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How do I reinstate my car loan after a repossession?
I was struggling financially and my car was repossessed. Just a few days after the repo, I discovered that I'm getting a large inheritance, which is a huge relief! However, my car is still reposessed, and I still need to deal with everything—including my car loan. How do I reinstate my car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
That’s great that you’re putting your inheritance to good use. As far as reinstating your
car loan
, you’ll have to consult your state government or DMV, as the laws are different everywhere.If your state allows loan reinstatement, you need to get a quote from the lender to get up to date on your loans. This quote is typically good for 15 days and states an amount that you must pay to keep your car loan. If you can pay within the time allotment, you can keep possession of your car.
States that don’t have loan reinstatement have loan redemption instead. Unlike a reinstatement, redemption requires you to pay off the entire balance of the loan instead of just bringing it current.
Whether you have to do a reinstatement or a redemption, one easy way to save money after the payment is to re-shop your car insurance policy. The easiest way to do this is through the
Jerry
app—we’ll get you customized rates from top insurers in seconds so that all you have to do is choose the plan or provider that works best for your needs.Best of luck with getting everything back on track!
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- Gregory R.
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