Repossesion

[Anonymous]

If your car get repossessed, Can you get it back by paying the note up? Or do the finance company call the whole loan? Nissan Motor Acceptance Corps..

[llecs]

It varies by state. Some laws allow you to catch up on the arrears w/ fees to get your car back and others make you PIF to get it back.

I had one a few years back and was allowed to catch up on a payment or two with fees, and got the car back.

[Anonymous]

I don't know about any state specific laws, but I can tell you that in Missouri it is entirely up to the lender.  If you haven't been habitually late over the course of your loan and it was a short term payment problem that was the result of say unemployment and the bank believes that after you catch up the payments you won't have a problem making the payments, they may be more inclined to work with you.  Otherwise your up that famous creek without a paddle.

[Anonymous]

In most cases, they will allow you to recover the vehicle with up to date payments and all the fees (and sometimes the next payment due).  You may only have 48-72 hours to do so though before they auction it off.   The other thing is that if it is a lease, they usually have clauses in the contract that state if it is repo'd that you have yo pay the balance in full, not just the past due payments.

[Anonymous]

The time frame in which they auction it off or sell it to a private party is also dictated by the state.  WA gives you 10 days to get your vehicle back.

[Anonymous]

Missouri also has a ten day redemption period.  In reality though it takes longer than that for the bank to sell it.  In order for them to sell the vehicle they have to have a title in the bank's name.  This can't be sent in until after the redemption period, so in actuality it takes 3-4 weeks before they are typically able to sell it.  At the bank I work at we've never broken even or sold a vehicle more than what was owed, so if you came up with all that was owed before the vehicle was sold, I can almost guarantee the bank would sell it back to you as opposed to running it through auction.