Repossession of Property Financing occurs when you buy property (a vehicle, mobile home or furniture) but do not pay the entire sales price at once. The creditor has 4 years from the time it repossessed your car to sue for a deficiency.If more than 4 years have passed, the statute of limitations has run. File a Consumer Complaint with us. After you complete the online Consumer Complaint form, the system will allow you one opportunity to attach the documents. If you don't make your car payments on time, your lender might have the right to take your car without going to court or telling you first. Provide evidence of the resolved payment or agreement, such as bank statements or payment receipts. Once the situation is resolved and a violation did occur, fill out a Tow Company Complaint Form to document the incident. A "Writ of Replevin" is a court order to repossess property and must list the vehicle's description including the identification number (VIN). You may feel like you have no options after realizing that your vehicle was repossessed, especially if the repo company acted within the law.
