Auto Repossession Debt Attorney
Are you facing auto repossession in New York?
If you have fallen behind on car payments or have failed to maintain insurance
on a financed car, you may be in danger of having your car repossessed,
and are wondering what to do. Creditors can repossess a vehicle in default
without notice and sell the car to recover as much as possible of their
loss on the loan balance. In addition, creditors can hold you responsible
for any shortfall between the car selling price and the balance of the
loan. An experienced New York debt relief attorney from Lebedin Kofman
LLP can review your situation and help you understand your options. Our
legal team has helped individuals throughout the state of New York find
debt relief and has a record of
How to Avoid Auto Repossession
Although auto repossession takes place quickly, there are several options
that could allow you to avoid losing your vehicle. First, it is crucial
to review your loan document carefully, noting at what point the lender
will consider you in default. One late payment will not necessarily place
you in default. Many loan agreements give individuals 30 days or more
after a payment due date before initiating an action to repossess the
vehicle for a default in payment.
If you are able to make up any late payments on the loan, including any
late fees or other charges, this is the quickest way to avoid repossession
of your car, but it is not always possible. When you bring the loan current,
the lender can reinstate the loan agreement. After reinstatement, you
will no longer be in danger of repossession as long as you continue to
make payments on time. If your car has already been repossessed, you also
have the option to pay off the loan balance in its entirety, including
any late fees and repossession costs. Known as redemption, this process
provides a way for you to own the car, free and clear. If the lender sells
the car before you can pay off the loan amount, you no longer have the
option to redeem the vehicle.
Having an attorney work with your auto loan lender to resolve the problem
is more effective than trying to deal with your lender on your own, and
we invite you to contact our team to discuss the situation. Lenders respond
to lawyers differently, particularly as the lender is aware that if you
file for bankruptcy they will be getting far less, and may be even forced
to return the vehicle to you. Other options for avoiding auto repossession
include selling the car yourself, as long as the lender agrees, refinancing
the loan, or filing for bankruptcy.
Work with a Skilled New York Debt Settlement Attorney
If you are in danger of having your car repossessed or have already lost
your vehicle, you need a knowledgeable New York debt relief attorney on
Our team has extensive experience with consumer law and is dedicated to resolving
our clients' financial problems with cost-effective and friendly service.
We offer a
free case evaluation with an online form, so you can tell us about your personal situation
with your auto loan and threats of repossession.
Contact us today for the help you need.