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How do I reinstate a car loan after repossession?
My car got repossessed last month, but I still need my car. I finally have the money to start paying my loan, but I don’t know how to get it back. What do I need to do to reinstate my car loan after a repossession?
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You may not always have the option to reinstate
your car loan
after a repossession, but you can always contact your lender to check.If they allow you to reinstate your loan, your lender will require you to officially request a reinstatement quote. From there, your lender is legally required to send you a written notice with your right to reinstate along with instructions for reinstating your car loan. The letter will usually include:
- A required reinstatement fee,
- any required documents you’ll need to complete, and
- the terms and conditions of reinstatement.
Once you get your loan reinstated, you’ll need to buy a new car insurance policy.
For help finding the best rate on the insurance you need, try
Jerry
. A licensed broker, the Jerry app can help you compare personalized quotes from over 50 top providers like Progressive and Nationwide for free. When you find a better plan, Jerry can help you buy your new coverage and even help cancel your old policy!View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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