4+ How To Find Your Car If Its Been Repossessed Pics. Whatever bank, or finance company you borrowed the money from to buy the car are the ones who have their car. Despite it being a routine question, a decent percentage of people will take offense with the implication that they either have a car loan, or are behind on their payments.
If your car has been repossessed, then it typically means you missed a car insurance payment. Even when people can no longer make payments and if you have defaulted, your bank or finance company has the legal right to come take (repossess) your car. Cars are being repossessed and returned to banks and finance companies at an alarming rate.
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Your insurance company will apply its specific cancellation fee to your refund and send you the. A car repo is very damaging to your credit, he says. If your car has been sometimes, the repossession company will insure a vehicle under their own plan as soon as its in. This means, if your car is only sold in the subsequent auction, the proceeds from the auction may not be enough to cover your outstanding loan.