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How many car payments can you miss before repossession is possible?
I’ve started to fall a bit behind on my car payments. How long do I have before I have to worry about repossession?
Will Baldwin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It really depends on the lender.
Generally, two or three consecutive missed payments can lead to potential repossession, not to mention that it can damage your credit score tremendously. Some lenders will even consider repossession after one missed payment.
The good news: You usually have options to handle a missed payment before things get out of hand. Be upfront with your lender about your circumstances and try to work out a solution.
Some ways to help lessen the burden of your car loan include:
- Refinancing the loan
- Asking for an extension or alternate payment plan
- Adding additional months to the loan
MORE: How to refinance your car loan
View full answer
- Gregory R.
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