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How to avoid repossession on a late car loan Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by offering you interactive tools and financial calculators as well as publishing objective and original content. We also allow users to conduct research and compare information for free and help you make informed financial decisions. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The products that appear on this website are provided by companies who pay us. This compensation can affect the way and where products appear on this website, for example for instance, the order in which they appear within the listing categories in the event that they are not permitted by law for our mortgage, home equity and other home loan products. But this compensation does not influence the content we publish or the reviews that you see on this site. We do not include the vast array of companies or financial offers that may be available to you.
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4 min read published April 22nd 2022
Authored by Kellye Guinan. Written by Personal and Business Finance contributor
Kellye Guinan is a freelance editor and writer who has more than 5 years experience working in the field of personal financial matters. She also works full-time as a librarian at the local library where she helps people in her community get information on financial literacy, as well as other topics.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers feel confident to control their finances through providing clear, well-researched information that breaks down complicated subjects into digestible pieces.
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Default can happen after just one late payment, but generally it’s not a problem. Auto loans will not be canceled until you stop making payments for several months which can be up to 120 days typically. Your lender is likely to send the notice of default prior to repossessing your car. In certain states, you will have the chance to repay what you owe, although it’s not always the case. Between default and repossession There are a number of tactics to prevent your car in the event of repossession. Six ways to stay out of repossession If you’re in default or are at the risk of being in default repossession is a very real possibility. To avoid it, you’ll need to remain in close contact to your lender and restructure your finances. 1. Stay in contact with the lender Maintain contact with your lender up-to-date regarding your financial situation, capacity to pay and overall finances. Document every conversation, including name and title of each person you talk to and make sure you send any correspondence via certified mail to provide evidence that you have done your part. They would rather have their customers pay back their car loans instead of repossessing their cars. Be prepared to provide proof of your financial situation. And if anything changes you need to let your lender know immediately. It pays to be polite but and firm when discussing the possibility of repossession. You should avoid repossession at all costs and that’s why you should keep calling the management line until you find someone able to assist you with your loan. 2. Request for a loan modification. A repossession is a major chance for the lender and the lender, too. It will need to charge off your loan or hire someone to repossess the car then store it in a safe place and then sell it at auction. Due to this it could be beneficial to request the lender for a reduced payment. Your lender will likely be able to to defer a few payments or restructure the term to help you make payments. Inform your lender know the specifics of your situation and discuss the time and method by which you’ll be able to make repayments. Lenders are under no legal obligation to alter your loan but they could reduce the amount of the stress that repossession causes. 3. Make sure you are current on your loan If you are able to pay your loan in full and fees and ask the lender to restore your loan. This will end the default process and is the most efficient method of avoiding default . This is fine to decline this option if it isn’t available to you. For the majority of people who are facing repossession, paying off the loan isn’t possible. There are a few ways to get the money — but they could cause a different strain on your life. 4. Sell the car If an car loan is too expensive each month, you may sell your car privately . If you’re not over the limit on your loan (when you have more debt than you’re worth, you can change to a less expensive vehicle. Make sure that the sale of your car will be sufficient to pay off the total portion of the loan as well as any other fees you owe. If you aren’t able to do that, try negotiating to your lender and see if it could let you write off the fees. In the end, selling your car may not leave you with enough of money to make a downpayment to buy another vehicle. When you’re between repossession and surrendering the car or selling the car, you’ll be left in a position of no transportation, regardless of. Selling your car will keep your credit in good standing, but it may result in a situation similar to repossession. 5. Refinance your loan The extension of the loan duration or decreasing the rate of interest can make the auto loan more affordable. Unfortunately, if you have been late on multiple payments and are currently in default it is likely that you aren’t in a position to get the credit you need . That doesn’t mean you shouldn’t attempt. The credit union and the online lender, as well as some local banks that are small, are more accommodating in their requirements. Be aware that applying for financing can also impact your credit score, so make sure you apply for a few loans simultaneously to prevent multiple attacks. You may not be able lower the interest rate, but prolonging your loan duration is a possibility. This will make your monthly payments less expensive. But it does mean you’ll be paying more in interest overall. It could be worth the cost to prevent repossession however it should only be done after having exhausted other options. 6. Give up your car the option of surrendering your vehicle to your lender in the event that you are unable to pay. The lender will not be able to access it and you will have to think of alternative options to move around the situation, but it won’t count as repossession — although your credit score will be affected. If you do this it, your lender will undergo a similar process as repossession. They will take over and then auction off your car. If the sale price covers the amount you owe, then you’re in good shape. If not, you’ll be held accountable for the remainder of the loan amount, as well as any fees you’ve accumulated. What happens when you default on your auto repossession works Once you are in default the lender has every right to take possession of your vehicle. Unless the law of your state says otherwise, repossession doesn’t need an announcement or warning. It’s possible to lose your car at any time once you’ve defaulted. If your car is repossessable and you are in default, your lender could provide you with information for the auction where your vehicle will be sold. In other cases, you might be able to reinstate your loan by being able to catch up on the past-due amount and any fees for repossession. Like all aspects of repossession the details the lender has to provide you depends on your state. The next step Repossession will remain visible on credit reports for a long time and make it harder to get a new auto loan. Make sure you are on top of each step, talking with the lender and doing all you can to stop repossession. Although not every alternative will be available however, these are options worth considering in the event of losing your car. Find out more
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Written by Business and personal finance Contributor
Kellye Guinan is a freelance editor and writer with more than five years of experience in personal financial matters. She also works full-time as a employee at her local library, where she assists her community access information about financial literacy, as well as other subjects.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping their readers gain the confidence to take control of their finances by providing precise, well-studied information that breaks down otherwise complicated topics into bite-sized pieces.
Auto loans editor
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