The lender must serve you a written notice within 14 days of the car's repossession stating:
- the date the car was taken
- the estimated value of the car
- the enforcement expenses incurred to date and any other enforcement expenses accruing, such as the daily storage rate for the car
- a statement of your rights.
The lender can't sell the car until 21 days after the date of the notice.
If you pay the amount of the arrears, the enforcement expenses and your normal repayment (if it is due during the notice period) the lender must return the car to you.
If the enforcement expenses claimed seem too high, check your contract and get advice from one of our financial counsellors on 1800 007 007.
If you can get back on track, but can't pay the amounts required within the 21 days, you can apply for a hardship variation.