What Happens If Your Car Gets Repossessed
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What Happens If Your Car Gets Repossessed
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What happens when you get your car repossessed Once seized your car will probably be sold at auction If your car sells for less than you owe you may be sued for the Losing a car to repossession can be financially and emotionally difficult. However, you do have certain rights and protections if your car has been repossessed because you were unable to make your car payments. Auto loan servicers must ensure that every repossession is lawful.
What Happens If Your Car Gets RepossessedWhen you surrender your car to the lender on your own terms, it's known as voluntary repossession. Here’s how it works and how it affects your finances. If you owe money on your repossessed car this debt will be discharged with the rest of your unsecured debts It doesn t matter if the repossession happened before or after filing for bankruptcy Filing your papers will stop the collection agency from going after you for the rest of the auto loan if your car was repossessed