Vehicle Repossession Car Repossessed in NM - do I have the option to reinstate?

[Guest]

I have missed three payments on my car, and it was repossessed two days ago. I have been on time for the majority of my car payments in the past, and my loan is with Wells Fargo. The repossession agent told me as he was taking my car that I would be able to get it back in about five hours. Wells Fargo Dealer services was not open on a Saturday, and they have informed me that they cannot yet tell me how to get my car back because my account is in review. Apparently they review the account to determine if it can be reinstated or redeemed, and that also has to do with state laws. I am able to pay the loan now in order to make it current, however I will not be able to pay the loan off in a lump sum (redemption). My question is: does NM law allow reinstatement of a vehicle, and is that a common practice? As I said, the majority of my car payments have been on time. I missed the payments as I've been dealing with a death in the family, and I'm terrified that I may be about to lose my vehicle. Any advice is appreciated.

 

[Betty3]

You are going to have to talk to lender. You really should have done this when you missed the 1st payment. It might now be hard to get it back.

 

[army judge]

I have missed three payments on my car, and it was repossessed two days ago. I have been on time for the majority of my car payments in the past, and my loan is with Wells Fargo. The repossession agent told me as he was taking my car that I would be able to get it back in about five hours. Wells Fargo Dealer services was not open on a Saturday, and they have informed me that they cannot yet tell me how to get my car back because my account is in review. Apparently they review the account to determine if it can be reinstated or redeemed, and that also has to do with state laws. I am able to pay the loan now in order to make it current, however I will not be able to pay the loan off in a lump sum (redemption). My question is: does NM law allow reinstatement of a vehicle, and is that a common practice? As I said, the majority of my car payments have been on time. I missed the payments as I've been dealing with a death in the family, and I'm terrified that I may be about to lose my vehicle. Any advice is appreciated.

Your answer about redemption lies buried in your sales and loan contracts and/or documents.

NM state law isn't concerned with contracts among its citizens, residents, or non-citizens.

The contract between the parties governs what each can or can't do, and what remedies apply if either party breaches.

Read your contract and attendant documents.