Repossession of Property
Penalties for missed payments and repossession
What should I do if I miss a payment
Everyone understands that life can be tough sometimes and even the best intentions can sour meaning creditors are no different. When you miss a payment it always best to contact your creditor and explain the situation as some may have programs in place for things like being laid off from work or an emergency medical situation. Even if neither of these situations is happening to you it is in the best interest of all parties to work together and come up with a plan that works for everyone. Creditors can work with you to lower your payments or give you an extension on an existing payment plan since a repossession is timely and costly for everyone involved.
Other options could be refinancing the entire loan with a different lender like a bank or credit union. Another option would be to take money out of savings or asking family members to borrow enough to bring the loan out of late status.
Options if your vehicle is repossessed
Repossession is a last ditch effort on behalf of the creditor, but you still do have rights and it may be possible to have your vehicle returned. In many states, your property inside of the vehicle like personal computers, phones, or important paperwork must be returned undamaged upon request. There may have been issues with the repossession process like having a repossession happen after the statute of limitations or the car sold for an absurdly low amount of money. Since laws can vary greatly on location and situation it is best to contact a lawyer for legal guidance.
Find A Buy Here Pay Here Dealership In Phoenix, Arizona
If a bank or credit union lender doesn’t want to loan you money for a vehicle because of your credit, BHPH dealers are pleased to put you behind the wheel today. If you live around the Phoenix, Arizona area and are wondering if a buy here, pay here car dealer is the right choice for you, stop by In-Power Motors. We are a buy here pay here dealership in Phoenix, Arizona ready to get you in a car today!