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AVOIDING REPOSSESSION
If you do not make payments on your auto loan, your car will be repossessed. This means that your creditor will come and take your car. Your creditor is not obligated to notify you and can take your car at any time. A 'repo man' will usually come in the middle of the night or early in the morning, when you least expect. If you want to get your car back after it becomes repossessed, you will have to pay the balance of your car loan as well as the cost for towing and storage. If you can not afford to pay, the creditor will sell your car. Your car will become repossessed if you fall behind on your payments for three months.

How can I avoid having my car repossessed?
There are several things you can do. If you can not afford to pay your auto loan, talk to your lender. They would rather work out an agreement and have you pay your loan than repossess your car. In the long run, your creditor will likely lose money by repossessing.

Another option to consider if you think that you are not going to be able to make your car loan payments, is to sell your car and eliminate your auto finance debt. This will help you avoid all of the costs associated with repossession as well as the hit your credit would take as a result.

Deal with this issue! Be smart!
Don't think that if you hide your vehicle that you can avoid having your car repossessed. Doing this will only delay the process and will end up costing you more money once they finally catch up with you.

**If you are having issues with paying other debts, we suggest you read about developing a financial strategy to help you help yourself.

More Auto Loan Advice:
Filing for bankruptcy will not eliminate you from your auto loan obligation.

Taking out an auto loan that you can not afford can result in repossession. We suggest that you use the car loan calculator to help determine what you can afford.

Being upside-down on your auto loan means that you owe more for your can than it is worth. Leaving a down payment of at least 15% should help avoid this.


 

 

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