If you have not been able to make payments on your vehicle for some time, and the bank has given you ample warning, your vehicle may get repossessed. Here are three things you need to understand and do if your vehicle is going to get repossessed.
#1 Clear Out The Car
The first thing you need to do once you know that your vehicle is going to be repossessed is remove all of your personal belongings from the vehicle. Although you still have the legal right to remove your personal belongings after the it has been repossessed, it's still a good idea to remove everything beforehand to ensure that nothing happens to it. The company that repossess the car doesn't have to protect your belongings, they just have to log everything in the vehicle.
If you carry around a lot of stuff in your vehicle like many people do, this can ensure that you don't lose out on any nice items you have in your vehicle.
Also, if you have added any aftermarket equipment such as stereos or expensive rims to your vehicle, take the advance warning as an opportunity to remove this equipment.
#2 Don't Junk Up Your Vehicle
Second, do not take "revenge" on the bank by wrecking or junking up your vehicle. You should not try to vandalize the vehicle in any way. This is actually going to hurt you, not the bank or lender that provided you with financing. Once they repossess the vehicle, they will then put it for sale at an auction. All the proceeds of the auction will go towards the balance that you owe. If you wreck or vandalize the vehicle, the value of the vehicle will be lowered and it will most likely get a lower price at auction, thus increasing your overall debt that you will still owe the lender.
#3 Don't Hide The Vehicle
Finally, don't hide the vehicle from the repossession company. Doing this will actually only hurt you. The longer and more effort the repossession company has to put into finding and taking your vehicle will actually only add to your bill. The cost of repossessing your vehicle will be added to the total debt that you owe the lender. Being evasive with your vehicle will actually only add on to the overall cost that you owe and will not benefit you in any way.
If your vehicle is being repossessed, don't fight it if you don't have the money to pay off the loan. Remove your personal belongings and any upgrades you made to the vehicle, and don't ruin or hide your vehicle as this will only add to what you owe. Companies like Michael's Towing & Recovery can offer more information about towing your car.