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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 providing you with interactive financial calculators and tools that provide objective and original content. This allows users to conduct research and compare data for free to help you make financial decisions with confidence. Bankrate has partnerships with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The products that are featured on this site are from companies that pay us. This compensation may impact how and where products appear on the site, such as such things as the order in which they be listed within the categories of listing, except where prohibited by law for our mortgage, home equity and other products for home loans. But this compensation does affect the content we publish or the reviews you see on this site. We do not include the universe of companies or financial offers that may be accessible 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 about a range of subjects, including banking, savings tips homeownership, homebuying, and personal finance. Edited by Rhys Subitch Editored By Auto loans Editor Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to take control of their finances through providing concise, well-researched and precise facts that break down complex subjects into digestible pieces. The Bankrate guarantee

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This compensation could affect the way, location and in what order items appear within listing categories, except where prohibited by law. This is the case for our mortgage home equity, mortgage and other home loan products. Other factors, like our own website rules and whether a product is offered in the area you reside in or is within your self-selected credit score range may also influence the way and place products are listed on this site. While we strive to provide a wide range offers, Bankrate does not include specific information on every credit or financial products or services. The number of repossessions on cars has grown dramatically in the last few years, as per reports . If you fall behind on your obligations and your car could be in danger of repossession, the good news is that you can take action to prevent this dreadful outcome. In between reinstatement as well as loan modification you have a number of opportunities to stay clear of repossession. Can paying off a car loan stop the repossession process? Repossession rules differ according to the state that you reside in. In many states where repossession is allowed, the lender may take possession of the vehicle when you are in default. Based on the terms of your loan agreement, this could mean missing one or two payments. There are many steps from missing a payment up to the ultimate repossession of your car. Based on your current situation, you can take the proper steps . If you haven’t received any notice that you are unable to make your car payment, you’ll probably know about that financial reality well before your lender will. Don’t wait for your lender to discover that you don’t pay take the initiative and contact the lender to explain the situation. The lender may be willing to listen to you in order in order to avoid the costs of repossession. Try to come to a reasonable solution together. For example, you could offer more information about your circumstances, such as when you will be able to make your next payment or what you can pay right now. Based on your past relationship with the lender, you might be able to negotiate some sort of temporary reprieve, or . This is especially true in the case of this being the first time that you’ve had to make a missed payment. If the lender has only sent notice to you, the lender can legally repossess your car without or with notice in a variety of states. However, your lender will likely mail you a notification of its intention to repossess the vehicle before it actually occurs. If you get a notice of repossession, the first phone call you need to make is to your lender. Also, a line of communication between you and the lender could lead to an option that prevents repossession. If you wait until you receive notice of repossession means that you’ll be playing catch-up when you explain the situation with your lender. If the lender will listen to you out, give the most detailed information you can about when you can pay. You should also indicate how much you are able to pay toward a loan today. In the end, it’s advantageous for the lender to negotiate an arrangement that is temporary. In the end, the company wants to get paid, and you’ll likely require your car to get to work. Based upon the lender and your past it is within the possible. When the lender has started the process If you are the lender has already begun the repossession process it is possible that you will not be able access your vehicle. At this point, reinstatement of your loan (also referred to as curing the defaultis a alternative. In certain states, you’ll be required to make payments for the entire due amount. This includes any missed payments plus any late fees which have accrued. Usually the lender will also ask that you pay for repossession costs before releasing the vehicle to you. In other states, you may have to pay off the total loan to get your car back — that process is called redemption. Not every state allows for reinstatement. If your state does not have reinstatement laws and it’s not included in your contract, you should nevertheless contact your lender. It may be willing to modify your loan so that it includes it. How auto repossession works Auto repossession is an unpleasant experience. However, understanding the process will aid you in navigating it and potentially find a solution. 1. If a borrower fails to pay, your lender has the right to repossess the vehicle when you’re in default, and then be able to transfer the vehicle to a debt collection agency. The number of missed payments that are required to be in default on your loan is determined by your state and your loan contract. In certain cases, you will only need only miss one installment for you to become in default. In other cases you may need to make three or more payments to cause an issue. At this stage, open communication to your lender is critically important. If you are able to work out a reprieve, now is the perfect time to make an inquiry. 2. Lender repossess your car once in default, your lender may or not give you notice of its intention to repossess the car. Call your lender to inquire about an arrangement for a short-term payment to avoid repossession should you receive a notice. Depending on your state the lender might be able repossess your car anytime — regardless of whether or not you’ve received a notice. 3. Lender sells the vehicle Once the lender has taken possession of your vehicle, it could hold onto the car until you are caught up on your loan. However, the most likely outcome is that the lender will sell the vehicle. In certain states, the lender must inform you of the sale and give you the chance to re-establish your loan. If you wish to purchase the vehicle back prior to the sale, you’ll need to pay the entire amount owed , including any fees associated with repossession. However, many repossessions are auctioned off. It is your right to attend the auction and put in a bid on your vehicle. 4. Lender will send you a bill for any deficiency After selling the vehicle, the lender will use the proceeds to pay what you have to pay. However, the amount you paid for the vehicle might not cover your entire debt. If you owe more than your lender gets in exchange for selling the car, that’s a deficiency. In most states the lender could claim any deficiency. Let’s say for instance that you owe $10,000, however, your lender will only offer it for $7,000. In this scenario the amount owed is $3,000 and the lender may be entitled to pursue you for the difference. In the event of an excess from the sale and the lender might be required to pass it on to you. This is rare however, if it does occur, you’ll at the very least get a tiny gain by selling the property. Another method to avoid repossession is to use the following strategies. Refusing repossession is a top priority for most consumers. Since your car is likely a key piece of your ability to earn money. Some ways to prevent repossession include Reestablishing the loan If you get current on your past-due payments then the lender will reinstate the loan. In essence, you are bringing the situation back to where it was. After reinstatement, you’ll have to make the regular payments to your car. Pay off the loan Naturally the process of paying off your entire auto loan is much easier to say than do. But if this option is possible there is a option to get out of this. Refinancing: This can be difficult as your credit score suffers a hit from missing payments. If you can locate an alternative loan with the lowest interest rate, or regular payments, it might be the right choice for your finances. Declare bankruptcy. If you are behind on other debts, bankruptcy may be an option. However, while there are methods to avoid bankruptcy , it’s not a guarantee. Possession could still occur in the event that you fail to discover a solution that works. The disadvantage of these options is that you’ll probably need to come up with the funds to resolve the situation. The main point is that if you’re facing the uncomfortable possibility of repossession, talk to your lender immediately. Through open communication with your lender, the lender might be able to offer a solution that is suitable for all.

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Writing by Contributing Writer Sarah Sharkey is a contributing writer for Bankrate. Sarah writes about a wide range of topics, including savings tips, banking homeownership, homebuying and personal finances. Editor: Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are enthusiastic about helping readers gain the confidence to control their finances by providing precise, well-studied information that break down complex subjects into bite-sized pieces.

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