If you are behind on your car payments, you may be wondering when CPS will repossess your car. The answer to this question is not always straightforward, as it depends on your specific situation and the details of your loan agreement. However, here’s what you need to know about CPS repossessions so that you can make the best decisions for yourself and your car.
When Does CPS Repossess a Car?
CPS, or Consumer Portfolio Services, is a financial services company that specializes in subprime auto loans. They offer loans to borrowers with poor credit histories or limited financial resources, allowing them to purchase cars when they would otherwise be unable to do so. CPS works with both dealerships and consumers to provide financing.
The exact terms of a CPS loan vary, but typically, if you are more than 30 days behind on payments, CPS will begin the repossession process. This may involve sending a notice to your home or calling you to remind you to make your payments. If you are still unable to make payments, CPS will contact a repossession agent and arrange to take back the car. This can happen quickly or can take several weeks, depending on the situation.
What to Do if You Receive a Notice from CPS
If you receive a notice from CPS that your car is going to be repossessed, you have a few options. First, you can try to make a payment arrangement with CPS. If you can make a one-time payment to bring your account up to date, or if you can make a payment plan to pay off the balance, CPS may be willing to work with you. You can also attempt to sell the car yourself and pay off the loan balance. This can be a difficult task, as you need to find a buyer willing to pay the full balance in a short amount of time.
Finally, you may be able to work with CPS to keep your car and make payments. This is only possible if you can pay a lump sum to bring your account current, or if you can make a payment plan that CPS is willing to accept. However, if you fail to make payments on time, CPS can still repossess your car.
What Happens After CPS Repossesses Your Car?
Once CPS has repossessed your car, they will attempt to sell it at auction or to a used car dealership. If they are able to sell the car, the proceeds will go toward paying off your loan balance. You may still owe money after the car is sold, as the amount you owe may be more than what CPS was able to sell the car for. If this is the case, you will still be responsible for paying the difference.
If CPS is unable to sell the car, they may keep it in their possession until the loan balance is paid off. You will still be responsible for paying the balance, even if CPS is unable to sell the car. You may also be responsible for any additional costs associated with the repossession, such as storage fees.
Can CPS Repossess My Car Without Notice?
Generally, CPS cannot repossess your car without notice. They must attempt to contact you first and give you an opportunity to make payments or work out a payment plan. If you receive a notice from CPS that states that your car is going to be repossessed, you should take action as soon as possible to avoid having your car taken away.
Can CPS Repossess My Car if I am Late on Payments?
Yes, CPS can repossess your car if you are late on payments. If you are more than 30 days late on payments, CPS will begin the repossession process. It is important to keep up with your payments and work with CPS if you are having difficulty making payments.
Can I Stop CPS from Repossessing My Car?
You may be able to stop CPS from repossessing your car if you can make a one-time payment or set up a payment plan that CPS is willing to accept. However, if you fail to make payments on time, CPS can still repossess your car.
Frequently Asked Questions
Q: What happens after CPS repossesses my car?
A: Once CPS has repossessed your car, they will attempt to sell it at auction or to a used car dealership. If they are able to sell the car, the proceeds will go toward paying off your loan balance. You may still owe money after the car is sold, as the amount you owe may be more than what CPS was able to sell the car for. If this is the case, you will still be responsible for paying the difference.
Q: Can CPS repossess my car without notice?
A: Generally, CPS cannot repossess your car without notice. They must attempt to contact you first and give you an opportunity to make payments or work out a payment plan.
Q: Can CPS repossess my car if I am late on payments?
A: Yes, CPS can repossess your car if you are late on payments. If you are more than 30 days late on payments, CPS will begin the repossession process.
Q: Can I stop CPS from repossessing my car?
A: You may be able to stop CPS from repossessing your car if you can make a one-time payment or set up a payment plan that CPS is willing to accept. However, if you fail to make payments on time, CPS can still repossess your car.
Q: What should I do if I receive a notice from CPS?
A: If you receive a notice from CPS that your car is going to be repossessed, you have a few options. First, you can try to make a payment arrangement with CPS. If you can make a one-time payment to bring your account up to date, or if you can make a payment plan to pay off the balance, CPS may be willing to work with you. You can also attempt to sell the car yourself and pay off the loan balance. This can be a difficult task, as you need to find a buyer willing to pay the full balance in a short amount of time.
Q: When does CPS repossess a car?
A: The exact terms of a CPS loan vary, but typically, if you are more than 30 days behind on payments, CPS will begin the repossession process. This may involve sending a notice to your home or calling you to remind you to make your payments. If you are still unable to make payments, CPS will contact a repossession agent and arrange to take back the car. This can happen quickly or can take several weeks, depending on the situation.
Q: What happens if CPS cannot sell the car?
A: If CPS is unable to sell the car, they may keep it in their possession until the loan balance is paid off. You will still be responsible for paying the balance, even if CPS is unable to sell the car. You may also be responsible for any additional costs associated with the repossession, such as storage fees.