As many Texans suffer job losses or salary reductions, many are facing vehicle repossessions . Facing a repossession can be upsetting and disruptive under any circumstance; but especially if the vehicle is repossessed while your personal property is still in it.
Creditors Do Not Have the Right to Keep or Sell Your Personal Property
The first thing car owners need to know is that creditors do not have the right to keep or sell your personal property that is found in a repossessed vehicle. They must also take reasonable care to prevent someone else from taking your personal items left in a repossessed vehicle. That said here's the reality car owners are facing.
Reality Check #1 - Although the law allows you to claim your personal property from a repossessed vehicle, the logistics or doing so may be a bit more challenging. For example, if you have left something truly valuable in your repossessed vehicle, such as cash, jewelry or even electronics such as an iPod, how do you prove that you actually left them in the car?
Reality Check #2 - Although the law requires that the creditor take reasonable care to prevent others from taking your property, what does that really mean? This rule is too vague to count on to protect your property when facing repossession.
Car owners facing repossession should not wait for the repo man to show up at their door or driveway. Be proactive in handling any pending repossession. Many lenders are willing to negotiate with delinquent borrowers and bankruptcy offers the opportunity to keep your car by making reasonable payments over a period of time. Explore all of your options, including bankruptcy before repossession strikes you.