Steps to take to Avoid Repossession
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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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