Car Repossession Loopholes Florida
Car Repossession Loopholes Florida law protects your rights during repossession.
How Does Repossession Work in Florida?
In Florida, a lender can take your car or vehicle without any type of warning if you have not missed your installment or payment.
But once the car is reprocessed, he is bound to send you a written notice within 45 days to explain what your rights are and what the next step is you can take.
Also Read : Car Repossession Loopholes Ohio
What Happens After Repossession?
Once lenders take your car, you move with two options.
1. Get Back Car (Redemption)
You pay off the total amount you owe and also pay any type of late fee and towing costs.
2. Sell the Car
If you cannot pay, then Leder can sell cars either in auction or privately.
Important Things to Know for Car Repossession Loopholes Florida
1. Deficiency Balance
If the car sold out for less than your owe, you may still have to pay the remaining amount.
2. Notice of Sale
If the car is sold, the lender must send you notice 10 days before the auction.
3. Personal Belongings
You can take your personal belongings from the car after repossession.
3 Steps to Stop Car Repossession Loopholes Florida
1. Contact Your Lender
As you missed out on payment, contact your lender. Explain your situation and find options with him.
- Loan Modification: change the term of the loan for easy payment.
- Repayment plan: set a new plan to catch missed payments.
- Voluntary Surrender: In case you cannot keep your car, surrender my reduced amount you owe.
2. Gather Important Documents
Ready your document before talking to the lender. Collect the following documents:
- Loan Agreement: it shows terms and fee
- Payment History: It helps to understand how much you owe.
- Proof of Income. This will help you to support your case for the repayment plan.
3. Consult Experts
Don’t depend on the lender’s suggestions. Try to approach a professional like a bankruptcy attorney; understand your full rights and options.
