2. The lender will inspect the car. The lender will look for any damage to the car that may have occurred while it was in your possession. They will also check to make sure that all of the parts of the car are still intact.
3. The lender will store the car. The lender will store the car in a secure location until it is sold. The lender may charge you a storage fee for each day that the car is in their possession.
4. The lender will sell the car. The lender will sell the car at a public auction. The proceeds from the sale will be used to pay off your debt to the lender. If the sale price of the car is not enough to cover your debt, you will still owe the lender the difference.
5. The lender will report the repossession to the credit bureau. The lender will report the repossession to the credit bureau. This will make it more difficult for you to get credit in the future.
In addition to these steps, the lender may also take other actions, such as:
* Filing a lawsuit against you for the balance of your debt.
* Garnishing your wages.
* Seizing your other property.
If your car is repossessed, it is important to contact a lawyer to discuss your rights and options.
