You have the right to redeem the repossessed item up until it is sold or within 21 days of receiving notice that the creditor is going to keep it. Lienholders use this form to report repossession of a vehicle or vessel.Washington repossession laws allow you to get your car back before it's sold through a process called redemption. If your car is repossessed, the lender must give you certain notices after the repossession and after it sells the car. I demand that you return to me all of the personal property in the vehicle immediately. File before the bank or repo agency sells your car, and there's a good chance you can keep your car and work out a plan to catch up on payments. If you give the truck back to the lender, your credit report will show a "voluntary repossession. If you received a letter indicating your car may be repossessed, look for language related to your right to demand a court date. Also keep in mind that in some cases, the lender will let you work out a new payment plan while reinstating your loan. A late car payment can quickly turn into a credit score hit.
