People in Philadelphia may be very concerned about what they can do if their car is being repossessed. No one wants to go through an auto repossession, but people who are facing this situation may benefit from understanding certain key steps that they can take to protect themselves. When people buy a car, they typically take out an auto loan. Throughout the course of that loan, the lender remains the titled owner of the vehicle until it is paid off, giving the lender the right to repossess the car if the contract terms are violated. In most cases, people may be threatened with repossession after they stop making payments on the car.
An auto lender may not provide notice before repossessing a vehicle if the person making payments is in default. Many people want to avoid repossession because it can remain on a credit report for up to seven years and negatively affect their ability to access credit. In some cases, people may be able to avoid a repossession by speaking with their lender in advance before they miss a payment. It may be possible to negotiate a later payment date, a forbearance or a deferral of a payment. Some people may refinance their loan for a longer term.
If people are unable to negotiate an agreement and their car is repossessed, they may not know until they see the car is gone. However, if people see the repossessor before the car is taken away, they have the right to tell them to leave before the auto repossession.
In some cases, people may deal with lending companies and repossessors acting in bad faith, violating agreements and breaking the law. Those who have been cheated by an auto lender may consult with a consumer protection attorney about how to protect their rights.