If you haven’t paid on your car payments in Oklahoma, You might have to deal with repossession of your car. If this happens to you, or if you received a notice that you are going to have your car repossessed, you are in need of an attorney. Oklahoma City Auto Repossession Attorney Marty Martin will help you in this situation. You have to call to set yourself straight and get your car back. Call (405) 233-0623.
A creditor does not have to take you to court in order to repossess your car and they have the right to take it right out of your driveway. After all, it really isn’t your car until you make the final payment.
- If you are considering bankruptcy, it is important that you file before your car is repossessed
- Even if you only missed one payment, your car can still be repossessed
The creditor does have to submit forms to Oklahoma Tax Commission. This verifies the creditor recorded the security interest of the vehicle.
- Sumit a lien entry form
- certificate of title, or application for a certificate of title
- Manufacturer’s certificate of origin
- Lien filing fee
What to do if you are in an auto repossession situation in Oklahoma?
You may have time to get it back or reach an agreement with the lender. You will have to pay for any withstanding payments and legal administrative fees.
They can’t take your car out of your garage, but they can tow it out of your drive-way. They can remove your car from a parking lot if you are a renter. Repossession of your car can happen while you are at work. They can take the car at night and tend to do so to keep the repossession peaceful.
Steps to take:
- Make sure there isn’t any property damage wherever the car was seized.
- Write it down if there was property damage and tell your attorney because you may be able to sue for any damage and get your car back.
- Be sure you know why the car is being towed. There may have been mistakes on your insurance, payment plan or even with the towing company.
- Call the lot where your car is being towed. Be sure to get there as soon as possible to retrieve items that belong to you.
- Check and record if the car has any damage
You only have ten days to get your car back or it will be sold!
The situation will get better the sooner you deal with it. If you make contact with the creditor, you can get your car back if you-
- Pay off the entire loan
- Catch up on all missed payments
- Agree on new payment options
If you choose to ignore the entire situation, it will get worse and you will end up owing more money. Most often, the re-sale of your car does not cover the cost of your original loan plus the interest involved, and what you still owe. This is called a deficiency balance. It is up to you to pay this balance.
The deficiency balance also includes the price for the repossession, auction costs, storage fees, and administration. Without paying these fees, this problem will go straight to your credit and collections.
More Facts on Car Repossession and Bankruptcy
- You do not have to file bankruptcy if you had your car towed.
- Filing Chapter 7 will put a hold on any repossession process.
- Filing Chapter 7 does not give you the option to catch up on payments.
- Filing Chapter 13 does give you the option to catch up on payments.
Three questions to consider that could help you keep your car.
- Are you filing Chapter 7 or Chapter 13?
- Is the equity in your car exempt?
- How far are you in your payments?
The good news is that cars are considered exempt in most states. People are allowed to keep exempt items. The following list describes why your car could be exempt.
- You use the car to transport your family.
- You are disabled.
- You use the car for work or to get to work
The best thing you can do is call Oklahoma City Auto Repossession Attorney Marty Martin at (405) 233-0623.