Loans Car Loans Can I Get My Repossessed Vehicle Back? By Emily Delbridge Emily Delbridge Twitter Emily Delbridge is an authority on car insurance and loans who contributed to The Balance for nine years. Delbridge is a licensed Personal Lines Insurance Agent who has been in the insurance business since 2005. Since joining the industry, she has significantly contributed to the book of business for independent agency, Great Michigan Insurance. learn about our editorial policies Updated on April 21, 2022 Reviewed by Cierra Murry Reviewed by Cierra Murry Cierra Murry is an expert in banking, credit cards, investing, loans, mortgages, and real estate. She is a banking consultant, loan signing agent, and arbitrator with more than 15 years of experience in financial analysis, underwriting, loan documentation, loan review, banking compliance, and credit risk management. learn about our financial review board Share Tweet Pin Email Photo: WoodenDinosaur / Getty Images Getting your vehicle repossessed is extremely stressful. When finances are tight, it is hard to get a good night's sleep. Once the bank has actually gone through with the repossession process, you might be wondering what you can do to get your car back, if anything. Well, the good news is that it is possible. The bad news is that it is not going to be easy, and you do not have much time. If you want to regain possession of your vehicle, you’re going to have to pony up the cash as soon as possible. The reason your vehicle was repossessed is that you were financially negligent, so to correct for that, you’ll have to do some quick catching up. Ways to Get Your Repossessed Vehicle Back Pay your back payments plus fees (varies by state and contract) Redeem your vehicle by paying it off in full Buyback your vehicle at auction Agree to an electronic disabling device File for bankruptcy Time is of the Essence Regardless of which option you choose to get your vehicle back from your lender, time is ticking away, and fast! Unfortunately, time allowances can vary by state and per the lender agreement. In some states, you may have ten days after receiving written notice before the car is sold or auctioned, while in California, you have 15 days to get the vehicle back. Typically, 15 days is the amount of time that you can choose to pay your back payments or redeem your vehicle by paying it off in full. If you do not receive notification from your lender after the repossession spelling out your options, call them as soon as possible. If you never received written notification, you should contact a repossession lawyer for help. Remember to check your paperwork to find the exact allotment of time allowed. Note Before you receive this information, it is a good idea to call around to any relatives and friends that you think might be in a position to help you out. If you are able to borrow some money in an informal way, you just might be able to save your vehicle from permanent repossession. How Repossession Can Affect Your Credit Well, as you might suspect, having a repossession on your record is going to negatively affect your credit. Both a voluntary surrender and a repossession will remain on your credit record for seven years. In terms of how much damage will be done to your score, it will likely be significant. It is not only the repossession itself but also the fact that in order for your car to be repossessed, you will likely be very delinquent on your payments – it’s really a last resort. Working with your lender instead of having to resort to repossession is always in your best financial interest. It might at least leave the door open with this particular lender if you need another loan in the near future. How Repossession Can Affect Your Car Insurance Do not make any fast moves when it comes to your car insurance. It is best to keep your car insurance policy active while going through repossession. If you are able to get your vehicle back, you do not want to deal with a car insurance lapse too. Canceling your car insurance policy even for a couple of weeks can put you at risk for nearly double the rates when you go to purchase another policy. Keeping at least one vehicle insured at all times is the only way to prevent such a hassle. Getting your vehicle back after a repossession is tough. Most likely you are in this position because you can not afford your current payments. Coming up with the cash to pay off your loan or even the back payments might not be an option for you. Sometimes a repossession can be the first step in getting your finances back in line. It is possible to rebuild your credit with time. Where To Go From Here If your car has been repossessed, you’re far from alone, as there are nearly 2 million repossessions each year in the U.S. If you are among them, it’s time to take a good hard look at your budget and figure out how you can make financially responsible decisions in the future. Was this page helpful? Thanks for your feedback! Tell us why! Other Submit Sources The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Read our editorial process to learn more about how we fact-check and keep our content accurate, reliable, and trustworthy. Nolo. "The bank repossessed my car. How much time do I have to get it back?," Federal Trade Commission Consumer Information. "Vehicle Repossession," Nolo. "My car was repossessed. Can Chapter 7 help?," Experian. "How Long Does It Take for a Repossession to Come off Your Credit?." Title Loanser. "Car Repossession Statistics."