my car was seized

by Charles Baker
(Burton, MI)

I owe money to Dort Federal credit union. How do I get my car back?

Comments for my car was seized

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Nov 10, 2011
my car was seized

I assume you no longer have your car because it was repossessed. If I am correct, in Michigan the lender that took back the vehicle must give you 15 days to redeem it. In other words, it must give you a chance to buy back your car but to do so you must pay the full amount that you owe on it. This typically means that you must pay the balance on your car loan plus all past due payments. In addition, the lender will probably expect you to pay all of the expenses it incurred taking back your car, including storage, attorney fees and so on.

If you cannot afford to come up with enough money to buy back your vehicle, the lender will probably auction it off in a public sale. However, the sale provides you with another opportunity to try to get your car back. To do that however, you will have to outbid other potential buyers and if you win, you'll have to pay the amount of your bid in cash.

Another option is to consult with a bankruptcy attorney about filing Chapter 13. Depending on how long you owned your car, you can hold on to it through a Chapter 13 either by getting the total amount that you own on the vehicle reduced or by getting your monthly car payments reduced to a more affordable amount. Go here to schedule a free consultation with a bankruptcy attorney if bankruptcy is something you would like to explore.

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