If you're behind on your car payments and your creditor is threatening to repossess your vehicle, there are some steps you can take to keep it. Twisted Cable Towing recommends:
Contacting your creditor when you know you'll miss a payment. Many creditors are willing to work with you as long as they remain informed.
Getting any approved changes in writing. Failing to do so means that the original contract is still in effect, and your creditor can still legally repossess your car.
Removing all your personal items. If your car gets repossessed, you'll have a hard time getting your belongings back even though the creditor has no legal right to keep them.
However, the best repossession prevention strategy is to make your payments on time.
Call 704-267-4002 today to learn other ways to keep your vehicle in Cleveland, Salisbury & Statesville, North Carolina.
Twisted Cable Towing has dealt with a lot of vehicle repossessions over the years. We've learned that creditors don't have to notify you when they're repossessing your car. As long as neither of you have violated your agreement, they can take your vehicle at any time. Once your creditor has repossessed your vehicle, they can require you to pay your late payments, the cost of repossession and the remaining loan balance on your vehicle.
If you can't pay, they can sell your car at a private or public auction. They need to notify you of the time and location if they do so. Once your vehicle has been sold, one of two things will occur. If the sale covers more than the cost of your remaining balance, the creditor has to refund you the difference. If not, you'll have to pay a deficiency balance.
Don't despair if your vehicle gets repossessed. You have options. Contact your attorney ASAP to learn the legalities of car repossession in Cleveland, Salisbury & Statesville, NC.