What is the repossession process?

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What is the repossession process?

My husband had a voluntary repossession on his car in 02/10. What notices were we supposed to receive? We knew they were going to repo the car, but never got a redemption period, or a notice of the car being sold  or even a final auction amount. I’m concerned that the amount that they reported as a charge off on our credit report is inaccurate and have no proof of what they sold the car for (if they sold it at all). In NV.

Asked on March 4, 2011 under Bankruptcy Law, Nevada

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

If the car is worth more than what they sold it for, and it paid off your loan, then there is no deficiency amount. If you did a voluntary repossession, many states consider this as a way around the redemption period and you may not receive a notice of redemption.  Once the vehicle is repossessed, you don't need to know the final auction amount if your loan is paid off. If you are unsure as to what you actually owed, you had a responsibility to keep track, as did your car loan servicer. So, if what you totalled is not the same or near the same ballpark figure as the amount on your credit report showing as a charge off, then you need to contact the company and ask for an accounting. If the company refuses or is slow to get it to you, contact your state department of financial institutions, see who regulates that servicer/lender and file a complaint with the agency who regulates it. You will be surprised how often it helps to resolve your issues.


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