Just imagine being out and about doing some errands and you come back to find your car missing. At first, you assume that it is the work of thieves that see your car as a vulnerable target. However, after you call the police you find out that your car was repossessed.
Situations like this are not uncommon with 1 out of every 2.4 cars on the road facing repossession this year.
You don’t have to go through something like this when you can take proactive steps to stop repossession in its tracks. Here are the best ways on how to stop car repossession in Delray Beach and the available options to you.
Negotiate
You don’t want to wait until your lender files a lawsuit to seize your car. The best approach is to start negotiating early when you are facing financial challenges. In situations like this, you have several options including bringing forward complaints, selling the car, or surrendering the vehicle.
Sometimes, lenders will engage in aggressive and illegal collection practices when you fall behind on your payments. We can use this as a way to file a counterclaim against your lender and get a successful settlement on your behalf. These include things such as reinstating your loan at lower payments, forgiving your loan, or reducing the balance.
Selling the car yourself gives you leverage by recouping the full amount of the loan. Lenders are open to this option, as repossession leads to them selling the vehicle at an auction. They will receive less money than the full value of the loan.
Surrendering the vehicle is when you will turn the car over to the lender voluntarily. They will agree to reduce or waive the deficiency in your loan.
We recommend speaking with us to go over your options and show you how to stop car repossession in Delray Beach.
The Law Offices of John Mufson can help with our 25 years of experience in dealing with these issues. We will help you to negotiate with your lender and create the best outcomes for you. No one is more knowledgeable on the legal aspects of repossession and how to avoid it.
Refinance the Loan
Refinancing is one option lenders are willing to consider by extending out the date of the loan. Your payments will come down and you can hold onto your vehicle. Some things you want to think about are the finance charges, penalties, any upfront payments, and depreciation.
We recommend speaking with us so we can help to guide you through this process. Negotiations can be tricky and we can help you to get the best options for your refinancing.
The Law Offices of John Mufson are the experts on these situations and we know what to do to get you the best deal.
Bankruptcy
Bankruptcy is one option that will stop repossession in its tracks. Your lender will have to negotiate to get a favorable outcome under the law.
The Law Office of John Mufson is the best at bankruptcy law in Delray Beach. We can help you through the entire process to keep your car and reduce your debts.
Call Us Today!
You have several options to avoid repossession and keep your car. Call the Law Offices of John Mufson today at 561-272-1003 and see how you can put our knowledge and experience to work for you.
We can help and are located on South Congress Avenue, near the Delray Swim and Tennis Center.