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Can you repay your car loan so that you don’t have to repossess it? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by offering interactive financial calculators and tools that provide objective and original content, by enabling users to conduct research and compare data for free and help you make informed financial decisions. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The deals that are advertised on this website are provided by companies who pay us. This compensation could affect how and where products appear on the site, such as such things as the sequence in which they be listed within the categories of listing and other categories, unless prohibited by law. Our mortgage or home equity products, as well as other home loan products. But this compensation does affect the information we publish, or the reviews you see on this site. We do not cover the vast array of companies or financial offers that may be available to you. Srinrat Wuttichaikitcharoen/EyeEm/Getty Images

5 min read Published November 28th, 2022.

Sarah Sharkey Written Sarah Sharkey Written by Contributing Writer Sarah Sharkey is a contributing writer for Bankrate. Sarah writes on a variety of subjects, including banking, savings tips homeownership, homebuying, and personal finance. Edited by Rhys Subitch Edited By Auto loans Editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to take control of their finances through providing clear, well-researched information that breaks down complex topics into manageable bites. The Bankrate promises

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We make sure that everything we publish will ensure that our content is reliable, honest and trustworthy. We have loans journalists and editors concentrate on the areas that consumers are concerned about the most — the different types of lending options and the most competitive rates, the top lenders, ways to repay debt, and more . This means you’ll feel safe making a decision about your investment. Integrity of the editing

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You have money questions. Bankrate has the answers. Our experts have been helping you master your finances for more than four years. We are constantly striving to give our customers the right advice and tools needed to be successful throughout their financial journey. Bankrate adheres to a strict code of conduct policy, which means you can be confident that our content is honest and precise. Our award-winning editors and journalists create honest and accurate content that will help you make the best financial choices. Our content produced by our editorial staff is factual, accurate and is not influenced by our advertisers. We’re honest about the ways we’re capable of bringing high-quality content, competitive rates, and helpful tools for our customers by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the placement of sponsored products andservices or by you clicking on specific links on our website. This compensation could influence the manner, place and when products are displayed within the categories of listing in the event that they are not permitted by law. This is the case for our mortgage or home equity products, as well as other products for home loans. Other factors, such as our own rules for our website and whether the product is offered in your region or within your personal credit score may also influence the manner in which products appear on this site. While we strive to provide an array of offers, Bankrate does not include information about every financial or credit product or service. Car repossession has increased rapidly from 2020, according to reports . If you’re in debt on your payments and your vehicle could be in danger of repossession, the good news is that you have the option of taking steps to prevent this dreadful outcome. In between reinstatement as well as loan modification you have a number of opportunities to stay clear of repossession. Does paying off a car loan end the process of repossession? The rules of repossession vary based on the state in which you reside. In the majority of states, the lender may take possession of the vehicle as soon as you’re in default. Depending on your loan agreement, this could be a result of missing one or two payments. There are a variety of steps to take between missing a payment to the eventual repossession of your car. Based on the current circumstances, you can take the appropriate actions . If you’ve not received any notification that you’re unable to make your auto payment, you’ll be aware about the financial situation well before your lender does. Do not wait around for the lender to discover that you miss a payment take the initiative and contact the lender to explain your situation. The lender might be willing hear you out to avoid the expense of repossession. Make an effort to find a reasonable solution together. For instance, you could give more details regarding your situation, including when you’ll be able to make the next payment , or the amount you’re able to pay now. Based on your past relationship with the lender it is possible that you will be able to negotiate some sort of temporary reprieve, or . This is particularly true if this is the first time you’ve ever missed a payment. If the lender has only sent notice, a lender can legally repossess your car with or without notice in many states. However, your lender will likely send you a notice of its intention to repossess your vehicle before it happens. If you get notice of repossession the first phone call you need to be making is with your lender. Also, a line of communication between you and your lender may result in an option that prevents repossession. Waiting until you receive an email means you’ll be caught up when you explain the issue in front of your lender. If your lender is willing to hear you out, offer as many details as possible regarding the time you’ll be able to pay. Additionally, let them know how much money you have available to put toward a loan in the present. It is beneficial for the lender to come up with an arrangement that is temporary. After all, the business wants to get paid, and you’ll probably need your vehicle to go to work. Based on the lender and your history, a temporary agreement is not out of the possible. In the event that your lender has started the process If you are the lender has already started the process of repossession it is possible that you will not be able access your vehicle. At this point, reinstatement or restitution of the loan (also known as curing the default -may be the best alternative. In certain states, you’ll have to pay the entire past-due amount. This includes all missed payments along with any late fees which have accrued. Typically the lender may also require you to pay repossession charges before releasing the vehicle to you. In other states, you may have to pay off the entire loan to get your car back — that process is known as redemption. Not every state allows for reinstatement. If your state doesn’t have reinstatement laws and it’s not included in the contract, it’s best to still reach out to your lender. It might be willing to alter the terms of your loan in order to incorporate it. How auto repossession works repossession is a stressful experience. Understanding the process can assist you to work through it, and possibly discover an answer. 1. Borrower misses payments Your lender is entitled to repossess the car as soon as you are in default — and also to send it be able to transfer the vehicle to a debt collection agency. The exact number of missed payments required to be in default on your loan will depend on the state you live in and your loan contract. In certain situations you only have only miss one installment to become in default. In other cases, you might need to be late by two or three times in order for an issue to occur. In this situation, clear communication to your lender is critically important. If you are able to work out an extension, now is the perfect time to make an inquiry. 2. Lender repossess your car once you are in default the lender could or might not send you a notice of its intention to take possession of the car. Call your lender to inquire about an arrangement for a short-term payment to avoid repossession in the event that you get an email. Based on the state you live in and the state of your car, the lender may be able to repossess your car anytime — regardless of whether or not you’ve received a notification. 3. Lender sells the car once the lender has taken possession of your vehicle, it could hold onto the vehicle until you pay up with your loan. But the more likely outcome will be that the lender will decide to sell the vehicle. In many states the lender will notify you of the sale and offer you the chance to re-establish your loan. If you wish to purchase the vehicle back prior to the sale, you’ll have to pay for the entire amount owed and any costs associated with repossession. However, many repossessions are sold at auction. It is your right to attend the auction and put in an offer on your car. 4. Lender sends your bill for any deficiency . When you sell the vehicle The lender must use those funds to pay the debt you have to pay. However, the price you pay for the car might not cover your entire debt. If you have more debt than your lender gets in exchange for selling the car, that’s a deficiency. Unfortunately, in many states you can be sued by your lender may claim any deficiency. For instance, suppose you owe $10,000 however, your lender will only offer it for $7,000. In that scenario, the deficiency is $3000, and the lender may have the right to pursue you for the difference. In the event of an excess from the sale then the lender might be required to pass it on to you. This is rare however, if it does occur, you’ll at least have a small gain of the transaction. Other methods to avoid repossession The prevention of repossession is the major concern for many borrowers. Since your car is likely a key piece of your ability to earn money. There are a few options to prevent repossession include Reestablishing the loan: If you can be current with your past due payments, the lender will allow you to reinstate the loan. Essentially, that means you are bringing the situation back to the beginning. When you are reinstated, you’ll need to make your regular car payment. Pay off the loan Then the process of paying off your whole auto loan is much easier said than done. But if this option is possible, it is one solution to avoid this. Refinancing: This can be difficult given your credit score suffers a hit from missing payments. If you can locate the right loan with the lowest interest rate, or the monthly installment, it could be the right move for your finances. Declare bankruptcy. If you’re in debt in other charges If you are in debt, bankruptcy could be an alternative. However, while there are ways to however, it’s not a sure thing. Repossession may still happen when you don’t discover a solution that works. The disadvantage of these possibilities is that you’ll need to come up with the funds to solve the problem. In the end, if you’re facing the uncomfortable possibility of repossession contact your lender immediately. Through open communication, the lender could offer a bargain that is beneficial to everyone.

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Written by Contributing Writer Sarah Sharkey is a contributing writer for Bankrate. Sarah writes on a variety of topics, such as savings, banking homeownership, homebuying, and personal finances. Editor: Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing clear, well-researched information that break down complex topics into manageable bites.

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