Car Repossessed- only out you've got

YOUR CAR GOT REPOSSESSED?!?! Why don’t you drive down there and let them have a piece of your mind! Just kidding you don’t have a car.

 You have can your car repossessed for not having insurance for an extended period of non-payment (most cases it is the later of the two). How do you win when your care has been repossessed? Well, I will tell you the number one thing is if the you were disturbed at all during the repossession! The towing of your car must be as if a thief in the night came and you had no idea until you walked out to where your car once sat only to discover that your vehicle disappeared! SO, STOP IGNORING CAR ALARMS! Even if you have everything paid and up to date there have been cases where the wrong car has been towed since the name of the game in repossessing car is to get in and out unseen and unheard, the person towing the car forgets to check the VIN number (of course this will lead to charges of grand theft auto for the towing company). Another way to get the towing company in trouble is calling in to the police your car has been stolen before they call in to update authorities that they have the car legally as a repossession! This could lead to a lawsuit in which then you can PAY YOUR BILLS and get your car back. Big banks can be held liable for what the towing company does (if they damage your car or pick up your car after you have a WRITTEN statement from the lending acknowledging you care current and up to date on payments, therefore the repossession process will cease starting and said date and time.

Look, here’s the good thing, lenders don’t want your car they want your money. They are not in the car buying and selling business (unless you bought your car at a “buy here, pay here” place in which case you might be paying a grossly inflated interest rate, but I get it you have to do what you have to do). Simply keep in communication with the lending company that helped to finance the automobile you have, it is cheaper for you, cheaper for the lender, and unfortunately the towing company will not get paid by YOU.

Short summary of how a repossession works:

~You have a vehicle that you are no longer entitled to have due to a breach in contract or breach in agreement on your behalf.

~The lenders need the money they loaned you to obtain the vehicle, since you are not giving them the money they hire a towing company to pick up your car.

~The towing company will get paid for searching for your car (a reasonable search they are not allowed to be looking for your car in New York when you live in Texas and claim they are entitled to be paid for that search), they charge for a new set of keys, storing your car, selling your car at auction, and other applicable fees.

~The bank gets the money from the sale of the vehicle, pays the towing company, the auction company, the storage company, and the remaining cash balance they have gets deducted from the amount of money you still owed for car.

~In most cases you will still owe the bank additional money; you are without a car, without more cash, and up a creek without a paddle.

~You are not liable to pay for any damages that might have been done to the vehicle from the towing or storage company, so when you get ready to pay the piper (the lender) ask to see an itemized list of expenses to ensure you are only paying what your legally entitled to pay.

IN SHORT: Pay your bills, keep in contact with your lender, catch anyone trying to tow your car (prime hours are 3am-6am), make sure you only pay what your legally obligated to if your car is ultimately repossessed, and learn from any mistakes to avoid repeating this in the future.

*BREACH OF PEACE
*Texas Business & Commerce Code section 9.609
*Uniform Commercial Code Article 9