Will a lender repo my car if I'm consistently 15 days late on payments?

I fell behind on my car payments after I was laid off from my job. This caused me to fall behind 15 days on my payments for the past three months. However, I'm still paying. They've contacted me about repossessing the car. Can they do that?

Apr 27, 2021
Answer provided by
avatar
Eric Schad
Answered at Apr 27, 2021
“If you’re only 15 days late on the payment, chances are a lender won’t repossess your vehicle. Repos are most commonly used on car loans that are 60 or more days late. In this case, they might just be using the threat of repo as a scare tactic.
That said, you need to call them as soon as possible. Tell them what happened. If you’re honest and upfront about your financial situation, they will most likely work with you on some sort of catch-up payment plan.
Even throwing a few extra bucks a month at the payment until you’re caught up will probably alleviate the situation.”
Car Loans
thumb-up

Did this answer help you?

Ask us a question by email and we will respond within a few days.
thumb-up

Have a different question?

You can meet us at our office and discuss the details of your question.

Easiest way to compare and buy car insurance

√
No long forms
√
No spam or unwanted phone calls
√
Quotes from top insurance companies