What happens if my car gets repossessed in Florida?

Once your car has been repossessed, your creditor may decide to keep the car as compensation for your debt or resell it in a public or private sale. Additionally, you may be able to reinstate your loan by paying the amount you are behind on the loan plus your creditor’s expenses.

What are the repo laws in Florida?

Generally, your creditor has legal authority to seize your car as soon as you default on your loan. Once you are in default, your creditor may repossess your car at any time without prior notice and may come onto your property to do so.

What happens when you repossess a car in Florida?

· Florida repossession laws allow the lender to sell your repossessed vehicle at auction if you do not redeem it by their deadline. · After the sale of your car repossession, the lender will send you another notice informing you what your repossessed vehicle sold for.

Can a mortgage company repossess a house in Florida?

· Mortgage lenders are not able to repossess a house in Florida. · Florida repossession law requires that homes be placed into foreclosure and then auctioned if the loan cannot be paid. How to get your Florida car, or truck repossession back from the repo agency after it has been repossessed:

Where are Bank repo cars for sale in Florida?

Repo Cars For Sale Listings provides a free database of bank repossessed cars all across the United States. Street Address: 8263 Causeway Blvd. Between 78th St & US 301, Hillsborough, FL Street Address: 1305 Indian Lake Road. Daytona Beach, FL 32124 Street Address: 401 West Burgess Road. Pensacola, FL 32503 Street Address: 1990 N.W. 44th.

When do you have to redeem a repo in Florida?

· The notice from the Florida repo company will inform you of when you must redeem your repossessed vehicle by before it is to be sold at auction. · You may be required by the lender to pay off the entire loan amount of the repossessed vehicle before getting the car or truck back.

How does a repo work in the state of Florida?

A repossession is hard to fight once it happens, but the law does regulate how the lender can go about it, and resell a car to pay off the outstanding loan balance. As set out in Chapter 537.012 of Florida’s laws, the lender can seize your car as soon as you default, or miss a loan payment – unless he authorizes an extension to help you catch up.

How does voluntary repossession work on a car?

Voluntarily surrendering your vehicle, also known as “voluntary repossession,” works the same way as regular repossession except you’re initiating it and, as such, you might be able to avoid the fees associated with vehicle’s physical repossession.