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Steps to take to Avoid Repossession

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Home > Bad Credit Car Loan Help

Here, we'll tell you how to prevent your car from being repossessed. If you've purchased a vehicle from a buy here pay here car lot, there are ways to avoid repossession, steps to you should take to avoid repossession of that vehicle.

This article is about how to avoid the repo man.

As well, in this article, we'll tell you how to stop repossession if the process has already begun. Avoiding repossession already in progress should be one of your top priorities as a repo on your credit report could have a devastating impact on your credit score.

One of the best things you can do to avoid repossession is to create a plan of action to stabilize your financial situation. Be smart about what you purchase - and only buy what you need, rather than the things that you want. There will be time later to purchase those luxury items, but for now, you need to stay focused on keeping your car - and your credit - protected.

On the topic of doing whatever you can to make your payments, consider saving up your gas money by taking a bus to work instead of driving in, or carpooling.

Keep an open dialogue with your lender. Be truthful in discussing your financial situation. If your creditor calls you, don't panic and avoid the calls. And above all, don't hide your car. Any type of evasive action on your part should be barred.

When you've got your lender's attention, ask whether they would be willing to work with you as you try to make your payments. If there were unforeseen circumstances that cropped up which caused you to miss your last payment, explain this to the creditor. You'd be surprised how many lenders will work with you if you take an honest approach.

Then, if the lender does agree to not penalize you after your missed payment, do whatever you need to make your payment(s). Consider a second job, or trying to get a temporary loan from family or friends.

Ask if the lender would be willing to reconfigure your loan if need be. Sometimes, they'll put a missed payment on the end of your loan to help you out. But remember, if a lender lets you slide one time, there probably won't be another - so be prudent in the future.

If you hear that the repossession process has already begun, you can always consider a last resort, short of filing for bankruptcy. As a better alternative to bankruptcy, you may want to consider selling your car. Even if you won't get enough money to pay your loan off, it would at least avoid repossession for the time being. And if you do take this option, again, keep an open dialogue with your lender going about your plans to sell the car, and pay off a portion of your loan. They may be willing to help you come up with a plan to pay off the remaining portion of the loan as well.

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