And with a little patience you can buy a car at a lower price than from most dealers in the country. But borrowers have rights too. Several options. 3%. Section 123 letter of demand. Impact on Credit Score. Here are some examples of a car repossession’s effect on credit: A repossession remains on your credit report for seven years. What happens after the sale of the motor. 4. Only the sheriff may give effect to this warrant and repossess your goods. NCRCP20. 8. This will still hurt your credit score, but it will save you the cost of the repossession fees. If you miss a payment, the lender may contact you and ask you to catch up. In other words, if you don’t pay your car payments on time (what the bank folks call “keeping your loan current”), the bank can take your car back. Your lender might have some options to help you with this process. My concern now is feedback or updates. This could spare you some credit score damage, though a voluntary repo could. Once judgement (a finalised decision made by a court) is obtained, the credit provider can continue with obtaining a warrant to repossess the goods. How Voluntary Repossession Works. Wrongful Repossession . Repossession is a last resort for lenders, as they prefer. Families across America struggle financially due to an enduring economic, financial crisis, job losses, and inflation. Say your creditor does not want to negotiate with you and rather gets a court order for the repossession of your goods (for example); a summons has to be served on you. Defend yourself at trial. Only the sheriff may give effect to this warrant and repossess your goods. NOTICE OF DEFAULT & RIGHT TO CURE? If not, you must send it before you can proceed. You may learn more about your deceased loved one’s overall financial picture as the estate settles. If the creditor wishes to do this, their intention must be included in the notice to the borrower. Essentially, they. When speaking about wrongful repossession, people usually refer to it when it is about a vehicle – however, it can encompass any personal property article. 04/2002 code 1020600 Hammond: (219) 853-2360 Indianapolis: (317) 631-9410 1-800-869-0212 Lafayette: (765) 423-5327 1-800-382-7581 New Albany:. If you don’t make your car payments on time, your lender might have the right to take your car without going to court or telling you first. It will be sold to recoup as much of. Lenders are able to do this because car loans are security loans; this means the lender grants the loan based on collateral (the vehicle) and can. The MFC spokesperson says that, once you miss three payments, the debt is handed over to the legal department and the car is repossessed. Someone comes to your home and takes your car away, with or without your cooperation. 1 reviews | Active since Jul 2019. As a full-spectrum lender, RoadLoans accepts applications from consumers with all types of credit, including those who have been through repossession and. Temporary disability: Pay your monthly instalment or part of it if you lost part of your income. a. [4] The. Another benefit to voluntarily surrendering your. The Legal Process of Car Repossession in South Africa According to The National Credit Act , any creditor can send you a Section 129 letter of demand if your account is in arrears for 20 days or more. Orum Young Law Offices has filed over 20,000 bankruptcy cases in Northeast Louisiana and is well aware of creditors’ shady repossession maneuvers. However, the consequences of voluntary and involuntary repossession are not the same. Surrendering your vehicle and repossession are very similar in financial terms. co. You'll then be given 21 days to act on it. Proof of your income, not older than 3 months. Thankfully, the law carefully regulates the repossession process and repossession practices to make sure you and your property are safe. If the debtor cannot pay, the lender may initiate the repossession process. The process of repossessing a car can be complex, and it is important to ensure that everything is done legally and safely. Understanding the car repossessions process and its associated costs can help borrowers better manage their finances and avoid the risk of repossession. agreement) over your car, as security for the loan to you. If you then go past 30 days (and especially if you miss the next payment as well) – that’s where the process starts to speed up and you enter repossession, or “repo territory”. You would owe a deficiency of $8,350 ($12,000 - $3,500 -. Accredited dealers may register or log on to the dealer-specific self-service section: Top benefits. Remove all your personal. The Car Repossession Process: 1. With a lease, you're essentially renting the vehicle for a period of two to four years. Step 3: Obtaining a judgement. MFC holds regular auctions of various vehicles at locations throughout the country. R 5 000. Repossession How the Car Repossession Process Works (+ How to Avoid Repossession) Cathy Desmet. Repossession Help - Repossession Rights Lawyer. Here's what typically happens after you voluntarily surrender. With repossession of a car, you not only lose your vehicle, but you can also get hit with. Mfc Bank Repo Vehicle Auction Motoring News And Advice Autotrader 19. The borrower may object to this procedure. The retail value should be used as a guide and is for disclosure purposes only. Nedbank Vehicle Insurance. Now te car has been auctioned of after it was evaluated for less than the value of the car. Your car is then taken to an impound lot, where the typical holding time is. 1692a (6); 12 CFR 1006. If this vehicle is in plain sight, the contact may claim this immediately. I called all day to no avail. Car repossession is a stressful and worrying process, especially if you’re going through a period of financial difficulty. 1667x850 - The car was repossessed on the 08/06/2015 since i was behind with 2 months on my. Repossession is what happens when a creditor takes property put up as collateral because you've defaulted on the debt. Another risk to car buyers’ finances is the growing length of auto loans, many of. Here is a simple process of how to buy a car at an MFC auction: 7. This means that the owner can send someone onto your property without notice to repossess the vehicle. Car repos happen when someone is behind on their loan payments. What you need to know about repossession law in California and how to get your repossessed car back. Once the vehicle is repossessed, the lender may sell it to recoup their losses. Finally, filing for bankruptcy can help shield your car. Once you default on your loan, the creditor can initiate the car repossession process and sell your contract to a third party (called an assignee). . The MFC online account management service is intended for use by individuals and account information is provided as such. The first step of repossession usually involves notification from the lender’s representative to the. Rev. The laws surrounding repossession vary by state, but you have certain rights. If possible, it is best to file the Chapter 13 bankruptcy petition before a lienholder repossesses your car. Vehicle repossession can happen when you are still paying off your vehicle but cannot come up with the money you owe to the bank or loan company. Here’s how it works. Ensure payment is made to the seller or other finance house. Serious delinquency levels. In some states,. It is a quicker and easier option in some cases. You may choose to surrender your car voluntarily instead. Selling a repossessed car will not in profitable used Sargent as receiving the ganz loan amount, so the company will be willing to function with you in many cases, as long as you do your part and ask one company as anytime the possible. It occurs when a borrower defaults on their car loan, usually by failing to make timely payments or breaching other loan conditions. At Simon Fitzgerald LLC, our highly experienced attorneys profoundly understand your rights in dealing with creditors and the array of options available to you. If your account’s in arrears, you can pay the outstanding amount (or part of it) right now through our secure payment gateway. If you let it get repossessed, you could still end up owing on the car loan. We recommend contacting your lender, refinancing your loan, or selling your car to avoid repossession towing. In addition, the lender or repossession agent is not allowed to sell any personal property left behind in. If you owe outstanding fees the lender can take you to a collections agency to recoup the additional fees. At no point in time can consumer rights be violated during the repossession process. Create a “security interest. The lender usually initiates repossession when the borrower has missed three or more consecutive payments. The auction guide contains detailed information about bidding at an auction. Contact us today for help. Understanding the process, relevant statutes, and potential solutions is crucial if there is a possibility that your car will be repossessed. Protect your vehicle against third-party claims, and against loss or damage. Filing for either Chapter 7 or Chapter 13 can effectively stop car repossession. Simply put, vehicle repossession means your lender or lienholder—whether it's a bank, credit union, or dealership— takes back your vehicle because you've failed to make the monthly payments . Car repossession, also referred to as “car repo,” is when a lender reclaims a vehicle following a borrower's failure to make timely payments. Your creditor has the right to "repossess" -- take back your car without going to court or, in many states, without warning you. Accredited dealers may register or log on to the dealer-specific self-service section: Step 3: Obtaining a judgement. 5. You should ask to see the court order. I could therefore not register the car in my name. The right of repossession is created by contract and can exist in many different types of transactions. Retail value guideline: R651 000. Briefly, according to the Hire-Purchase Act 1967, the financial institution as the owner reserves the right to repossess a vehicle if the. Repossession. [8] Eliminate. We deal mostly with repossessed vehicle and also trade-in before it goes for an auctionIn repossession, a bank or leasing company takes a vehicle away from a borrower who is behind on payments, often without warning. has applied for a patent on a technology designed to allow the auto company to repossess cars remotely if the owner fails to make payments. The loan account number and the details of the financed vehicle (make, model, year, and VIN). 5 years – The statute of limitations is five years from the date of repossession to collect a deficiency balance through a civil lawsuit. If you fail to make payments, the company may have installed tracking and disabling devices in the car – so the car may stop working. The repossessed property transfer process is more complicated and takes longer than the standard property transfer process. Repossession happens when lenders or collection agencies use their right to seize your property to pay a debt. If you want to surrender your vehicle, then contact the bank or loan company and tell them that you cannot make payments on the vehicle anymore. 3 million auto repossessions in the U. You will then have a 21-day period to pay back the entire amount owed, including past due. 5 Wrongful repossession of consumers’ vehicles Many auto servicers provide options to borrowers to avoid repossession once a loan isAuto repossession is an unfortunate situation too many Floridians face. Having a car repossessed affects your credit score. A car repossession is most likely due to a strained budget that leads to missed payments. Right to Redeem: Illinois law provides borrowers with the right to “redeem” the vehicle by paying the full amount owed, including any repossession and storage fees, before the lender sells the vehicle. The lender may issue a notice of default and demand full payment of the outstanding balance. Just remember to use your account number as the payment reference. Repossession agents cannot cause damage to property to. 1. 1 1 5 Dehren N. Offices located at 3670 Maguire Boulevard, Suite 310. they have sent you (and your loan. The most essential aspects of these requirements begin at R. In some states, not. Our list of 7 best car auctions is as follows: Aucor Car Auctions. As a result, auto dealers have a leg up when it comes to giving car shoppers loans. iTrader: ( 0) First time with repossession. Original Resolution: 526x268; Durbantimed Then Live Webcast Mfc Bank Repo Vehicle Auction Aucor Kzn Durban October 5 To October 6 Allevents In Online Event Hi guys, this is the list of repossessed cars as of july 29 2020. Nedbank Vehicle Insurance. It’s a good way to buy a car at a cheaper price than you may pay at a regular dealership. The proposed system would first alert the. Auto Repo Can Stay On Your Credit for Up to Seven Years. Consider refinancing. Apply online easily in just a few quick steps. 3. LEGAL REPOSSESSION OF A CAR AS ORDERED BY A COURT. The rate at which Americans’ cars are being repossessed by lenders now exceeds that seen during the 2008 financial crisis. At trial, you will pick a jury, cross-examine the creditor’s witnesses, and present witnesses of your own. Electronic Disabling Devices. The auction dates and times are subject to change. If you act quickly, Illinois repo laws can. Take steps to protect your possessions: -Remove all important car purchase and finance documents from the vehicle. If the account is 10 days or more past due, have you sent the . People often ask “when does CarMax repo your car” The policy covers three critical aspects: the notification process, redemption options, and the consequences of repossession. If a borrower fails to make timely payments for a car loan, the lender may begin the repossession process. General Repossession Buying Information: When you’re looking to purchase a repossessed vehicle you can expect a lot of familiarity to working with a private party. A voluntary surrender is like a repossession – only you choose to turn in the vehicle instead of waiting for the repo company to take it away. Car repossession is the act of a lender sending out a recovery company to take your vehicle. I am still unhappy with MFC, i spoke to Chanel after my review and she said some sheriff by the name of Johnson will contact me to set up a meeting to speak to me. Another benefit to voluntarily surrendering your. Voluntary Surrender VS. The process for reinstating a loan, and if it varies by state; What is redemption, and how is it different from reinstatement? Just because a car was repossessed doesn't mean it's the end of the road for ownership. An automatic stay goes into place, sending a message to creditors that they must cease all actions against you, including repossession, foreclosure, and any other harassment. In this article, we’ll help you understand the repo process under California law and introduce you to some solutions, if you’re already facing vehicle repossession. za. A copy of the person buying the car’s identity card or document and driver’s licence. Top benefits. MFC will assist you in the process of purchasing from a private seller* as follows: Conduct the administration, verification and re-registration of the vehicle. MFC auctions holds regular auctions of various vehicles throughout the country. Say you owe $12,000 on an auto loan before defaulting on the payments. The auction guide contains detailed information about bidding at an auction. ”. While the average is between 60 to 90 days since your last on-time payment, your lender can repossess your car as soon as you default on the loan. Your rights after repossession top After your motor vehicle has been repossessed, there are some rules the lender must. Get your personal possessions back. Ask why your car was repossessed. After taking possession of your car, the lender begins the process for recouping the money you still owe on the car loan, plus any fees incurred — think. At no point in time can consumer rights be violated during the repossession process. The car repossession and collections will remain on your credit report for up to seven years. 800x600 - We are selling brand new cars specializing. Here’s what to do if you can’t make car payments or if your car is repossessed. voluntary surrender of motor vehicle description of vehicle: _____ year make model vin numberUpload or email these documents during the application process or after you complete the application. How To Find Financial Assistance For A Car Repossession – A creditor or lender can legally take back ownership of a vehicle from a borrower who has failed to pay for a car loan or lease agreement through the process of car repossession. This process is initiated with a summons and then finalized at Court resulting in a legally enforceable court order which authorizes the repossession via a warrant of execution. Go with the highest offer if you absolutely are sure things will turn sour and you can’t keep the car. 0860 879 900 Care@mfc. When you take out a car loan, the vehicle you buy acts as collateral to secure the loan—meaning the lender technically owns the car until you pay off the debt. Here are a few ways you can mitigate this: 1. The car was repossessed on the 08/06/2015 since I was behind with 2 months on my instalments because of unexpected financial curves. Vehicles that Nedbank repossess are for sale to the general public at auctions. What is the repossession process? Your creditor has to send you a discretionary notice before taking action. MAKE A PAYMENT NOW. 1929/001225/06. Bio and Articles. Your MFC consultant will give you the details of the store where your vehicle is being kept. Unfortunately for debtors facing car repossession this can mean dealing with a Texas repo man could prove more risky. You will be faced with a legal fee of about R26 500 which is applied for every repossession. When you finance a car, you agree to make regular payments to the lender. In other words, if you don’t pay your car payments on time (what the bank folks call “keeping your loan current”), the bank can take your car back. If the lender fails to provide the notices or provides legally insufficient notice, the repossession may be invalid. Our support team is available 08h00 - 16h30 (GMT +2) between Monday and Friday, and 08h00 - 12h00 on Saturday. Talking to Your Lender. Call us : 011 879 9321. Call us today to take advantage of our no-obligation offer. When your car or goods can be repossessed. The specific terms of your loan agreement may give you a grace period, so read it carefully. A car repossession attorney can help you file Chapter 13 Bankruptcy, and under the automatic stay regulations, you can have your car returned immediately. I refused to handover the car, as I had seeked advice of the process of repossession and this hadn't been followed by MFC. Permanent disability: Pay your monthly instalment or part of it if you lost part of your income. Ensure the technical inspection and roadworthy is done by the seller. The trade value inclusive of VAT. 1920x1080 - Car repossession occurs when a creditor reclaims a car from someone who has fallen behind on when and where cars can be repossessed. For example, the lender could offer a type of loan extension or modification that can extend the terms of. His/her MyKad or I/C. i spoke to mfc about my situation- the call centre agents said i still should make payment while i am unemployed. The lender repossesses the car and sells it at auction for $3,500. Generally, most lenders start the car repossession process once you’re in default – usually at least 90 days past due on a payment. Retrenchment: Up to six months of your instalments will be paid. Firstly, a vehicle purchased on a hire-purchase basis makes the buyer the hirer and the financial institution the owner. Keep up to date on the latest information on MFC auctions brought to you in partnership with Aucor. 0860 879 900 Care@mfc. I sent a follow-up email to Quentin. 45 days – The lender must send a “Notice of Right to Redeem Vehicle” within 45 days after the sale. You may learn more about your deceased loved one’s overall financial picture as the estate settles. The bank will send you the valuation value. Answer: In your vehicle surrender letter to a bank, ensure to include the following details: Your full name, address, and contact information. lender offers you the amount to purchase the car. car repossession, despite willing to pay, 1 month arrears. Accredited dealers may register or log on to the dealer-specific self-service section: your car during repossession. if you do not agree to repossession, the creditor may apply to the court for an order requiring you to hand over your car. Repossession Process. Further, you will have peace of mind. However, there is a process to repossessing a vehicle legally. It's also important to note that borrowers should move. So it may be important to keep this in mind when. Insights. Try to negotiate an alternative arrangement, such as selling your vehicle yourself or surrendering it. How to Get a Car After Repossession. Buy from a wide range of approved dealerships. Arrears payments. You should ask to see the court order. A repossession will impact your credit significantly but not forever. 18 reviews | Active since Apr 2017. N2 South, Between Caltex And Exit 222 Witfontein, Brandford, Bloemfontein. MFC refusing to make payment arrangements but repossessed the I was behind with the payments of the vehicle for three months and I was got call that they wanted to come take the car because I have not been able to honor my arrangements and now they came with the papers saying that I volunteer to give them a car back which was not true. Although auto loan delinquency rates have been down since the height of the pandemic, Ford applied for a patent to make the repossession process go smoother. A legal repossession is always preceded by a court order. Repo Laws and Your Rights. This warrant is issued by the court and sent to the sheriff. Repossession can have a significant impact. For instance, a lender might have the right to repossess a financed car if the. In most cases, selling your car doesn't cover the loan. Visit MFC Auctions and browse through our latest list of repossessed vehicles awaiting a new ownerUpdated: March 11, 2023 | Bill Fay Home > Debt FAQs > Car Repossession If you get too far behind on your car loan, it is in danger of being repossessed. Failure to pay off a deficiency balance may result. com Senior Consumer Advice Editor Philip Reed told Credit. The bank might then follow a legal process to take the vehicle back from you to cover their. Some states require prior notice before repossession. This quote will include the total amount necessary to bring the loan current, as well as the timeframe for doing so. . When we repossess a vehicle it is a lose. Technically, as soon as a loan or credit account is delinquent, the lender can take action to repossess the property tied to the loan. i have bee with mfc since my first car in 2009, i still am with them and they were my prefered financer everytime i changed cars, to think that we as customers become loyal to this vultures and they resort to pathetic threats. Auction Times: The repossession process often varies depending on the jurisdiction. However, a voluntary surrender saves you some money. You must comply with the court order or you can be fined. Other times, the reason isn't so obvious. See Florida Statute 537. The repossession order issued by your bank or the court order. New vehicle payments increased by 13. If you return your property to your lender voluntarily, you may avoid additional fees. When you default on a loan, it creates a negative item on your credit report. Vehicles that Nedbank repossess are for sale to the general public at auctions. The first step to saving your car loan in the event of a job loss is to talk with your lender. Its collateral protects the creditor. . 2) Clean out the car. Store the Car at a Relative’s House. How the Car Repossession Process Works: From Default to AuctionAfter repossessing a car, lenders are usually required to send a post-repossession notice. Say you owed $12,000 on your vehicle, and your lender was only able to sell it for $8,000. Repossession - California Lemon Law Lawyers. The lender incurs repossession and auction fees of $150. skip to Main Content. In some countries, you have the right to reinstate your loan. Plus information on one that doesn’t actually exist – Capitec Car Auctions. Voluntary repossession is the act of returning your financed vehicle to the lienholder voluntarily. I refused to handover the car, as I had seeked advice of the process of repossession and this hadn't been followed by MFC. This article will describe the repossession. The agent might get the vehicle from your home, your work, or wherever you leave it parked. Repossession is a statutory process that can have a negative effect on your credit score and future credit applications. You can then make arrangements for the delivery of the car to the dealer/buyer and the payment of the offer to MFC. Furthermore, in many states, the creditor has no obligation to warn you, nor is there any legal proceeding the creditor must. The auction guide contains detailed information about bidding at an auction. If you owe money, have missed timely payments, or have other questions regarding getting your car back after a repossession, contact an experienced bankruptcy attorney from LSS Law at 954-466-0541 or via email at [email protected] to Stop your Vehicle from Being Repossessed. Statute of Limitations on Car Repossession Washington State. Here is a simple process of how to buy a car at an MFC. No. If you’re looking to tow. Glen Burnie, MD 21062. Vehicle repossession typically involves a repossession agent approaching to your home or place of work. The lender must first provide written notice to the borrower of their intent to repossess, and must give the borrower. Your car will be sold at auction and you’ll be liable for the deficiency. Once they locate the car, a repo agent will usually wait until it’s unattended and use a tow truck to take it away. A default gets listed at the bureaus, making it difficult to get any finance again for the first 6 to 12 months after the repossession; Car repossession court order process. In some cases, lenders can disable your car by remote control so you can’t drive it until you clear things up. Members of our legal team have received awards such as the Gold. When your car is repossessed due to late payments the lender will notify the credit bureaus of the repossession. The first step to saving your car loan in the event of a job loss is to talk with your lender. Still, most lenders treat cases on a priority basis, going after second- and third-time defaulters first. Respondent contracts with “repossession forwarders” to manage repossessions of consumers’ vehicles on behalf of NMAC. Article QuickTakes: When you get behind on your car loan and miss several payments, you have two repossession options: have the car repossessed involuntarily or surrender the car, which is called voluntary car repossession. Car refinancing is a process that allows you to apply for a new auto loan to replace your existing loan. ABSA Bank Repossessed Cars and Vehicles. Auction Times:Conclusion. ALBB: What is MHV FCU’s position on car repossession at this time of COVID-19 and New York’s PAUSE status? “As a result of COVID-19, MHV has developed a comprehensive financial relief program to assist members facing repayment challenges. Narod , Michael Gordon of Bradley Arant Boult Cummings LLP - Financial. Secure affordable renewable energy while helping South Africa shift to green energy. Voluntary surrendering of the Car. As in the example above, a person buys a car and then doesn’t pay for it as they agreed to in the contract. ; One missed payment can trigger repossession. 3. You may be able to take action and get reimbursement for the damage, and potentially even have the car returned to you. Buy the car back at auction: Most repossessions will be sent to auction to be sold and recoup some of the money. You can be subject to repossession if you have either a car loan or a lease, though the impacts for a loan are generally greater. This is done to recover the outstanding balance owed. Wesbank Car Auctions. The problem with most defaulters is that they suffer from “ostrich syndrome”. The back of the car title shows who has a security interest or lien against the car. Redeem your loan. The bank will do a valuation of the vehicle and then do a forced sale adjustment. Auction Times: As we enter 2023, a worrying trend has carried into the new year: car repossessions are rising. 1. Additionally, the repossession process may involve additional fees and costs that the borrower is responsible for. If you can't afford your car payments, you can give the vehicle back to your car loan lender. AUCTION INFO AUCTION DATE: Wednesday, 19 April 2017. The person repossessing a car must send a section 129 letter of demand, which sets out the outstanding amount and a return date. But you can still get another vehicle. A. FREE Credit Report Summary & Credit Repair Consultation. 2 (i) (1) (effective November 30, 2021). Part of your sale contract needs to include language that creates a security interest in the car. Coincidentally they took the car when I was about to pay them. o We don't have to trace the whereabouts of the car, which can become costly, inconvenient and stressful. If the unexpected has happened in your life and you are experiencing financial challenges, read more about the options available to you here. September 2023. While we can investigate specific disputes if necessary, the repossession of a vehicle generally relates to a larger problem of over- indebtedness. However, there are still options. [email protected] right for the lender to do this is called having a security interest in your property. Ensure the technical inspection and roadworthy is done by the seller. It was a Nedbank/Mfc repossession car. Lizelle B. Personal property does not apply to improvements made to the car, such as a CD player, stereo or luggage rack. The patent document describes dozens of ways to remotely and electronically revolutionize the entire repossession process, including liaising directly with lending institutions and police. Ensure that it is original and contains a. A “security interest” is what creates the collateral for your loan, and what gives you the right to repossess the property. LEGAL REPOSSESSION OF A CAR AS ORDERED BY A COURT. What legal and illegal repossession is. This agreement may cover topics such as early termination clauses, damage assessment, and the process of transferring. Y. o. When it comes to vehicle seizure there are generally two different situations in which this will occur: You’ve defaulted under a security agreement like a loan or a lease agreement. Initiating the Process. There are two kinds of repossession: Involuntary: In an involuntary repossession, the lender typically uses a repossession specialist to take the property when the buyer defaults on the loan. When you finance your car with MFC, motor insurance can be arranged through Nedbank Group Insurance Brokers on 0860 104 526. Causing you or anyone else on the scene physical harm. MFC will assist you in the process of purchasing from a private seller* as follows: Conduct the administration, verification and re-registration of the vehicle. Ensure the vehicle has an existing warranty or help. Find out how car or truck repossession works, the difference between involuntary vs voluntary repossession (or voluntary surrender), & the repossession laws and process in Canada. co. This process is initiated with a summons and then finalized at Court resulting in a legally enforceable court order which authorizes the repossession via a warrant of execution. What to Do if Your Car Is in Danger of Being Repossessed. Respondent’s repossession forwarders then assign Respondent’sInquire about the cost and delivery schedule. Bidvest Burchmores Car Auctions. Unsecured loans, like credit cards, medical bills, and student loans, aren’t secured by any property. When a Lender Can Take Your Car. Car dealers . In most cases, however, the process starts with late-payment reminders followed by a letter that lets the debtor know that repossession efforts will soon begin. You may have to pay that amount before you can close the book on the repossession, regardless of whether it’s an involuntary or voluntary repossession.