If your bank repossessed your car, truck, van, or any other vehicle, you may find yourself without the means to get to work and continue paying your bills. To address this situation, it is crucial that you act quickly. Today, Springfield’s expert bankruptcy attorneys at Groce & DeArmon, will guide you through the process of vehicle repossession so you can get back on the road.
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How fast must I move to reclaim my vehicle in a repossession?
Missouri requires a 10-day period before the lender can resell the vehicle.
While a lender must give you a reasonable amount of time to get your vehicle back — it’s incredibly important that you move quickly.
Luckily, there are several steps you can take to get your car back.
What is reinstatement vs redemption for a vehicle repossession?
First, you can attempt to reinstate the loan with the loaner. This may require some negotiation and a change of terms. At the very least, you will be required to get your loan current by making up all of the past due payments as well as applicable fees and late charges.
You can also attempt to redeem your vehicle. In short, redemption is when you pay off the entire value of the remainder of the loan. Obviously, if you were behind on payments in the first place, this is going to be a difficult solution. However, Missouri does guarantee you the opportunity to redemption.
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Can I repurchase my vehicle at an auction after a reposession?
Yes.
Most lenders are not equipped to make private vehicle sales. Instead, they depend on public auctions in order to recoup their losses. Request the auction information from your lender, and attend the auction of your vehicle. You can then attempt to bid on your vehicle at auction. There will generally be a decent amount of time before the auction — which gives the owner of the vehicle time to gather the money required to win their vehicle at auction.
Be Proactive During This Process
If it has been five business days and you haven’t received information about reinstatement, redemption, or the auction of your vehicle — reach out to the bank to request the information before it is too late.
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Your Trusted Bankruptcy Attorney for Repossession
If the lender didn’t provide you with the required notice before selling your car, you should contact a bankruptcy attorney right away. They can use this as a defense and a deficiency judgment in court. If you need a bankruptcy attorney you can trust, reach out to Groce & DeArmon today. Our team has years of experience providing excellent legal defense to victims of repossession and bankruptcy. Don’t roll over for the banks; find an attorney who will fight for your rights. Call our team today at 417-862-3706 or toll-free at 1-800-640-3706.
