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Will a lender repo my car if I'm consistently 15 days late on payments?
I fell behind on my car payments after I was laid off from my job. This caused me to fall behind 15 days on my payments for the past three months. However, I'm still paying. They've contacted me about repossessing the car. Can they do that?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If you’re only 15 days late on the payment, chances are a lender won’t repossess your vehicle. Repos are most commonly used on car loans that are 60 or more days late. In this case, they might just be using the threat of repo as a scare tactic.
That said, you need to call them as soon as possible. Tell them what happened. If you’re honest and upfront about your financial situation, they will most likely work with you on some sort of catch-up payment plan.
Even throwing a few extra bucks a month at the payment until you’re caught up will probably alleviate the situation.
When finances are strained because of changes in your life like being laid off it can help to find areas in your life where you can save money. One of these areas you can check is with your
car insurance
.With the
Jerry
app you can compare 50+ top insurers to ensure you’re getting the insurance you need for the best price. Our users save an average of $879 a year. View full answer
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