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(image: https://greendayonline.com/wp-content/uploads/2016/12/065e16157780f9b36e815af6455f2aeb.png)Can you pay off your car loan to avoid repossession? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by offering interactive tools and financial calculators as well as publishing original and objective content. We also allow users to conduct research and compare information at no cost to help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not limited 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 who pay us. This compensation could affect how and when products appear on the site, such as, for example, the order in which they be displayed within the categories listed, except where prohibited by law. This applies to our mortgage, home equity and other products for home loans. But this compensation does not influence the content we publish or the reviews that you read on this site. We do not cover the entire universe of businesses or financial offerings that might be available to you. Srinrat Wuttichaikitcharoen/EyeEm/Getty Images
5 min read Published November 28, 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, homebuying, homeownership and personal finances. Written by Rhys Subitch Editored by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to control their finances by providing detailed, well-studied information that breaks down complicated topics into bite-sized pieces. The Bankrate guarantee
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We are compensated for the placement of sponsored products and, services, or when you click on specific links that are posted on our site. This compensation could impact how, where and when products are displayed within the categories of listing, except where prohibited by law for our mortgage home equity, mortgage and other home loan products. Other factors, like our own website rules and whether a product is offered in your region or within your personal credit score could also affect the way and place products are listed on this site. We strive to provide an array of offers, Bankrate does not include specific information on each credit or financial products or services. Car repossession has increased rapidly in the last few years, as per reports . If you're in debt on your obligations and your car is at risk of repossession There's good news that you have the option of taking steps to prevent this dreadful outcome. Between reinstatement and loan modification There are a variety of options to prevent repossession. Do paying off a vehicle loan end the process of repossession? The rules of repossession vary according to the state you live in. In many states there is a possibility that the lender may take possession of the vehicle at any time you are in default. Based on the terms of your loan agreement, this could be a result of missing only one payment. There are several steps between missing a payment to the final repossession of your car. Based on the situation you're in you're able to take proper steps . If you've never received any notice If you're unable to make your auto payment, you'll probably know about the financial situation well before your lender is aware. Don't wait for your lender to discover that you miss a payment take the initiative and contact the lender to discuss your situation. The lender may be willing to hear you out to save the cost of repossession. Try to come to an agreeable solution. For instance, you could provide more details about your situation, when you'll be able to make the next payment , or the amount you're able to pay now. Depending on the history you have with the lender it is possible that you will be able to negotiate a temporary reprieve or . This is especially the case if this is the first time you've had to make a missed payment. If the lender has sent only notice to you, the lender can legally repossess your vehicle with or without notice in many states. However, your lender is likely to send you a notice of its intentions to repossess the vehicle before it happens. If you receive a notice of repossession, the first call you should make is to your lender. Again, an open line of communication between you and the lender may result in an option that prevents repossession. If you wait until you receive an email means you'll be caught up when you explain the issue with your lender. If your lender is willing to hear your concerns, provide as much information as you can regarding the time you'll be able to make a payment. Additionally, let them know how much money you have available to put to make a payment now. Ultimately, it can be in the lender's best interest to negotiate a temporary arrangement. In the end, the company is looking to be paid, and you'll probably need your car to get to work. Depending your lender and your personal history it is within the realm of possibility. When the lender has already begun the process. If the lender has already begun the repossession process it is possible that you will not be able to access your vehicle. In this case, restitution of your loan (also known as curing the default -may be the best option. In some states, you'll need to pay the full past due amount. That includes every missed payment and any late fees that have accrued. Typically the lender may also require that you pay for repossession costs before releasing the vehicle to you. In other states, you could have to pay off the total loan in order to receive your vehicle back -- that process is called redemption. Not every state allows for reinstatement. If your state does not have reinstatement laws and it's not a part of your contract, you should nonetheless contact your lender. They may be willing to amend the terms of your loan in order to incorporate it. How auto repossession works Auto repossession can be a painful experience. Understanding the process can assist you to work through it and eventually find solutions. 1. If a borrower fails to pay, your lender has the right to repossess the vehicle in the event that you become in default, and then be able to transfer the vehicle to a debt collection agency. The number of missed payments needed to be in default on your loan will depend on the state you live in as well as your loan contract. In certain situations it is only necessary to miss one payment in order to be in default. In other cases you may need to miss two or three payments in order for an issue to occur. In this situation, clear contact between you and your lender is critically important. If you are able to work out an extension, now's the right time to inquire. 2. Lender takes your car Once you're in default Your lender could or might not notify you of its intent to repossess the car. Call your lender to ask for a temporary payment arrangement to avoid repossession if you get an official notice. In the event of a state-wide restraining order and the state of your car, the lender could be able to repossess your car at any time , regardless of whether you've received a notification. 3. Lender sells the car once the lender has taken possession of the vehicle the lender may hold the vehicle until you pay up with the loan. The most likely scenario is that the lender will sell the vehicle. In many states the lender will notify you of the sale and offer you the opportunity to reinstate your loan. If you wish to purchase the car back before the sale, you'll have to pay for the entire amount due and any costs associated with repossession. However, many repossessions are sold through auction. You have a right to attend the auction and put in a bid on your vehicle. 4. Lender pays you for any outstanding balance. After you sell the vehicle the lender will use the proceeds to pay what you are owed. But the sale price may not cover the entire amount owed. If you have more debt than your lender receives for selling the car, that's a deficit. In most states the lender may claim any deficiency. For example, let's say you owe $10,000 however, your lender is able to sell it at $7,000. In that case the deficit is $3,000 and the lender may be entitled to claim the difference. In the event of surplus to the sale and the lender might be required to transfer it to you. This is rare however, if it does occur, you'll at the very least get a tiny gain by selling the property. Other ways to avoid repossession Avoiding repossession is a important concern for the majority of consumers. In the end, your car is likely a key piece of your ability to earn money. There are a few options to prevent repossession include Reestablishing the loan If you are able to make your overdue payments and the lender will reinstate your loan. This means that you're bringing your situation back to the beginning. When you are reinstated, you'll need to continue making your regular car payment. Take care to pay off the loan Then that paying off the entire auto loan is a lot easier said than done. If this is in your reach, it is one solution to avoid this. Refinancing: This can be difficult as your credit score suffers a hit from missing payments. If you can locate an alternative loan with the lowest interest rate, or regular payments, it might be the best option for your financial situation. Declare bankruptcy. If you are behind on other debts If you are in debt, bankruptcy could be an alternative. However, while there are options to do so , it's not a guarantee. Repossession may still happen when you don't find a workable solution. The disadvantage of these options is that you'll probably have to raise some amount of cash to resolve the situation. In the end, if you're faced with the possibility of repossession, which is uncomfortable contact your lender as soon as possible. With open lines of communication with your lender, the lender may offer a deal that works for everyone.
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The article was written by a contributing writer Sarah Sharkey is a contributing writer for Bankrate. Sarah writes on a variety of subjects, including banking, savings tips homeownership, homebuying and personal finances. Editor: Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to take control of their finances by providing clear, well-researched information that breaks down complicated subjects into bite-sized pieces.
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