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The bank repossessed my vehicle. What can I do to get it back?
I need to know if there is anything I can do after my vehicle has been filed for repossession through a bank? Can I go to bank and pay an amount higher than the amount owed during the repossession time and still keep my car?
What you are asking about is called the right of redemption in law. The right of redemption allows former owners who have had their vehicle repossessed or their home foreclosed upon to reclaim their property.
Generally speaking, to redeem your property you would likely be required to pay off the entire balance of the loan on the property in question, in addition to any cost of foreclosure or repossession, legal fees, and other costs incurred by the lender in its efforts to enforce the loan agreement, all in a single lump sum.
Not all states allow former owners to redeem their properties. You did not mention your state of residence so I cannot determine if you have the right of redemption for vehicles. Therefore, I urge you to consult with an attorney in your state to discuss your rights in this situation.
If your question concerns real property, see the Bills.com resource Right of Redemption Foreclosure, which discusses how homeowners can use the right of redemption to reclaim a foreclosed home.
I hope this information helps you Find. Learn & Save.
Best,
Bill
www.bills.com/
Debt statistics
Debt is used to buy a home, pay for bills, buy a car, or pay for a college education. According to the NY Federal Reserve total household debt as of Q4 2023 was $17.503 trillion. Auto loan debt was $1.607 trillion and credit card was $1.129 trillion.
A significant percentage of people in the US are struggling with monthly payments and about 26% of households in the United States have debt in collections. According to data gathered by Urban.org from a sample of credit reports, the median debt in collections is $1,739. Credit card debt is prevalent and 3% have delinquent or derogatory card debt. The median debt in collections is $422.
Collection and delinquency rates vary by state. For example, in South Carolina, 17% have student loan debt. Of those holding student loan debt, 10% are in default. Auto/retail loan delinquency rate is 7%.
Avoiding collections isn’t always possible. A sudden loss of employment, death in the family, or sickness can lead to financial hardship. Fortunately, there are many ways to deal with debt including an aggressive payment plan, debt consolidation loan, or a negotiated settlement.
