Having your car repossessed is scary. You need your vehicle to go to work, doctor’s appointments, and other important places.

Fortunately, you might be able to get your vehicle back if you take the right steps. Here’s how to advocate for your legal rights after having your car repossessed.

Exercising Your Right Of Redemption

You may be able to exercise your right to redemption and pay the loan off to get your car back. This means you can take your vehicle back without penalty since it’s now your rightfully owned property.

However, you must act quickly to take advantage of this opportunity after your vehicle is repossessed since it’s only available for a limited period of time.

Ask If You Can Reinstate The Loan

Another option might be to reinstate the loan, which simply means bringing the account up to date by paying the past-due balance and any associated late fees or repossession costs. Most lenders still want their customers back in good standing even after a repossession.

Before asking if your loan can be reinstated, make sure you can cover the costs. You need to be able to consistently make your payments in the future, otherwise you’ll just be in the same boat.

You Can Purchase The Vehicle At Auction

If your car is being sold at auction, you might be able to buy it back yourself. Start by looking for auctions in your local newspaper or online where your car might be. Then, attend the auction your vehicle is at and place your bid.

Note that most auctions require immediate payment. You won’t be able to leave the sale with your vehicle without having paid for it in full. But if you still want to make payments, you might be able to get financing from another lender.

When Should I Call An Attorney?

You need legal guidance if your car is being repossessed. It’s crucial that you understand your rights and the best way to get your vehicle back. A bankruptcy lawyer can help.

The sooner you call an attorney, the better chance you have of a positive outcome. Sims Bankruptcy Law, PLLC are veteran Dallas, TX bankruptcy lawyers who will advocate for your best interests after your vehicle is repossessed.

Call now to discuss your case by dialing 469-751-7467 (Dallas-Fort Worth) or 254-304-7161 (Central Texas).