Indiana Bankruptcy Blog

Your car has been repossessed without notice. How do you get your belongings back? Have you lost the items that you left in your car forever? This blog article discusses what happens to belongings left in an automobile during a repossession.

Act Quickly: You Have Only a Short Time After Car Repossessed

If you have lost belongings during an automobile repossession, you need to act quickly because you only have a short time. You need to contact the company that financed your car to see which company was contracted to repossess your vehicle.   After you have ascertained who has possession of your vehicle, you need to set up an appointment to get your belongings back right away.

There May be a Charge to Get Your Belongings Back

The company that is holding your vehicle may have a service charge for setting an appointment to get back your belongings. If the value of your belongings is minimal, it may not be worth the drive or the expense to get them back. However, for more valuable items, this trip and fee may be more reasonable than replacing the items. Remember, any attempt to retrieve your belongings must occur before your vehicle is scheduled to go to auction.  Attempt to get your belongings back as early in the process as possible.  If your vehicle has already sold at auction, it very likely that the automobile auction company already disposed of any belongings that remained in the vehicle.

Retrieving your Vehicle in Addition to Your Belongings

If you also desire to retrieve your vehicle, the company holding your vehicle for auction usually has a reinstatement amount calculated for your loan. If you are willing to cure any back payments and pay for the cost of repossessing the vehicle, the lender is usually very willing and ready to return the vehicle to you. Be careful, however, to calculate the costs and benefits of retrieving a vehicle that is behind in payments.  If the loan is “upside down” or you have a considerable amount of other debts, it may be advisable to file for bankruptcy or attempt to settle the debt.  Purchasing a paid-in-full or more affordable automobile could possibly better serve your financial goals.