it could be due to other factors like insurance or a clerical error made by the lender. If it turns out that it was repossessed because you were late on payments, then be sure to do the following:

  • Make a Plan – To get your car back, you’ll need to figure out how you can start making payments again. Calculate how much you’re able to spend up front and on a monthly basis, then go from there.
  • Contact Your Lender – Chances are good that your lender will work with you to figure out a new repayment schedule. Make sure you’re upfront about how much you can afford.
  • Know Your Rights – Repossession is regulated under local and state law. Lenders take out liens on the cars borrowers finance, allowing them to repossess the car if payments aren’t made. Check and see if your lender has done everything correctly.

Once you’ve taken those steps, there’s more you can do to ensure your long term financial health.

More Repossession Advice

Take these steps to ensure your long-term financial health:

  • Make payments on a regular basis.
  • Stick to your monthly budget.
  • Stay in touch with your lender if you fall behind on payments.
  • Rebuild your credit with a low interest loan.

Next time you need to finance a vehicle, visit Green Light Auto Credit.

Turn to Green Light Auto Credit After a Repossession

Other financing services might not give you a loan if you have a repossession in your history, but Green Light Auto Credit knows you deserve a second chance. Follow this advice when you’re shopping for your next car:

To get started with the auto loan process, contact us today.