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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 mission is to help you make better financial decisions by offering you interactive tools and financial calculators that provide objective and unique content. We also allow you to conduct your own research and evaluate information for no cost and help you make financial decisions with confidence. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site are from companies that pay us. This compensation may impact how and where products are displayed on the site, such as 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. This compensation, however, does affect the information we publish, or the reviews you read on this site. We do not include the vast array of companies or financial offers that may be accessible to you.
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4 minutes read. Published April 22nd, 2022
Writer: Kellye Guinan. Written by personal and Business Finance Contributor
Kellye Guinan is a freelance editor and writer with over five years ‘ experience within personal finance. She’s also a full-time worker at her local library where she helps the community gain access to information on financial literacy, as well as other topics.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers to take control of their finances through providing concise, well-studied information that breaks down complicated subjects into digestible pieces.
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Default can happen after just one late payment, but generally, auto loans will not be canceled until you stop paying for a period of time which can be up to 120 days typically. Your lender will likely give you notice of default before taking possession of your vehicle. In certain states, you’ll be given the opportunity to pay back what you owe, although this isn’t always the case. Between default and repossession There are a number of ways to avoid your vehicle to be taken. Six strategies to prevent repossession If you’re in default, or at risk of it, repossession is a real possibility. To prevent it, you will need to remain in close contact with your lender and work on reorganizing your financial situation. 1. Keep in touch with you lender Maintain contact with your lender up-to-date regarding your financial situation, capacity to pay and general financial health. Keep a record of every conversation, including the name and the title of every person you talk to, and then send all letters via certified mail so that you can provide proof of your efforts. Lenders would prefer to have their customers pay on their auto loans instead of repossessing their cars. Be prepared to provide evidence of your financial condition. And if anything changes notify your lender know immediately. It’s important to be polite but not tense when discussing the possibility of repossession. It is best to avoid repossession at any cost, so keep asking up the manager until you get someone to help you with your loan. 2. Request an loan modification Repossession is a significant chance for the lender, too. The lender will have to pay off your loan and then hire a person to take possession of the vehicle, store it somewhere and then auction it off at auction. Due to this, it may be effective to ask the lender for a reduced payment. Your lender will likely be able to delay some payments or modify the loan to help you keep up with payments. Inform the lender know the details of your circumstance and talk about the date and time you’ll be able to make repayments. The lender is not under any legal obligation to alter the terms of your loan however it could reduce the amount of the stress that repossession poses. 3. Make sure you are current on your loan If you are able to, make up your payments and fees and ask the lender to restore your loan. This will end the default process and is the most efficient method to . It is okay if this option isn’t available to you. For the majority of people who face repossession, obtaining a current payment on the loan is not feasible. There are options to access the money — but it may put a different type of strain on your life. 4. Sell the car If an auto loan is too high each month, you may sell your car privately . If you’re not over the limit on your loan — when you owe more than it’s worth, you can switch to a more affordable ride. Ensure that selling your car will pay for the amount of your loan and any charges you have to pay. If not, it’s best to negotiate the terms with your lender and see if they could permit you to reduce fees. Most importantly, selling your car might not leave you with enough of money to make a downpayment to buy another vehicle. When it’s between repossession, surrendering the car or selling your car, you’ll be in a position of no transportation, regardless of. Selling your car keeps your credit in good standing, but it may put you in a situation similar to repossession. 5. Refinance your loan By extending the loan duration or lowering the rate of interest can help make an automobile loan less expensive. If you’ve missed multiple payments and are currently in default it is likely that you aren’t in a position to get the credit you need . That does not mean that you should not try. Online lenders and credit unions, in addition to smaller local banks have more flexible requirements. Be aware that applying for financing can also impact the credit rating of your client, therefore be sure to apply for a few loans at once to prevent multiple attacks. It is possible that you will not be able to lower the interest rate, but prolonging your loan time frame is an option. This will make your monthly payments less expensive. But it does mean you will pay more interest overall. It may be worth the extra cost to prevent repossession, but it should be done only after you’ve exhausted all other options. 6. Don’t hesitate to surrender your car the option to voluntarily surrender your vehicle to your lender when you’re unable to pay. You will no longer be able to access it and must consider alternative methods of transportation however it will not be considered a repossession, however, your credit score will nevertheless decrease. When you do it, your lender will go through the same process as repossession. They will take over and then sell your car at auction. If the price of the sale is greater than the amount you owe on your credit card, you are in the clear. If not, you will be responsible for the remaining loan amount as well as any additional fees you’ve accrued. The auto repossession process is carried out Once you’re in default the lender has every right to repossess your car. Unless your state law says that it is not required, repossessions don’t require notification or notice. It’s possible to lose your car anytime after you’ve defaulted. If your car is repossessable or seized, your lender could provide you with information for the auction where your vehicle will be sold. If not, you might be able to renew your loan by catching over the outstanding amount as well as any other fees associated with repossession. Like everything else in the repossession process, the information the lender has to provide you will depend on the state in which you reside. The next step Repossession remains visible on credit reports for a long time, making it that much more difficult to secure a new auto loan. Be sure to keep up with each step, talking with your lender and doing all you can to stop repossession. While not all options will be available to you, they are worth trying in the event of losing your vehicle. Find out more
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Written by a Personal and Business finance contributor
Kellye Guinan is a freelance editor and writer who has more than five years of experience in personal finance. She’s also a full-time worker at her local library, where she assists her community access information about financial literacy, as well as other topics.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers feel confident to take control of their finances through providing precise, well-studied information that breaks down otherwise complex subjects into digestible pieces.
Auto loans editor
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