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Getting back your repossessed vehicle

Residents of Washington D.C. who have had their vehicle repossessed are in a huge bind. People use their vehicles to get groceries, make important doctor's appointments, and go to work to make a living. So what can be done if a vehicle is repossessed?

The Nest has a budgeting segment that offers advice on how to retrieve a repossessed vehicle. Perhaps surprisingly, there's more than one way to go about doing this. For example, if someone pays off the loan within two weeks of their car being repossessed, they can redeem it. They could also pay the amount that's due up to fifteen days past the time of repossession, which is a significantly less expensive option. This will reinstate the loan.

CNN did an article on the realities of vehicle repossession and how it affects the owners of the repossessed vehicle. Within it, they state that another way to get back a repossessed vehicle is by buying it back from an auction. Legally, the bank is required to notify a car's owner of when and where it will be auctioned in order to give them a chance to buy it back and pay off the repossession fees. These are the three main ways that someone can regain ownership of a vehicle after it's been repossessed.

Unfortunately, all of these options do require some amount of money, which can be difficult for those who are struggling financially. Though bankruptcy is often seen as a "last resort" option, it may allow someone to keep their vehicle despite risk of repossession, and should be considered.

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