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How do you stop your car from getting repossessed?
I know I’m behind on my car payments so I’m worried about my car getting repossessed. How do I stop the repo man from taking my car?
Chloe Jenkins · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear that you’re in this situation. Falling behind on bills is incredibly stressful.
If you think your car may be repossessed, you should:
- Get in contact with your lender as soon as you think you’re going to miss a payment. Although you’ve already fallen behind, it still couldn’t hurt to reach out. Because repossession is an expensive process, your lender may be willing to work with you to create a modified payment plan or even pause your payments.
- Refinanceyour loan. When you choose to refinance, your newcar loanwill be used to pay off the existing one, and you’ll be able to start fresh. However, this is not a long-term solution if you plan to continue missing payments—only do this if you are confident that you can make your future payments.
- Get caught up on your payments if your loan is in default but the lender hasn’t taken your vehicle yet. You may be able to reinstate your loan by paying off what you owe. However, you would have to discuss this with your lender as they are not required to allow you to do this.
- Sell the car. Depending on how much you get for the vehicle, you may have enough to pay off the full loan and place a down payment on a new vehicle.
- Surrender the car voluntarily to avoid damaging your credit score. If you know you can no longer make your payments, taking the car back to the lender of your own volition will spare you the stress of the vehicle being repossessed. You may even be able to bargain for a reduction in the amount you owe after the lender sells the car.
If making your payments would be easier with a little more cash, take a moment to review your
car insurance
. Chances are you’re overpaying—and the Jerry
app can help!In less than 45 seconds, Jerry collects all of your information from your existing insurer. Choose from competitive quotes from up to 50 top insurance companies and Jerry takes care of the rest—securing your new policy and helping you cancel your old one. On average, Jerry users save about $879 a year on car insurance.
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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