After a car is repossessed, the repossession company takes it to its lot, reports CNN. After that, the fate of the car varies with state law. Some states require the lender to tell the owner of the car the fate of the car, notes the Federal Trade Commission.
In some states, the lender must allow the owner to redeem the car by paying the total amount due, which usually includes the loan payoff as well as any fees associated with the repossession, such as storage. Another option for the owner is to buy it back at the repossession sale. Before selling it, the lender must allow the owner to have access to the car to remove any personal possessions, according to the FTC.