Four Steps You Should Take If Your Vehicle is Repossessed in New Mexico
If you get behind on your rent or mortgage, your car payment might be the least of your worries. You know it's there, but if you are struggling with a job loss, reduced income or any other personal setback, there might not be much you can do. So, if the inevitable happens and your vehicle disappears while in the parking lot at work or from your driveway overnight, WHAT SHOULD YOU DO? Here's what you need to know.
While a lender can repossess a vehicle in New Mexico without a court order, no one can enter your home without your permission, no one can break a lock to enter and no one can commit violence or breach the peace in repossessing property.
What You Need To Do
The first thing you should do is call the finance company and confirm that a) they ordered the vehicle be repossessed, b) how much you have to pay to get it back and c) where can you go to collect anything you might have left in the vehicle. MAKE SURE DURING THIS CALL that you notify the lender of your current, correct address. They will need to mail you information and you want to review what they send (more on this below). If you believe the lender made a mistake and you were current on your payments or your car is paid off, contact us now for help.
You should know that it will take some time for you to get through to your lender and confirm the repossession. It will take even more time to locate where your vehicle is being stored and get your personal items returned. Also, while you have a right to the return of personal property left in the vehicle, you are not entitled to remove anything you installed in or on the vehicle including custom parts or tires.
The lender can require you to pay the full balance due on the loan. You probably are not going to be able to refinance the vehicle, but you have the right to pay it off and get it back. Unfortunately, you do not have the right to pay only the past due amount and “get current” unless the lender agrees.
Most importantly, you have the right to critical information about where, when and how your car will be sold. Watch for this in the mail and SAVE these letters.
The First Letter must be sent at least ten days BEFORE they sell your vehicle. KEEP THIS LETTER.
The Second Letter must be sent to you AFTER the sale. The legal requirements of what information the lender must give you are clear. Even so, many lenders fail to follow the rules. KEEP THIS LETTER AND CONTACT US FOR A FREE CASE REVIEW.
The Most Important Thing to Know:
If the lender fails to strictly follow the rules and fails to provide you with the required information, you are entitled to a statutory penalty that may very well wipe out the debt they claim you owe.
We offer a no cost case review. Click here or on the "Contact Us" tab above to schedule a virtual appointment.