car repossesion

Usally a car is repossed by the dealer for nonpayment and is then auctioned off at a discount and you would be held responsible for the difference.

Have you contacted the dealer?

No, the car is repo'd by the LENDER (such as bank, credit union, GMAC). If a car dealer has their own in-house financing, then that unit it considered the lender.

If you want to keep the car, you do need to contact the lender and work something out. If it has gone to repo, only the LENDER can stop them - unless you file for bankruptcy protection.

Unless you pay off the car, you will never have title to it. Keep in mind, that the lender can go to court and request that you return the auto.

These are general comments...if you provide specifics about your situation, perhaps we can help you better.

If the car is in repossession, than the Lender can come and take it at any time. I find it hard to believe that after two years they haven't found it, unless you moved cross country and didn't tell anyone. Lenders can use post office information, job information, social security and credit report information to locate you and get the car back. You will never be able to sell it since the Lender still has the title, so I suggest you call and make arrangements. Be advised, though, that if you give them any info about where you live or work now, they can use that to come take the car.

Also, it's important to know that in case they DO get the car back, you are STILL responsible for the loan. They will auction the car off at a lower price, subtract any fees associated with repossessing the car AND the auction, and subtract the rest from your loan amount. You will STILL OWE the difference. When you signed for that car, you agreed to repay them, so you are not off the hook just because they take your car.