Behind on your car payments? If you purchased your car from J.D. Byrider, you’ll want to check with the dealership you bought from to confirm its repossession policy as soon as possible. You’ll also want to talk to the dealership about how you can get back on track with your payments and avoid repossession. If your car does get repossessed, you may still have some options. We have all the details below.
J.D. Byrider’s Repossession Policy?
J.D. Byrider, a used car dealership franchise, does not have a universal repossession policy, customer service said. The policy varies by dealership, as J.D. Byrider locations are independently owned and operated. For details, you can check your purchase agreement and/or contact the J.D. Byrider location where you purchased the vehicle.
In general, if you are behind on your car payments, it’s within the legal rights of the lender to seize, or repossess, the vehicle in order to settle the loan. A company may be able to repossess your vehicle without warning. (For more details on auto repossession policies, see our articles on Chrysler Capital and TD Auto Finance.)
It’s always advisable to speak with your lender if you’re worried about repossession. Communicating your financial situation may even help you avoid repossession. It’s also important to note that J.D. Byrider reports your payments to all three of the big credit reporting agencies: Equifax, Experian, and TransUnion. A repossession will stay on your credit report for seven years, negatively affecting your credit score.
J.D. Byrider is a “tote the note” used car dealership, which means you can get your car financed directly through the dealership instead of through a third-party lender. Many “tote the note” dealerships, including J.D. Byrider, are known for providing financing to buyers with bad credit who have been rejected by traditional dealerships and lenders. To compare “tote the note” dealerships, see our article: Tote the Note Car Lots: Pros/Cons & How to Choose the Right One.
What Are My Options After Repossession?
If your car is repossessed, the lender will likely sell it at an auction and apply the sale price to the amount you owe on the loan. Most state laws require the lender to give you 10 days’ notice before selling the car at auction. During this time, you may still have a chance to get the car back. You can reinstate your loan by paying the past-due balance, plus any applicable fees, or you can “redeem” your loan by paying the entire balance of the loan, plus any applicable fees.
If you’re unable to reinstate or redeem your loan, you still have the option to re-purchase the vehicle at the auction. Lenders are legally required to inform you of the time and place of the auction. Regardless of whether or not you get the car back, you’ll generally be required to pay the deficiency. This amount is the difference between the remaining balance on the loan and the sale price of the vehicle at auction, plus any fees related to the repossession.
If you do manage to get the car back, you’ll need to renew your registration and try to get the vehicle title back in your name. This may give you trouble, as some states require the car to be registered in the lender’s name after repossession. J.D. Byrider should be able to help you get the title and registration back in your name.
And that’s the J.D. Byrider repossession policy in plain language. If you bought a car from J.D. Byrider and you’re behind on your payments, check with the dealership to find out about its repossession policy. If your car is repossessed, you may still have some options, such as reinstatement, redemption, or purchasing the vehicle at the auction. Keep in mind, you’ll still be responsible for paying the delinquency on the loan and any fees associated with repossession.
Suggested further reading: J.D. Byrider Return Policy Listed + Lemon Law Protections Explained