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Your car may be repossessed wherever it is parked, as long as no breach of the peace and no forced entry take place. If your car is parked in a locked garage, a court order must be obtained before it can be taken away. All items in the car at the time of repossession still belong to you, and you are entitled to get them back undamaged.


In most cases, once a creditor repossesses your goods, you will be notified in writing that the goods will be sold at public or private sale. Until that sale occurs, you have the right to redeem the goods by paying the entire unpaid balance owed plus reasonable collection costs.


NOTE: If the sale price doesn’t cover the entire balance you will have to pay the difference. But if the goods were sold for more money than you owe, the creditor must return the surplus to you, though reasonable repossession costs may be deducted.


If you simply can’t pay your debt and you’re thinking of letting your creditor repossess your goods to take care of the problem once and for all, think again! If you turn the goods back in, a “repossession” notation will be made in your credit report files. Consider selling the goods and paying off your loan. That way a repossession won’t show up on your credit record. (Before you sell the goods, you must get permission from your bank or credit union, if they hold title to the goods.)


Debt Collectors


If you stop paying on a loan or retail installment contract, or if you owe additional money after the goods are repossessed and sold, the creditor may hire a “debt collector” to recover the money you owe. All collectors wherever located are subject to the provisions of the Fair Debt Collection Practices Act.


The law protects consumers in many ways. For example: • Whenever a debt collector calls you, he or she is required to tell you they are trying to collect a debt.


• If you ask, a debt collector must “validate” the debt—i.e., tell you who the creditor is, how much money is owed, and how to dispute the debt.


• If you don’t want to be contacted at all by the debt collector, you can write to the collector to stop contacting you. Your written request must be honored.


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On Your Own, 2008 Edition


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