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What questions can I ask Toyota Financial Services involving my repossession of my car?

Henrico, VA |

When I call Toyota Financial Services, What should I ask them involving my car? My sister told me to ask them "How much would it take to get my car back in my possession? What's the total balance due? How long before for the sold process? What is the latest due date to set the car back? What is the principal balance left to set the car back? What is the process? Never been in a repossession before, so what are my options? Who I pay and where do I pay to get my car back?,..," ex. What other "legal" questions can I ask Toyota to try and save my car from being sold (at least until I can find a bankruptcy lawyer and file for Chapter 13?

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Attorney answers 2


After a debtor's default, a secured creditor may sell, lease or otherwise dispose of the collateral in a commercially reasonable manner, by public or private sale. Any time before the disposition of the collateral, a debtor may have a right to redeem the collateral by tendering full payment of the obligation owed and all reasonable expenses incurred by the creditor. (VA Code 8-9-506.) Reasonable notice of the time and place of the sale is generally required to be given to other secured creditors and the debtor. (VA Code 8-9-504(3).) If you file for a Chapter 13 and have the proper insurance you can get your car back if they have not sold it yet.


By Law, Toyota Financial Services must provide you with advance written notice of the date, time and place that your car is going to be auctioned- usually within a month of the date of repossession. In addition to the balance of debt existing prior to the repossession, they are entitled to charge you for the act of repossession, the cost of advertising of the sale, the auctioneer's fee, etc.
Your best bet is to immediately hire a bankruptcy attorney in your area- this is NOT done overnight as there are credit counseling and other requirements you MUST fulfill before you are able to get into the bankruptcy Court system. Good luck.

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