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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 providing you with interactive financial calculators and tools that provide objective and unique content. We also allow you to conduct your own research and evaluate information for no cost - so that you can make informed financial decisions. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The deals that are advertised on this site are from companies that 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 in the event that they are not permitted by law. Our mortgage, home equity, and other products for home loans. But this compensation does have no impact on the information we provide, or the reviews you see on this site. We do not cover the entire universe of businesses or financial offers that may be available to you.



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Zak Kendal/Getty Images
4 minutes read. Published April 22nd 2022
Authored by 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 worker at her local library, helping her community access information about financial literacy, as well as other topics.







Editor: 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 to control their finances through providing clear, well-researched facts that break down otherwise complicated topics into bite-sized pieces.









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Default can happen after just one missed payment, however typically it's not a problem. Auto loans aren't charged until you stop paying for a period of time that can extend to 120 days in most cases. Your lender will likely send you notice of default before repossessing your vehicle. In certain states, you'll have the chance to repay the amount you owe, but this isn't always the case. Between default and repossession there are several strategies to stop your car in the event of repossession. 6 ways to avoid repossession If you're currently in default, or at threat of it, repossession is a real possibility. To prevent it, you'll have to keep in touch with the lender and work on reorganizing your financial situation. 1. Stay in contact to you lender Make sure you keep your lender current regarding your financial situation, capacity to pay and overall financial situation. Document every conversation, including the name and title of each person you talk to, and make sure you send any correspondence via certified mail so you have proof that you have done your part. The lenders would prefer that their customers pay back their auto loans instead of repossessing their cars. Be prepared to provide documentation about your financial state. If anything should change, let your lender immediately. It pays to be polite but not tense when discussing the possibility of repossession. It is best to avoid repossession at any cost, so keep asking up the management line until you can find someone to help you with your loan. 2. Request an loan modification. Repossession is a serious risk for the lender as well. They will need to take over your loan or hire someone to repossess the car, store it somewhere and then sell it at auction. Because of this it could be beneficial to ask the lender for a reduction in the amount. Your lender may be able to delay some payments or modify the loan to help you keep up with payments. Inform the lender know the details of your situation , and then discuss when and how you will be able to repay. Lenders are under no legal obligation to alter the terms of your loan however it could help you and your lender avoid a lot of the stress that repossession can cause. 3. Make sure you are current on your loan If you are able to, make up your payments and charges in order for the lender to reinstate the loan. This will stop in the process of default and it is an effective way to . It's okay to decline this option if it isn't available to you. For the majority of people who face repossession, paying off the loan is not feasible. There are some options to access the money -- but they could cause a different strain on your life. 4. Sell the car If an auto loan is too expensive each month, you can sell your car privately . If you're not in a position to be upside-down on your loan (when you owe more than it's worth, you can switch to a more affordable ride. Ensure that selling your car will be sufficient to pay off the total portion of the loan as well as any other fees you owe. If not then, you should discuss the matter the terms with your lender and determine if they might allow you to write off the fees. The most important thing to remember is that selling your car may not provide you with the an amount to pay for another car. If you are in between repossession, either selling or surrendering the vehicle the car, you'll be left in a position of no transportation, regardless of. Selling your car keeps your credit score intact, however it may result in a situation similar to repossession. 5. Refinance your loan Extending your loan duration or lowering the rate of interest can help make an auto loan more affordable. Unfortunately, if you have been late on multiple payments and are currently in default you likely do not have the credit . However, that doesn't mean you shouldn't attempt. Credit unions and online lenders, in addition to some small local banks, are more accommodating in their requirements. Keep in mind that financing applications can negatively impact your score on credit, which is why make sure that you apply for several loans at one time to avoid multiple attacks. You may not be able to lower the interest rate, but prolonging the loan duration is a possibility. This will allow your monthly installments to be more affordable. But it does mean you'll be paying more in interest overall. It may be worth the higher cost to prevent repossession however it should only be done only after you've exhausted all other options. 6. Don't hesitate to surrender your car the option of voluntarily surrendering the car to your lender in the event that you are unable to pay. You won't have access to it and must consider alternative options to move around, but it won't be considered repossession -- however, your credit score will nevertheless decrease. When you do the latter, your lender will undergo a similar process as repossession. They will then take possession of and sell your vehicle at auction. If the purchase price is more than the amount you owe on your credit card, you are in the clear. If not, you will be responsible for the remaining loan amount and any charges you've accrued. The auto repossession process is carried out Once you're in default and your lender has the right to take possession of your vehicle. If your state's law states otherwise, repossession doesn't need an announcement or warning. That means that you can lose your car at any time once you've defaulted. If your car is repossessable or seized, your lender might provide you with the details about the auction in which the vehicle will be auctioned off. In other cases, you might be able to renew your loan by getting caught over the outstanding amount and any fees for repossession. As with all aspects of the repossession process, the information the lender has to provide you is contingent on your state. The next steps Repossession will remain on your credit report for a long time and make it harder to get an auto loan. Focus on keeping up with every step and contacting the lender and doing all you can to prevent repossession. Although not every alternative will be available to you, they are worth trying when you're facing losing your vehicle. Learn more


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Written by Business and personal finance Contributor

Kellye Guinan is a freelance editor and writer with over five years of experience in personal finances. She is also a full-time worker at her local library, where she assists the community gain access to information on financial literacy, as well as other subjects.



The edit was done 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 to manage their finances with clear, well-researched data that breaks complex topics into manageable bites.






Auto loans editor




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