If you've recently received a car repossession notice in the mail, fighting to keep your wheels can be a major challenge. A car repossession attorney can help you buy more time and fight to keep your vehicle from being towed away.
Here are some strategies car repossession attorneys use to counteract the repo process.
Putting on the Brakes
Once initiated, a car repossession case can be difficult to stop. Because almost everyone involved with the car repossession (creditors, tow truck drivers, and dealerships) have something to gain, your attorney can help you put the brakes on the process to buy you more time.
- Extensions: in most states, car owners have the opportunity to argue for more time to catch up on their outstanding car payments. When your car repossession attorney argues for an exemption with the court, they will need concrete reasons why you fell behind. For instance, if you lost your job during the COVID-19 pandemic, your car repossession attorney can attach your unemployment benefits and financial records to show why you were unable to pay your monthly car payment.
- Documentation: in some cases, creditors initiate car repossessions illegally. For instance, if your car payment was lost in the mail and/or your creditor disputes that you sent a payment, they can initiate a car repossession even if you haven't missed a payment before. This rush to repossess is a tactic some creditors use to keep the money buyers invest in vehicles before they have paid off their loans. Your car repossession attorney can file for a temporary stay to prevent your creditor from legally repossessing your vehicle. You can help your attorney by providing copies of checks and/or electronic receipts for the payments you have made.
Stomping on the Gas
Your car repossession attorney can also take your case into the fast lane. By expediting your car repossession case, your attorney can proactively tackle potential issues before your creditor has a chance to move against you.
- Restructuring: with interest rates near all-time lows, finding a creditor to help you restructure an auto loan has never been easier. This means that another creditor can pay off your existing loan and give you a lower interest rate/payments going forward. Your car repossession attorney can walk you through the process and make sure that the terms are fair. If you're considering this option, it's critical to restructure your loan before your existing creditor files car repossession paperwork.