Even if you don’t live in a state with laws that allow you to cure or reinstate your loan, you have certain rights after your vehicle has been repossessed. You have the right to be notified before your vehicle is sold or kept as compensation for your debt. This gives you the opportunity to buy it back.
For a public sale, your lender must notify you of the date, time, and place of the sale so you can have a chance to bid on the vehicle. For a private sale, the lender must notify you of the date when your vehicle could be sold. Regardless of whether it’s a public or private sale, you may be entitled to buy back the vehicle by paying the full loan amount, plus the repossession costs, before the sale. This is sometimes referred to as redemption.