What are the laws on getting a vehicle back after it has been repossessed before it is sold?

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What are the laws on getting a vehicle back after it has been repossessed before it is sold?

They made me an offer that I am considering if I can come up with the money but I have to let them install a GPS unit on the vehicle. The contract does not say they can do this but they are telling me I either take it or pay it off to get it back. I have real questions regarding the legality of this in OR.

Asked on August 6, 2011 Oregon

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

You need to first read your loan agreement for the vehicle that was repossessed in that its terms set forth the obligations owed by you to the lender and vice versa unless prohibited by law.

Your vehicle was repossessed because in all likelihood your were not making its monthly payments. If so, the lender was within its rights to repossess the vehicle. If the initial loan agreement did not require a gps unit on the vehicle, you do not need to agree to this term now if you can satisfy the amount that is in arrears, late charges, storage fees and repossession fees.

If you cannot satisfy the amount needed to cure the delinquency and other allowable charges on the vehicle, then you have to make the choice of losing the vehicle and likely having a deficiency judgment when it is sold at auction or take the offer and allow the gps device to be installed on the vehicle.


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