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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 decisions by offering you interactive tools and financial calculators as well as publishing objective and original content. This allows users to conduct research and compare information for free - so that you can 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 Make Money The products that appear on this site are from companies that compensate us. This compensation may impact how and where products are displayed on this website, for example for instance, the order in which they be listed within the categories of listing and other categories, unless prohibited by law. This applies to our loans, mortgages, and other home loan products. However, this compensation will affect the information we provide, or the reviews appear on this website. We do not cover the entire universe of businesses or financial offers that may be available to you.
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4 min read published April 22nd 2022
Written by Kellye Guinan. Written by Personal and business finance contributor
Kellye Guinan is a freelance editor and writer who has more than five years ' experience within personal financial matters. She's also a full-time worker at her local library, helping her community access information about financial literacy, among other subjects.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping their readers feel confident to take control of their finances with clear, well-researched facts that break down complicated subjects into digestible pieces.
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Default can happen after just one missed payment, but typically, auto loans will not be canceled until you cease to pay for multiple months that can extend to 120 days, generally. Your lender will likely give you a notice of default prior to repossessing your vehicle. In certain states, you'll have the option of repaying the amount you owe, but this may not be the case in all states. Between repossession and default There are a number of strategies to stop your car from being taken. Six ways to stay out of repossession If you're in default or are at risk of it repossession is a possible possibility. To prevent it, you'll have to remain in close contact to your lender and work on reorganizing your financial situation. 1. Stay in contact to you lender Make sure you keep your lender current on your situation, ability to make payments , and general financial health. Record every conversation, including names and titles of every person you talk to, and make sure you send any correspondence via certified mail so that you can provide proof that you have done your part. Lenders would prefer to have their customers pay for their auto loans instead of repossessing their vehicles. Prepare to submit proof of your financial situation. If something changes you need to let your lender know right away. It pays to be polite but not tense when discussing the possibility of repossession. It is best to avoid repossession at all cost and that's why you should keep calling the management line until you get someone to help you with your loan. 2. Request for a loan modification Repossession is a serious chance for the lender as well. They will need to pay off the loan and then hire a person to seize the car, store it somewhere and then sell it at auction. In this case it could be beneficial to ask the lender to make a lower payment. Your lender is likely to be able to to defer the payment for a couple of months or change the terms to allow you to pay your bills. Make sure to let your lender know the details of your situation and discuss the date and time you'll be able to make repayments. The lenders are not legally obligation to alter the terms of your loan however it could help you and your lender avoid a lot of the trouble that repossession can cause. 3. Be current on the loan If you can, make up your payments and charges in order for the lender to get the loan. This will stop in the process of default and it is an effective method of avoiding default . It is okay to decline this option if it isn't available to you. For most people facing repossession, getting current on the loan isn't possible. There are some methods to obtain the cash -- like -- but they could create a different kind of stress on your life. 4. Sell the car if an automobile loan is too high each month, you may sell your car privately . Provided you aren't upside down on your loan (when you owe more than it's worth -- you could move to a cheaper vehicle. Make sure that the sale of your car will pay for the sum of your loan and any fees that you owe. If not then, you should discuss the matter with your lender and determine if they could let you write off the fees. The most important thing to remember is that selling your car might not leave you with enough of money to make a downpayment to buy another car. When it's between repossession, surrendering the car or selling, you will be without transportation no matter what. Selling your car helps keep your credit intact, but it can result in a situation that is similar to repossession. 5. Refinance your loan Extending the loan duration or lowering the rate of interest can allow your automobile loan less expensive. If you've fallen behind on payments, and are currently in default you likely don't have the credit to . However, that does not mean that you should not attempt. Credit unions and online lenders, along with smaller local banks offer more flexibility in terms of requirements. Be aware that applying for financing could affect your credit score, so be sure that you make an application for several loans at once to avoid multiple hits. You may not be able lower the interest rate, but prolonging your loan time frame is an option. This will allow your monthly installments to be much more affordable. 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 alternatives. 6. Don't hesitate to surrender your car the option of surrendering the car to your lender in the event that you are unable to pay. You will no longer be able to access it and must consider alternative ways to get around, but it will not count as repossession -- but your credit score may be affected. When you do the latter, your lender will undergo a similar process as repossession. They will then take possession of and sell your vehicle at auction. If the sale price covers the amount you owe, then you're covered. If not, you will be responsible for the remaining loan amount and any fees you've accrued. The auto repossession process operates Once you're in default, your lender is entitled to take possession of your vehicle. Unless your state law says otherwise, repossession doesn't need notification or notice. This means you could lose your car at any point after having defaulted. If your car is repossessed and you are in default, your lender might provide you with the details of the auction at which the vehicle will be auctioned off. If not, you might be able of reestablishing your loan by getting caught up on the past-due amount and any fees for repossession. Similar to everything else in repossession the details the lender is required to give you will depend on the state in which you reside. The next step Repossession remains visible on credit reports for years, making it that much difficult to obtain a new auto loan. Make sure you are on top of each step communicating with the lender and doing everything you can to avoid repossession. While not all options will be available but they're worth a try when you're facing losing your vehicle. Find out more
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Written by Personal and business finance Contributor
Kellye Guinan is a freelance editor and writer with over 5 years experience working in the field of personal finance. She's also a full-time worker at her local library where she helps people in her community get information about financial literacy, among other subjects.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping their readers feel confident to manage their finances with clear, well-researched facts that break down complicated topics into bite-sized pieces.
Auto loans editor
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