Repossession

While it's much easier to prevent a repossession ahead of time, you may be able to get your car back even after it's been repossessed with these options.

Your wages can be garnished after repossession as a last resort option for a lender, but only if the car was sold or auctioned for less than the amount you owe on your loan, creating a deficiency balance.

A repossession order is a legal document that grants a lender the right to repossess an asset. The act of repossessing your car and how long it takes depends on where you live and where you keep the vehicle.

Car repossession stays on your credit reports for up to seven years. The impact it has on your credit decreases over time, but you can’t remove a repossession unless the information is incorrectly reported.

The simple answer is yes, your car can be repossessed on private property if it's out in the open. But, there are laws that protect you and your vehicle when it comes to repossession.

It’s very possible to get a car loan after repossession, but you may run into some challenges if you need one immediately following a repossession.

It’s not always easy to get your car back if it's been repossessed, and you may find yourself in trouble if you don’t have the financial means to deal with it.

Regardless of whether you voluntarily surrender your car or it’s repossessed, it still affects your credit score. But, there are ways you can avoid repossession and save your credit.

When you fall behind on your car loan payment, it’s a good bet that repossession is in your future. But, because laws on this vary by state, this may not be the case in every situation.

There’s no set amount of time that dictates when repossession can take place, so it’s difficult to say how long you’ll have your car after missing a loan payment. But, if you fear repossession, talk to your lender. Rather than hoping the repo man won’t find your vehicle, do what you can to make the process easier on yourself.