How to get your car back if it has been seized by the finance company
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Having a car seized by the finance company is something that can happen if one is behind on their scheduled instalment payment. With that said, if we want to get back the car, what should we do?
If you fail to make consecutive car loan payments for 3 months, the finance company will start the repossession process. After about 30 days of attempting to contact you, if no payment or arrangement is made with the finance company, they will proceed with repossessing the car.
After your car is repossessed, you would have the rights to two options:
Allow the finance company to keep the car:
If you were to do this, your car would be sold at an auction. And if the sale price is more than the amount you owe, you would be refunded or given back the difference. However, if the sale price is less than the amount you owe, you will be responsible for paying the difference.
Pay off the outstanding balance to get your car back:
This process would require you to pay the amount that you owe, plus any late fees or other charges that may apply. You may also be able to negotiate a settlement with the finance company to reduce the amount you owe.
If you are considering selling your car, you can list it for free with and on Motorist, even if it is still financed.
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