If you receive warnings of possible repossession or your car has already been repossessed, call a repossession lawyer Memphis TN relies on to retain advice. Repossession law can be complex and varies in different states. If your car has already been repossessed you may have only a small time frame to act and should immediately contact a repossession lawyer Memphis TN trusts to help you act in your best interests.

What Is Car Repossession

If you purchase a car using a loan, you often have to sign a contract ensuring that you will pay back the amount owed. This is done to provide security to the lender. If you fail to make a full payment your car may be taken away from you even without going to court. State laws and the terms of your contract will determine how and why the lender can take back your vehicle. The most common reasons for repossession are lack of payment, and failing to have car insurance. A repossession lawyer Memphis TN puts their trust in can provide you with details of why your car may be repossessed and how the laws vary based on state and contract.

What Happens After Repossession

When your car has been repossessed the lender now has the power to sell your car in order to make up the failed payments. Even if your car has been repossessed, you may still have to pay the lender any amount that is not covered by the sale of your vehicle. The balance left after your car has been sold is referred to as the deficiency balance. The car lender may be able to sue you in court for the deficiency balance if necessary.

Defense Against Deficiency Action

As repossession lawyer in Memphis TN can tell you, there are several ways to defend against action concerning the deficiency balance. One reason could be if the lender breached the peace when repossessing the car which means that they took the car by force against your objections, or trespassed while taking the car. Another reason is if the lender did not sell the car in a commercially reasonable manner. Lastly, you may use the “statute of limitations” as a defense if the lender has waited too long to sue you in a court of law.

Can I Get My Car Back?

If the lender has not yet sold your car you may be able to get your car back through a number of different ways. You could buy back your car, purchase it at auction, reinstate the loan, or file for bankruptcy. You should seek the counsel of a repossession lawyer Memphis TN believes in before exploring any of these options.

If your car has been repossessed or you fear that it may be, seek the counsel of a Memphis repossession lawyer immediately. Do not wait until it is too late, having experienced legal counsel on your side can be imperative in getting the results you want. Call a repossession lawyer Memphis TN counts on today at 901-327-2100.