What Happens when Your Car Gets Repossessed - How It Affects a Credit Rating
Here is what happens when your car gets repossessed. First, the lien holder sends out several warnings that the car will be repossessed if arrangements are not made for payment. If the car’s owner makes said arrangements, the repossession generally does not go forward. However, if the owner ignores the warnings, the financer contracts an automobile repossession agent to take the car back. If the repo agent does not have a key to the vehicle, he can put a boot...
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