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How many car payments can you miss before repossession is possible?
I’ve started to fall a bit behind on my car payments. How long do I have before I have to worry about repossession?
Will Baldwin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It really depends on the lender. Generally, two or three consecutive payments can lead to potential repossession, beyond damaging your credit score tremendously. Some lenders will even consider repossession after one missed payment.
The good news is that you usually have options to handle a missed payment before things get out of hand. Be upfront with your lender about your circumstances and try to work out a solution.
Some ways to help lessen the burden of your car loan include:
- Refinancingthe loan
- Asking for an extension or alternate payment plan
- Adding additional months to the loan
If you’re looking to free up some extra cash, try finding a cheaper car insurance policy.
Jerry
can help you compare competitive quotes from top providers and make a hassle-free switch.View full answer
- Gregory R.
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