Your payments are based on the depreciation of the car over the time you drive it, rather than on the entire sale price of the car. In this guide, we explain how repossession of a vehicle works and how you can get your car back if it ever ends up repossessed. You can recover from a car repossession by improving your credit, knowing your rights, and figuring out if you can get the car back. State laws differ on the amount of time you have to get your car back after repossession, but the banks are required to hold the car for a “reasonable time” before auctioning it off to recuperate their investment. The bank may decide to repossess your car if you stop making payments on your auto loan. You only have ten days to pay the redemption amount, or your car will be sold at auction. When this happens, you have to act quickly. A lot of it depends on your bank, the amount you owe, how far behind you are, and your history with the bank. The bank or finance company will send you a written notice after the repo, telling you the amount you need to pay. If your car has been repossessed by your lender, you may have the opportunity to get it back. But if you feel it is, your options are time sensitive – so make sure you act fast. The car repossession process can really take a toll on you if your credit is already suffering. A lot of it depends on your bank, the amount you owe, how far behind you are, and your history with the bank. If your car has been repossessed, you were likely behind on payments, and probably have blemished credit as a result. Once it’s back in your possession, try to be proactive and work with your creditor during any financial hardships moving forward to prevent history from repeating itself. Fortunately, there are options for getting a repossessed car back. Many people think that obtaining a car loan after repossession is impossible. Getting your car back after repossession Once the automobile has been taken, the creditor will send a notice with an estimate of the value of the vehicle, the amount owed and the required fees to get it back. How to Reinstate Your Car Loan After Repossession. These steps on how do you get a car back after repossession will allow you to take back control. Leasing a vehicle can be an effective way to drive a nicer vehicle than you could afford through a loan. If your car is repossessed it can feel like the end of the world. No major lending institutions, banks included, allow a delinquency on a major purchase like a vehicle. If your car, truck, SUV, van, motorcycle, or other vehicle is repossessed, there are several ways that you may be able to get it back. Our final option is to talk to your attorney. If you acquire a new car either through a hire purchase or a lease, then you are technically only the registered keeper of the vehicle and you’re not the owner (not unless you send the final purchase payment at … If you’ve had your vehicle repossessed because you haven’t kept up with the payments, you may be wondering if you can get your car back by filing for bankruptcy. However, if you … If your car is ultimately repossessed, you might be able to get it back in any number of ways, but you'll probably need access to some cash to do it. If you miss just one car payment, you could put yourself at risk for a repossession. How can I get my car back? Browse Inventory Contact Our Finance Center. Getting your vehicle repossessed is extremely stressful. If you believe that your vehicle was wrongly taken then you could file a lawsuit to get the car back and receive damages. If your car is repossessed it can feel like the end of the world. One of those methods, filing Chapter 13 bankruptcy, may allow you to get your car back from the lender, revise the terms of the loan to make them more favorable to you and even manage other debts as well. Dealing with a repossession can be scary, but it helps to know your rights and understand what options may be available to you so you’ll know what steps to take to get your car back. However, now the question becomes “How do you get a car back after repossession?” Provided that you have the money you need, there are some steps you can take. Reinstate loan: This involves paying off the amount you were behind on your loan plus repossession costs. But repossession doesn't usually come as such a shock because you know you're behind with payments and your lender has probably been calling you or sending you correspondence. What Happens After a Leased Car Is Repossessed?. There can be mistakes with the repossession or straight up violations and you may be able to get your car back or go after the creditor for damages. Repossession is one of the most serious negative entries that can appear on your credit report, so obtaining future financing will be a challenge. How to get your car back after repo — and what to do if you can’t.