Doug Albee, a Riverside Used Car Dealer says, “Repossession. It’s a word that no one plans on or wants to even consider.” When you finance a used car and do not make the payments the car can be repossessed. The lender can take back the car without giving you advanced notice. They will sell the car and if it sells for less than you owe, you will be responsible for the difference.
Most states have solid regulations about car repossession as they allow the lenders to do such things without any advanced notice from the borrower or the vehicle owner. If this happens to you, it is very important to know your rights as a consumer so that you can still own your car even in this kind of circumstance. There are a number of possible solutions to fix this problem with your lender. With just a little research and counseling from a lawyer, you can rescue your vehicle from the hands of your lender or other potential buyers.
Vehicle repossession is often embarrassing and frustrating. Some owners would not mind giving the car back because they are not capable of paying the remaining balance due. However, if you want to own the car again, lenders will usually give you a chance to buy the vehicle for the full amount, according to its fair market value. In fact, they will let you know if they plan to sell it in an auction so that you can participate in the bidding process. Normally, lenders will make sure that they are reimbursed with what you owe and they will do their best to sell your vehicle. But then again, their rights have certain limitations.
As the owner of the vehicle, you have the right to redeem all the items placed inside your car. The lender cannot sell these valuables because the vehicle itself is the only collateral for the loan. They can be legally penalized in case you cannot retrieve your personal belongings, documents and other vehicle parts installed after the purchasing. When you are faced with vehicle repossession, know where to stand and defend it in case your rights are violated. Both the lender and borrower have certain regulations to follow.
Albee also said, “In today’s world, stuff happens. Nobody buys a used car planning on having it repossessed. When you find yourself in trouble, it is always best to contact the lender before you are delinquent.” Good words and a suggestion that should be taken to heart.
You can see more about Doug Albee Riverside Used Car Dealer by visiting the website at: http://www.dhmotors.com.
Or, by stopping by his used car lot, D&H Motors, 10158 Arlington Ave., Riverside, CA 92503. Offices can be reached by phone at (951) 688-6867.