If you want to get your car back after repossession, you have several options:
- Redeem the car or reinstate the loan (if allowed in your state or by contract).
- Wait until the sale and attempt to bid on the car at auction.
- Negotiate with the with the creditor to try to get the car back.
Do you still owe after a repossession?
If your car or other property is repossessed, you might still owe the lender money on the contract. If your car or other property is repossessed, you might still owe the lender money on the contract. The amount you owe is called the “deficiency” or “deficiency balance.”
How bad does a repossession hurt your credit?
In all, a repo could cause a 100-point drop in your credit score, Sanford says. And late payments, collections and public records generally all stay on your credit for about seven years, according to myFICO.com. You can stop a repo. The key is to communicate with the lender.
How long does a repo stay on your record?