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How do I reinstate a car loan after my car was repossessed?
My car was repossessed after I stopped paying, but I recently won some cash at the casino just a few days later. Is it still possible to reinstate my car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congrats on your timely winnings! Before you worry about reinstating your
car loan
, you have to make certain that reinstatement is allowed in your contract. If your loan contract says nothing about reinstatement, your lender probably won’t allow it.If you find a clause about reinstatement, that’s great news! To reinstate your car loan, you have to repay all of the monthly payments you missed, as well as the repo fees and any other fees the lender charges. This must be in a lump sum.
You typically have about 15 days to reinstate your car loan before the vehicle goes to auction, so act quickly!
In the future, you may want to shop around for car insurance as a way to get the coverage you need while also putting some extra cash in your pocket. To do this easily, check out the
Jerry
app. We’ll get you personalized quotes from top-of-the-line providers in seconds, so that all you need to do is pick the plan that works best for you. And once you choose one, we’ll even help you switch!Best of luck, and hopefully your financial straits improve soon!
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- Gregory R.
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