Vehicle repossession can take you by huge surprise. One minute you leave your vehicle safely parked, and the next time you go out to your car, it’s gone. In many instances, people are unsure if it has been stolen, towed for a parking violation or repossessed. Once you find out your car has been repossessed, figuring out transportation can become a hassle. And how will you pick up your kids from school or get to work in the morning? Suddenly, it seems like life without your car is impossible.
Why Was Your Car Repossessed?
The reason for vehicle repossession is always the same; nonpayment of premiums. But in some cases, errors are made. Perhaps you did make your payment, but it wasn’t correctly applied to your account. Or maybe your payment was late and didn’t reach the finance company before the repossession took place.
Know Your Rights
You have rights as an individual with a vehicle loan, even if the vehicle has been repossessed. First, you have the right to be informed if the company is planning to repossess your vehicle. Second, you have the right to try to come up with the back due payments in order to get your vehicle back. Other rules apply to the repossession process. They may not trespass into a closed or locked garage or private parking lot. They may not threaten you in any way. They may not follow you and force you to pull over. They may not bring law enforcement unless the company is already suing you. You may have other rights as well, which an attorney like Oaktree Law can help educate you and be by your side for every step of the way into getting your car back.
How to Protect Your Credit
When your vehicle has been repossessed, this will be reported to the credit agencies. It will show up as a black mark against your credit score in as little as 30 days from the date of repossession. Once this occurs, the stain will remain until you pay off what is due on your vehicle account. Even then, the repossession occurrence may still show up on your credit report, but will show that you paid off the back debt.
Figuring Out Transportation
While you’re figuring out how to get your car back, figuring out means of transportation is important. You have several options. You could:
- Hire a rental car – this could be costly over the long term, but if you’re planning on paying the back debt on your vehicle it might be worth it.
- Use public transportation
- Utilize taxis or other rides for hire – again, this is a costly solution
- Purchase a used moped or electric bicycle if you are close enough to your daily life obligations
- Ride with work colleagues
Has your vehicle been repossessed? You don’t have to figure out how to get your car back by yourself. Let our Los Angeles bankruptcy attorneys help you take the proper steps into retrieving your vehicle in order to help keep your life running smoothly. Contact Oaktree Law today!