Before your car can be repossessed, the lender must send you a notice of default. This notice will state that you are in default on your loan and that the lender intends to repossess your car if you do not cure the default within a specified period of time.
2. You have the right to cure the default.
If you receive a notice of default, you have the right to cure the default by paying the amount owed on your loan. If you cure the default, the lender will not be able to repossess your car.
3. If you don't cure the default, the lender can repossess your car.
If you do not cure the default, the lender can repossess your car. The lender can do this without a court order. The lender can repossess your car from any public or private property, including your home.
4. The lender will sell your car.
Once the lender has repossessed your car, the lender will sell it. The lender will apply the proceeds of the sale to your loan balance. If there is a deficiency, you will be responsible for paying the difference.
5. You may be eligible for reinstatement.
In some cases, you may be eligible for reinstatement. Reinstatement means that you can get your car back if you pay the amount owed on your loan, plus any fees and costs associated with the repossession.
If you are facing car repossession, you should immediately contact the lender to discuss your options. You may also want to speak with an attorney to learn about your rights.
