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Are you able to pay off your car loan so that you don’t have to repossess it? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by providing you with interactive tools and financial calculators, publishing original and objective content. We also allow users to conduct research and compare data for free to help you make informed financial decisions. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are advertised on this website are provided by companies that compensate us. This compensation could affect how and when products appear on the site, such as such things as the sequence in which they be displayed within the categories listed, except where prohibited by law. This applies to our mortgage or home equity products, as well as other products for home loans. However, this compensation will affect the content we publish or the reviews that you read on this site. We do not contain the vast array of companies or financial deals that could be available to you. Srinrat Wuttichaikitcharoen/EyeEm/Getty Images
5 min read . Published November 28th, 2022.
Written by Sarah Sharkey Written by Contributing Writer Sarah Sharkey is a contributing writer for Bankrate. Sarah writes about a wide range of subjects, such as banking, savings tips homeownership, homebuying and personal finance. Edited by Rhys Subitch and edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to manage their finances with detailed, well-studied information that breaks down otherwise complex subjects into digestible pieces. The Bankrate guarantee
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We are compensated in exchange for placement of sponsored products andservices or by you clicking on specific links that are posted on our website. Therefore, this compensation may influence the manner, place and in what order products are listed, except where prohibited by law. This is the case for our mortgage or home equity products, as well as other home loan products. Other elements, like our own proprietary website rules and whether or not a product is offered in your region or within your personal credit score may also influence how and where products appear on this website. We strive to provide the most diverse selection of products, Bankrate does not include specific information on every financial or credit item or product. Repossessions of cars have increased dramatically from 2020, according to reports . If you fall behind on the payments you have made and your car is in danger of being taken away The good news is that you can take action to stop this unfortunate conclusion. From reinstatement to loan modification There are a variety of options to avoid repossession. Do paying off a vehicle loan end the process of repossession? The rules for repossession differ according to the state in which you reside. In most states, the lender may take possession of the vehicle when you are in default. Based on the terms of your loan agreement, this could mean you have missed one or two payments. There are a variety of steps to take between missing a payment to the final repossession of your car. Based on the situation you’re in you should take the proper steps . If you’ve never received any notice If you are unable to make your car payment, you’ll probably know about this financial fact before your lender is aware. Don’t wait for your lender to know that you don’t pay, be proactive and call the lender to discuss your situation. The lender may be willing to hear you out in order to avoid the costs of repossession. Make an effort to find a reasonable solution together. For example, you can give more details regarding your situation, when you can make the next installment or what you are able to pay today. Based on your past relationship with the lender and your credit score, you may be able to negotiate an interim reprieve or . This is especially the case if this is the first time you’ve had to make a missed payment. In the event that your lender has sent only notice A lender may legally take possession of your vehicle with or without notice in a variety of states. But your lender will likely send you a notice of its intention to repossess your vehicle before it actually occurs. If you are given a notice of repossession, the first call you should contact your lender. A clear dialogue between you and your lender could lead to a solution that avoids repossession. If you wait until you receive notice of repossession means that you’ll be playing catch-up in explaining the issue in front of your lender. If your lender will listen to you out, give as many details as possible regarding the time you’ll be able to make a payment. You should also indicate how much you are able to pay to make a payment in the present. In the end, it’s beneficial for the lender to negotiate a temporary arrangement. The business is looking to be paid, and you’ll probably need your vehicle to go to work. Depending on the lender and your personal history it isn’t out of the realm of possibility. When the lender has started the process If the lender has already begun the repossession process it is possible that you will not be able access your vehicle. In this case, restitution or restitution of the loan or loan modification known as curing the default -may be the best alternative. In certain states, you’ll be required to make payments for the entire due amount. This includes all missed payments plus any late fees that have accrued. In most cases you will find that the lender may also require that you pay for repossession costs prior to releasing the vehicle to you. In some states, you might be required to repay the total loan to get your car back — that process is called redemption. Not every state allows for reinstatement. If your state doesn’t have reinstatement laws and it’s not a part of your contract, you should still reach out to your lender. It may be willing to modify your loan to include it. What happens when you auto-repossession repossession is an unpleasant experience. But understanding the process can help you work through it and potentially discover an answer. 1. If a borrower fails to pay, your lender can repossess the car in the event that you become in default, and to send it to a debt collection company. The number of missed payments required to be in default on your loan depends on your state as well as your loan contract. In some cases it is only necessary make one missed payment to be in default. In other situations, you might need to make three or more payments for an issue to arise. At this stage, open communication between you and your lender is critically important. If you are able to negotiate a reprieve, now is the time to ask. 2. Lender will take your vehicle once in default the lender may or not send you a notice of its intention to repossess the vehicle. Contact your lender to ask for an interim payment plan to avoid repossession in the event that you get a notice. Based on the state you live in, the lender may be able to repossess your car at any time — whether or not you’ve received a notification. 3. Lender sells the car once the lender has taken possession of your vehicle It could keep the vehicle until you pay up on the loan. But the more likely outcome will be that the lender will sell the vehicle. In many states, the lender must notify you about the sale and provide you the chance to reinstate your loan. If you want to buy the car back before the sale, you’ll have to pay the full amount owed , including any repossession expenses. But many repossessed cars are sold through auction. It is your right to attend the auction and put in an offer on your car. 4. Lender will send you a bill for any deficiency . When you sell the vehicle The lender will use the proceeds to cover what you owe. However, the amount you paid for the vehicle could not cover your entire debt. If you owe more than your lender gets in exchange for selling the vehicle, it’s a deficit. And unfortunately, in most states, your lender may claim any deficiency. Let’s say for instance you owe $10,000 however, your lender only sells it for $7,000. In this scenario the deficit is $3,000, and the lender may be entitled to pursue you for the difference. In the event of an excess from the sale, the lender could be required to pass the money to you. It’s not common but should it occur, you’ll at least have a small gain of the transaction. Other ways to avoid repossession Avoiding repossession is a important concern for the majority of people who borrow. Since your car is probably a crucial part of the way you earn money. There are a few options to avoid repossession include Reestablishing the loan: If you can get current on your past-due payments, the lender will reinstate the loan. In essence, you are bringing the situation back to where it was. When you are reinstated, you’ll need to keep making your usual car payments. Make sure you pay off the loan: Of course, paying off an whole auto loan is easier said than done. But if this option is within reach this is a way to exit this situation. Refinancing can be challenging as your credit score suffers an injury from missed payments. But if you can find a new loan with an interest rate that is lower or a monthly payment, could be the best option to manage your finances. Declare bankruptcy. If you’re in debt on other debts If you are in debt, bankruptcy could be an alternative. However, while there are ways to , it’s not a guarantee. Repossession can still occur when you don’t find a workable solution. The disadvantage of this option is that you’ll probably need to come up with an amount of money to resolve the situation. The bottom line If you find yourself staring down the uncomfortable possibility of repossession discuss the situation with your lender immediately. If you are able to communicate with them in a clear manner with your lender, the lender might be able to offer a solution that is beneficial to everyone.
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Writing by Contributing Writer Sarah Sharkey is a contributing writer for Bankrate. Sarah writes about a range of subjects, including savings tips, banking, homebuying, homeownership and personal financial matters. Editor: Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain the confidence to manage their finances with clear, well-researched information that breaks down complicated topics into manageable bites.
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