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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 goal is to help you make smarter financial decisions by offering you interactive tools and financial calculators as well as publishing objective and original content, by enabling you to conduct research and compare data for free - so that you can make sound financial decisions. Bankrate has agreements with issuers, including 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 come from companies who pay us. This compensation can affect the way and where products appear on this website, for example the order in which they appear in the listing categories, except where prohibited by law. Our mortgage, home equity, and other products for home loans. But this compensation does affect the content we publish or the reviews appear on this website. We do not contain the vast array of companies or financial offerings that could be available to you.
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4 minutes read. Published April 22 2022
Writer: 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 finances. She is also a full-time employee at her local library, helping her community access information about financial literacy, in addition to other subjects.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping their readers gain the confidence to take control of their finances by providing clear, well-researched facts that break down otherwise complicated topics into bite-sized pieces.
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The default can occur after one late payment, but typically the auto loans won't be charged off until you stop paying for multiple months -- up to 120 days typically. Your lender will likely give you notice of default before taking possession of your vehicle. In some states, you'll have the opportunity to pay back what you owe. However, this may not be the case in all states. Between repossession and default there are several tactics to prevent your car to be taken. 6 ways to avoid repossession If your debt is in arrears, or at the risk of being in default repossession is a possible possibility. To avoid it, you will need to remain in close contact with your lender and restructure your finances. 1. Maintain contact and keep in contact with the lender Keep your lender current on your situation, ability to make payments and overall finances. Document every interaction, including the names and titles of every person you talk to, and send any letters through certified mail so that you can provide evidence the efforts you've made. Lenders would prefer to have their customers pay on their auto loans instead of repossessing their vehicles. Make sure you have documentation about your financial state. And if anything changes notify your lender know right away. It's important to be polite but not tense when discussing the possibility of repossession. You want to avoid it at all costs So, keep calling the manager until you can find someone to help you with your loan. 2. Request a loan modification Repossession is a serious chance for the lender as well. It will need to charge off the loan or hire someone to seize the car, store it somewhere and then sell it at auction. Due to this it is possible to approach the lender for a reduction in the amount. Your lender is likely to be able to defer a few payments or restructure the term to help you make payments. Let you lender know the details of your circumstance and talk about when and how you will be able to make repayments. The lender is not under any legal obligation to modify your loan, but it might reduce the amount of the hassle that repossession poses. 3. Make sure you are current on your loan If you are able meet your monthly payments and fees in order for the lender to reinstate the loan. This will end in the process of default and it is an effective method of avoiding default . This is fine if this option isn't available to you. For most people facing repossession, paying off the loan is not feasible. There are some options to access the money -- such as -- but it may put a different type of stress on your life. 4. Sell the car If an automobile loan is too much each month, you can sell your car privately or . If you're not in a position to be upside-down on your loan which means you have more debt than you're worth -- you could change to a less expensive vehicle. Be sure to sell your car in a manner that will pay for the portion of the loan and any charges you have to pay. If you can't do that, try negotiating to your lender and see if they could let you write off 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 you're between repossession and selling the vehicle or surrendering it your car, you'll be in a position of no transportation, regardless of. Selling your car keeps your credit intact, but it could result in a situation that is similar to repossession. 5. Refinance your loan The extension of your loan duration or lowering your interest rate can make your auto loan less expensive. Unfortunately, if you have fallen behind on payments, or are in default, it is likely that you aren't in a position to get the credit you need . But that doesn't mean you shouldn't attempt. The credit union and the online lender, in addition to smaller local banks are more accommodating in their requirements. Be aware that financing applications can affect your score on credit, which is why be sure to apply for several loans at one time to prevent multiple hits. You might not be able to reduce your interest rates, but extending the loan time frame is an option. This will help make your monthly payments much more affordable. However, it means you will pay more interest overall. It might be worth the cost to prevent repossession however it should only be done only after you've exhausted other alternatives. 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 won't be able to access it and will need to consider alternate methods of transportation, but it will not be considered a repossession, although your credit score will be affected. If you do this the latter, your lender will go through the same process as repossession. They will take over and then sell your vehicle at auction. If the purchase price is more than the amount you owe on your credit card, you're covered. If not, you'll be held responsible for the rest of the loan amount and any charges you've accrued. How the auto repossession process operates Once you're in default and your lender is entitled to seize your car. Unless your state law says otherwise, repossession doesn't need notification or notice. This means you could lose your vehicle at any time once you've defaulted. If your car is repossessed or seized, your lender might provide you with the details for the auction where your car will be sold. If not, you might be able of reestablishing your loan by getting caught in the overdue amount and any fees for repossession. Similar to every aspect of repossession, the information your lender must provide you is contingent on your state. The next steps Repossession will remain visible on credit reports for a long time, making it that much harder to get an auto loan. Focus on keeping up with each step, talking with your lender and doing all 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 who has more than 5 years experience working in the field of personal finances. She also works full-time as a employee at her local library where she helps the community gain access to information on financial literacy, among other topics.
Edited by 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 take control of their finances through providing clear, well-researched information that breaks down otherwise complex subjects into digestible pieces.
Auto loans editor
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