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Facing repossession? What you need to know
Talk with your lender first » It’s easier to try to prevent a vehicle repossession than to dispute it after the fact. Contact your lender as soon as you realize you will be late with a payment. Many will negotiate if they believe they will eventually be paid.
Don’t waste time » If your car is repossessed and you want it back, contact your lender as soon as possible. Remember, you’re losing money every day your car is in impound.
Don’t forget your personal property » A lender may not keep or sell any items found inside the vehicle. If your lender can’t account for articles left behind, you may want to speak to an attorney about your right to compensation.
Keep the car or let it go » If your car has been repossessed, it’s time to ask yourself if you can really afford it, or if you will be better off letting it go and getting something more affordable.
Source: Federal Trade Commission
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