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How do you stop your car from getting repossessed?
I know I’m behind on my car payments so I’m worried about my car getting repossessed. How do I stop the repo man from taking my car?
Chloe Jenkins · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Get in contact with your lender:
- Although you’ve already fallen behind, you should let them know what’s going on with your payments.
- Because repossession is expensive, your lender may be willing to work with you to create amodified payment planor even pause your payments.
- When you choose to refinance, your newcar loanwill be used to pay off the existing one and you’ll be able to start fresh.
- However, this is not a long-term solution if you plan to continue missing payments—only do this if you are confident that you can make future payments.
Get caught up on your payments:
- If your loan is in default but the lender hasn’t taken your vehicle yet, you may be able to reinstate your loan by paying off what you owe.
- You will have to discuss this with your lender as they are not required to allow you to do this.
Sell the car:
- Depending on how much you get for the vehicle, you may have enough to pay off the full loan and place a down payment on a new vehicle.
Surrender the car voluntarily:
- If you know you can no longer make your payments, taking the car back to the lender of your own volition will spare you the stress of the vehicle being repossessed and help you avoid a hit to yourcredit score.
- You may even be able to bargain for a reduction in the amount you owe after the lender sells the car.
View full answer
- Gregory R.
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