Question 1

How many months until your car is repossessed?

Accepted Answer

The number of months that must pass before a car is repossessed varies depending on the terms of your loan agreement and state laws. However, in most cases, lenders can begin repossession after you miss one or two payments. This could be as soon as 30 to 60 days after the missed payment.

Question 2

Can you negotiate after repossession?

Accepted Answer

Negotiating with a lender after a car has been repossessed can be more difficult than negotiating before repossession, but it is still possible. You may redeem the car by paying the outstanding loan balance plus any additional fees, or you may be able to negotiate a settlement that includes a reduced amount to satisfy the debt.

Question 3

Should I pay off a repossession?

Accepted Answer

Redeeming a repossessed vehicle means paying off the entire debt associated with it. This includes the outstanding loan balance and any additional fees, such as towing and storage charges. It is important to note that even if you redeem the car, your credit score will still be negatively affected.

Losing a car to repossession can have a devastating impact on your financial situation. It can make it difficult to get to work, school, or other important appointments. It can also make it difficult to obtain credit in the future.

If you are facing financial hardship and are at risk of car repossession, it is important to seek out financial assistance.

Low-income Families

What To Know About Financial Assistance For A Car Repossession