When your car is seized, you may feel desperate, ashamed or simply furious. Maybe the loss of your job or an illness caused your financial problems. Maybe you were reckless about the payments. But the financial company or the bank does not care why you do not make your payments, especially if you have not had any contact with the owner of the vehicle.
The financial companies and the banks and will make several attempts to reach an agreement with their credit subjects when the payments of a car are late. The best solution is to try to avoid the embargo by negotiating with the finance officer. Try to find a solution that everyone can adjust to. Do not ignore the situation. Acknowledge the problem and ask for help.
If it’s too late and they’ve already taken your car, you can still get it back. Some banks and finance companies will come to an agreement with you. They may ask you to pay all late payments (in addition to towing or garnishing charges) so you can recover your car. They can even give you a tolerant time to do it.
The finance company can insist that the loan is paid in full within a certain period of time so that you can recover your car. It is possible that this period can be negotiated. Ask for any time span between a week and a month, depending on how much the company wants to support you. Storage charges may be charged for the time the car was stored.
It may be that you get the necessary funds to recover your car, perhaps a friend or a relative will lend you. Make sure you find out exactly how much money the finance company will accept to return your car. If you send less than the agreed amount, the company will simply apply that amount to the debit balance and keep the car.
If you are completely unable to raise the funds for yourself, try to sell the car for the remaining balance of the loan. Take the buyer with you to the company and have the buyer pay off the loan The bank will deliver the car to the buyer once the loan is settled. This may not be an ideal situation, because you will still be without a car, but you will keep your credit.
Talk to your finance officer as soon as you start having difficulties making payments on your car. You can refinance your loan if you have already paid a good part of it. Refinancing before you get the car is always the best option, instead of finding a way to get it back once the company is forced to take it away.