How does the repossession of a car work?

UPDATED: Jul 28, 2011

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How does the repossession of a car work?

I’m behind in my car payments due to my wife’s health. Does the car company have to send a letter for repossession or filing a law suite against me?

Asked on July 28, 2011 Colorado


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

If you are behind in your monthly car payments, you most ikely will receive notice of the delinquency from the lender requesting that the account be brought current. If you do not, the car can then be reposessed by the lender without notice under the security agreement you have for the loan.

The car would then be auctioned off if the loan is not made current where you get notice of the auction date, time and location to attend the bid process. If the car is sold for less than what is owed, you would be responsible for a deficiency judgment. 

Perhaps contacting the lender about the situation with your wife's health may end up resulting in some changes in the monthly amount owed.

Good luck.

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