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How many payments can I miss before my car gets repossessed?
I missed a loan payment this month and I'm so scared my car will get repossessed. How many payments can I miss before that happens?
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
No need to panic after one missed payment. However, you should try to get on top of your payments as quickly as possible.
Usually, you can miss two or three payments before your car gets repossessed. But just as a repossession would damage your credit score, so will missing payments—so it’s not advised if you can help it.
Note that some lenders also have the ability to remotely disable your car after you miss a payment, rendering it useless unless you make good on your loan.
If you’re able to get your payments up to date, you might consider refinancing your car to get lower monthly payments. While you usually won’t be able to do this if you’re behind on payments, refinancing your loan can make your monthly bills cheaper, which will prevent this from happening in the future.
Make room in your budget to put more money toward your car loan by finding better-priced car insurance. The
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app makes it quick and easy to compare rates from over 50 top providers like Nationwide and Progressive to find the cheapest option that works for you.View full answer
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