Is there anything scarier than walking out to your car only to find that it’s gone? Sure it could happen any time somebody wants to steal your vehicle, but what about when it is taken by the repo man? He has the right and the means to take it, and there isn’t a whole lot you can do about it; or is there?

Dude, Where’s My Car?

Let’s face it, repossession is scary. Even the word itself is ugly. But it is an unfortunate reality for anyone who falls behind on his car payments. And although the role of the repo man has been glamorized in movies and tv, in reality it’s a lucrative but dangerous business for him, and a frustrating and costly business for those who have lost a vehicle to his services.

So your vehicle is gone. Now what do you do?

I Want it Back!

If you really want it back, you can get it back. But it is going to cost you. Not only will you have to catch up on the back payments, but you will also have to pay fees to the bank, fees to cover the repo man, and fees that cover the impounding of your vehicle.

If you couldn’t afford the regular payments in the first place, it is unlikely you will have the money to cover all of the extras. However, if you can find a way to pay all of the fees completely, then the bank will gladly accept your money.

It is important to keep in mind that if you do decide to get your car back, your vehicle likely was taken in a clandestine fashion by the repo man, and probably was not treated with kid gloves when it was towed. Also remember that your vehicle has probably been sitting uncared for in an impound lot for a while, so be sure you really want your vehicle back in the first place.

You will see in part two of our blog what happens if you decide to give up the vehicle and how bankruptcy can help.