Vehicle Repossession
by: Developed from materials provided by the Federal Trade Commission
What to Do If it Happens to You
When you take out a loan to pay for a car your lender has rights to your car until your last payment is made.
This is also true if you lease a car.
In most states, your lender or lessor can take your car if you don't pay them.
Once your car is taken, the lender or lessor may decide to keep it. Or, they may choose to sell the car at a private or public sale.
Selling the Car
In many states, the lender or lessor must tell you what will happen to the car and tell you what day it will be sold.
If the lender sells it, you may be able to buy it back by paying the full amount. You will also have to pay what it cost the lender to repossess your car and put it up for sale
In some states, you can get your car back by paying the amount you owe plus the lender's expenses. If you do get the car back, you must make your payments on time.
How is the car sold?
The sale of a repossessed car must be conducted in a "commercially reasonable manner." This means that the car must be sold in a normal way.
For instance, if the care is sold for a price far below the market value it not be commercially reasonable.
If the car is not sold in a normal way it may mean that
your lender has to pay you money, or;
that your lender won't be able to sue to for anything you owe on the car if the lender sells the car for less than what you owe.
Does the lender get to keep stuff I left in my car?
In most states, lenders cannot keep property found in the car.
Some state laws say that the lender has to keep others from taking your stuff.
If your stuff is taken, ask a lawyer if you can sue.
Paying what's left on the car
A deficiency is what you have to pay on the car after it is sold and the money from the sale is subtracted from what you owe.
In most states, if the lender or lessor has followed the law, he can sue you for the deficiency.
This means that if they have not breached the peace and have sold your in a normal way, you will have to pay them.
What if I am sued?
If you are sued, talk to a lawyer or file an answer within the time allowed.
In your answer, you can list why you should win:
One reason you might win is that the lessor or lender breached the peace when they took your car back.
Another reason is that your lessor or lender did not sell your car in the right way under the law.
Talking with your lender or lesser
To avoid getting your car taken and getting sued, talk to your lender or lessor if your payment will be late. Many times they are willing to work with you.
Sometimes you can change your payment date. If you do be sure to get any contract changes in writing.
What if my lender won't work with me?
If your lender refuses to accept late payments and is going to take the car, you could simply give the car back.
This may cut the lender's expenses, which could lessen the amount you will owe on the car after it is sold.
Who can I call for help?
If you need help dealing with a lender or lessor, consider using a nonprofit credit counseling service.
A good credit service may be able to help you set up a repayment plan. It can help you set up a budget and a debt plan for all your debts.
Call:
FINANCIAL SOLUTIONS OF WYOMING PO Box 342 441 S. Center, Suite 100 Casper, WY 82602- Phone: 307-234-8771 Toll-Free: 800-390-2227 Fax: 307-235-1618
Everybody's problems are unique. This website cannot tell you how your case will be decided.
This website can be used to help you learn the law. It can help you understand your rights. It can assist you in getting the help you need.
If you need more help than this website can give on your specific problem, you should contact a lawyer. If you are low-income and wish to apply for an attorney through Wyoming Legal Services, please click here.
Whether you are low-income or not, if you have questions about your case or are uncertain in any way, it is a good idea to talk to a lawyer before taking legal action.
Hiring a Lawyer.
Hiring a lawyer is a big deal. Be sure to shop around.
Before hiring a lawyer, you should ask a lot of questions.
Hire a lawyer you feel you can trust.
This website gives information on what to look for in a lawyer. This web site is not advertising for any particular lawyer.
E-mail.
Using this website or sending an e-mail to Wyoming LawHelp does not mean that Wyoming LawHelp is your lawyer.
It is important to understand that if you email WLWP and put facts about your case in the email that WLWP will keep your information confidential. It is also important to understand that what you put in your email may not be confidential if you go to litigation on your legal problem. This means that the information you provide could be used against you in court. This is not a good thing! Think twice about what you write in an email! If you have any concerns at all, call our offices or talk to a lawyer!
For all these reasons, you may wish to use the telephone or talk in person when looking for a lawyer.
Deadlines
If you are handling your own case or do not yet have a lawyer, it is very important that you not miss deadlines! You may lose your legal rights if you do not take action right away.
This means getting a lawyer right away if that is what you want.
If you don't have a lawyer call the clerk of court to find out what deadlines apply to you.
Getting It Right
Wyoming LawHelp is offered as public service. We try to make the information correct as of the date of the materials.
Sometimes the laws change. We cannot promise that this information is always up-to-date and correct, but we are doing our best to give you the best information we can.
Links
Sometimes we link to legal information given by other websites.
We cannot say with absolute certainty that these other links have gotten in right.
We do not sponsor these other links or use any trade name, trademark, logo, legal or official seal used at these links.
The Wyoming LawHelp is offered as a public service by Wyoming Legal
Services.
Wyoming Legal Services is a statewide program that works to improve
access to justice for Wyoming citizens. Wyoming Legal Services
provides free legal services, including legal analysis, representation,
information and education to low-income persons. We also
provide free advice & referral services to Wyoming senior citizens.
The work of Wyoming Legal Services relies on grantors and private
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The Wyoming LawHelp Stakeholder Advisory Committee includes (in
alphabetical order): Balwin & Crocker, PC, Centros de Recursos Latinos
(Latino Resource Center), The Legal Services Clinic (University of
Wyoming), The Self-Help Center, The Students` Attorney Office
(University of Wyoming), The Wyoming Guardianship Corporation, Wyoming
Legal Services, The Wyoming State Bar Foundation and The Wyoming Supreme
Court
