Has Your Car or Other Item Been Repossessed?
Few things can be as depressing as having your car repossessed. At Price
Law Group we can help. It is possible to get your car back if you act
fast. You can also obtain compensation if the repossession agents breached
the peace in retaking your vehicle. You are urged to contact a
bankruptcy attorney for help.
What to Do When You Learn Lender Intends to Repossess
In the usual contract for a car loan, there is a provision where you agree
to let the lender repossess the car if you fail to make a payment. If
you receive notice that they intend to repossess your car, your best action
is to contact them and pay up. If you have experienced hardship and cannot
make the payments at the level originally agreed to, it is possible to
seek a modification of the original agreement. As your attorneys, we negotiate
with the loan company to reduce your payments to what you can afford.
Breach of the Peace in Repossession Forbidden
Should the repo agents come to take the car, they may not cause a breach
of the peace. This means they may not take it over your objections. They
cannot use force and certainly may not haul it away with you in it. This
happened once and the lender had to pay damages of $1,200,000!
Repossession Attorney Helps Clients after Repossession
Once they take the car, you have a short time to reclaim the car. We can
help you in this action. It is often necessary to pay off the entire loan
but we can negotiate for you to be able to "cure" the default
by a satisfactory payment and commitment to resume payments faithfully.
After repossession, a sale is usually set within 10 or more days. At the
sale, the car is auctioned. The loan company is likely then to sue you
for a deficiency judgment for the amount of the outstanding loan plus
repossession costs less the money recouped in the sale. We can defend
you against this suit and counterclaim for damages for any breach of the
peace that occurred in the repossession.
Contact a Repossession Lawyer at the firm for help with your repossession.