I need my car for everyday use. Can it still be recycled?

Under what circumstances your car can be taken away from you and what possibilities there are to protect yourself, this text explains to you.

Why your car is at risk

Not only your wages, salary and account can be seized. The automobile can also come under the wheels. If you cannot pay your debts or do not pay the installments of your car financing on time, the loss of your own car is imminent.

However, in many cases it is possible that you keep your car.

Your car financing has been cancelled

If the car seller wants to take action against you for the outstanding debt from the cancelled car financing, you need to take action. Your car is not protected then. It may be disposed of.

There is an effective way to keep the vehicle here. If the financing for your vehicle has been terminated, you must ensure that an agreement is reached quickly with the creditor.

To do this, you must contact the financing bank or the seller. Or you hire someone to do it for you.

Debt Help Germany knows the processes and the possibilities to keep a car despite debts and execution.

foreclosure, bailiff or insolvency administrator

A car is one of the items that the bailiff may seize and the insolvency administrator may realize. This means that you can basically lose your car in case of debts.

Even in the case of a failed financing or unpaid leasing installments, the question arises whether you have to hand over the vehicle.

With the right behavior, you can often avoid this and continue to drive your vehicle.

Chart car repossession

Under what circumstances can I keep my car?

The following questions are important here:

  • How much is the car still worth?
  • In what condition is it?
  • Is the vehicle fully paid for and your property or
  • Is the financing still running and z.B. the bank has the vehicle title?
  • Is the car needed for health reasons
  • Is it absolutely necessary for the way to work?
  • How high are the debts in total?

Only from the exact circumstances and your personal situation the concrete answer arises.

If your car is already older and therefore only has a low value, you can usually avoid seizure and liquidation quite easily.

Even newer vehicles can protect you from foreclosure.

In the case of cars whose financing is still ongoing or. has been cancelled, it is also possible to keep the car.

I need my car for work

Even if the vehicle is absolutely necessary for your commute to work, there is a possibility that you will still keep your car. This also applies if your spouse or partner uses the car. If you can reasonably be expected to use the bus or train, the car can still be disposed of. When the change is reasonable for you depends on the exact circumstances.

My car is particularly valuable

If your car has a very high value, then it depends on whether you need the car in everyday life.

If you need a car in everyday life, then your valuable car can still be sold by way of exchange seizure and a cheaper used car can be procured for you.

The creditor has to buy a simple car for you, which is technically in order. You will get this vehicle as a trade-in if you have to give up the valuable vehicle.

The creditor gets the proceeds from the sale minus the cost of the cheap replacement car.

If the valuable car is a barely used second car, then the creditor does not have to obtain a replacement in case of seizure.

Nevertheless, there are ways to protect the car.

How can I keep my car? Engage the debt assistance

If you would like to take advantage of professional legal assistance to keep your car, feel free to write us a message without obligation. We have been dealing with such cases for several years and know how to settle the matter as quickly and safely as possible. We have already helped many people who have found themselves in a similar situation. Of course we treat your request completely confidentially.

Debt Help Germany knows the processes and how to successfully reduce debt.
Take the first step now towards a debt-free future: free consultation

Like this post? Please share to your friends:
Leave a Reply

;-) :| :x :twisted: :smile: :shock: :sad: :roll: :razz: :oops: :o :mrgreen: :lol: :idea: :grin: :evil: :cry: :cool: :arrow: :???: :?: :!: