If you’re falling behind on your auto payments, a repossession effort by your lender could be in the future. However, laws regarding repossession are different in each and every state.
Replevin vs. Repossession
There is one main difference between replevin and repossession, which is that replevin is the result of a lawsuit.
In almost all states, lenders can repossess a car at any time, without any notice.
A tow truck driver authorized to repossess your car cannot break into your garage or break any laws when repossessing your car.
Many consumers under repossession tend to think that locking their car away or hiding it at a family members house can help avoid repossession.
However, attempting to hide your car from the repossession man is actually illegal.
The repo man has most likely done their research. They will usually know where you live, your habits, where you work, and more.
Repo men are not deterred easily. Repo men are also able to get onto almost any property to recover a car unless it disturbs the peace.
Some states will require that the lender notify the borrower before the repossession process can begin.
Other states will not even allow a repossession to take place unless a court order is issued. Replevin is a legal action a lender can take in order to claim the car as theirs.
If you are hiding the car or asset from repossession, a lender may sue you in court for resisting repossession.
Options for Replevin or Repossession
If you are facing repossession or replevin, you do have some options available:
- Instead of waiting for repossession to happen, take action! Call your lender if you’re about to miss a payment. Lenders are more willing to work with you than you think!
- You can avoid the pain of repossession is by turning over the car yourself. Before doing this, call your lender and see if you can minimize the damage to your credit.
- If you owe a balance on your auto loan, see if you can afford to pay off the delinquent balance and get your car back. This can be an expensive process for most consumers so weigh your choices carefully.
Hiding your car from the repo man has almost no advantages. Instead of waiting by, take charge and call your lender today to sort out your payments. If you are looking to buy a new car but are in need of financing, CrediReady can help.
Our nationwide network of trusted dealers and verified lenders work with buyers in all credit situations. Take a moment to fill out our free no-obligation loan inquiry form and start shopping for your dream car today!