It can be tempting to hide your vehicle like you see in the movies when you get a notice that your vehicle is being repossessed because of non-payment on a car loan. However, this is really not the best option. Here are three things that you need to know and do if your vehicle is being repossessed.
#1 Clean It Out
You should get a little advance warning from your auto loan company, so take the time to clean out your vehicle. Remove everything from the glove box and all of the storage compartments. Take your change out of the ashtray. Remove the spare tire that you purchased from the truck. Get your CDs out of the CD player and take your phone charger out of your car.
Remove all of your personal belongings in advance of the repossession date. That way, you will not have to go through a lengthy process to get your personal items back from your car after it has been taken away.
#2 Remove Upgrades
If you installed upgrades to your vehicle that were not part of the vehicle when you purchased it and that you paid for yourself, it is within your right to remove these items from the vehicle, as long as it doesn't damage the vehicle.
For example, if you purchased seat covers or floor covers, you'll want to remove these items. Or if you installed a new sound system or extra speakers, you can take these items out of your car as well before the repossession date.
Or if you installed fancy rims on your vehicle, you may want to take it on to have the fancy and expensive rims removed and the regular rims put back on if you still have them.
Removing cosmetic upgrades before your car is repossessed will allow you to resell these times or reuse them.
#3 Contact The Repossession Company
The third thing you should do is contact the towing company or other company that is handling the repossession. It can actually end up costing you money if you continually hide the vehicle or make it hard for them to collect. To save yourself money, time and stress, work together to set an agreed upon meeting to hand over the vehicle. This will take away the emotional stress of wondering when your vehicle is going to get repossessed and will put a little control over this process back into your hands. For more information about having cars repossessed and towing services, contact a tow truck driver in your area.Share