Your vehicle is an important part of your life. More than a convenience, your car gets you to and from work, allows you to keep your appointments, and provides a way to transport your family to the places they need to be. Without your vehicle, you may have no choice but to find other options, some of which are expensive and others, embarrassing.
However, if you have fallen behind on your car payments, even one payment behind, you may be at risk of losing your vehicle to repossession. The loan application you signed included repossession rights for the lender, and most car loan lenders are quick to exercise that right. If you are concerned that your vehicle is in danger of repossession, you may be tempted to hide it from the repossession company. You may be surprised to learn how much trouble that can bring you.
The truth about repossession
Repossessors are professionals who often have much experience finding vehicles their owners try to hide. In fact, you may be shocked to learn that agents of a repossession company hired by your lender may watch your home and study your habits to find the best time to take possession of your vehicle. If you plan to hide your car to avoid losing it, you should know these facts:
- A repossession can occur any time you leave the vehicle unattended, such as in the middle of the night, when it is parked at your place of employment or if you run into the store to make a purchase.
- Repossessors know common hiding places for vehicles, such as behind your property, in the woods behind your house or in a friend’s garage.
- A repossession agent may enter your property to claim the vehicle.
- Your vehicle is not safe from repossession if you park it in a neighbor’s driveway.
- In some jurisdictions, a repossession agent may take your vehicle from your garage or from behind a fence as long as the process does not damage your property or disturb the peace.
- The longer a repossession company must search for your vehicle, the more it charges the lender, who may pass the cost to you by adding it to your account.
Perhaps the most worrisome fact about hiding your vehicle from repossession is that it is illegal. Your lender will consider it an act of fraud since you signed a contract agreeing to repossession for defaulting on the loan. This is why it is wise to seek a more appropriate course of action for dealing with your debts. A skilled South Carolina attorney can explain the various options for avoiding repossession and getting out from under crushing debt.