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Are you able to pay off a car loan so that you don’t have to repossess it? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling users to conduct research and compare information at no cost to help you make financial decisions with confidence. 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 offers that appear on this website are provided by companies that pay us. This compensation may impact how and when products are featured on this website, for example for instance, the order in which they may be displayed within the categories listed and other categories, unless prohibited by law. Our mortgage home equity, mortgage and other products for home loans. But this compensation does not influence the information we publish, or the reviews that you read on this site. We do not include the vast array of companies or financial deals that could 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 topics, including savings, banking homeownership, homebuying and personal finances. 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 the confidence to manage their finances with clear, well-researched information that breaks down complicated topics into bite-sized pieces. The Bankrate promise

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We are compensated for the placement of sponsored products or services, or through you clicking specific links that are posted on our site. This compensation could influence the manner, place and when products are displayed within the categories of listing and categories, unless it is prohibited by law. This is the case for our mortgage or home equity products, as well as other home lending products. Other elements, like our own rules for our website and whether or not a product is available in your area or at your own personal credit score may also influence the way and place products are listed on this site. Although we try to offer a wide range offers, Bankrate does not include information about every credit or financial product or service. Repossessions of cars have increased dramatically since 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 can take steps to stop this unfortunate conclusion. Between reinstatement and loan modification There are a variety of options to avoid repossession. Does paying off a car loan end the process of repossession? Repossession rules differ according to the state you live in. In the majority of states where repossession is allowed, the lender is able to take the vehicle at any time you are in default. Based on the terms of the terms of your loan agreement, this could mean missing one or two payments. There are a variety of steps to take between the time you miss a payment and the eventual repossession of your vehicle. Based on the situation you’re in you should take the appropriate steps . If you’ve never received any notification 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 find out when you fail to pay make sure you call the lender to explain the situation. The lender might be willing to listen to you in order in order to avoid the costs of repossession. You should try to reach an agreeable solution. For instance, you could give more details regarding your situation, when you’ll be able to make the next payment , or the amount you’re able to pay now. Depending on the history you have with the lender and your credit score, you may be able to negotiate an interim reprieve or . This is particularly true when this is the first time you have had to make a missed payment. If the lender has sent only notice, a lender is legally able to repossess your car with or without notice in many states. But your lender will likely send you a notice about its plans to repossess the vehicle before it actually happens. If you are given notice of repossession the first call you should contact your lender. Again, an open line of communication between you and your lender could lead to an option that prevents repossession. If you wait until you receive an email means you’ll be caught up when you explain the issue to your lender. If the lender is willing to listen to 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 can put toward a loan today. Ultimately, it can be beneficial for the lender to negotiate a temporary arrangement. In the end, the company needs to be paid and you will likely need your vehicle to go to work. Dependent your lender and your personal history it isn’t out of the possible. When the lender has begun the process. If it is the case that the lender has already begun the repossession process, you may not be able access your vehicle. In this instance, the reinstatement to your loan or loan modification referred to as curing the defaultis a option. In certain states, you’ll need to pay the entire past-due amount. This includes all missed payments plus any late fees that have accrued. In most cases, the lender will also require you to pay repossession charges before releasing the vehicle to you. In other states, you might need to pay the entire loan to obtain 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 isn’t built into the contract, it’s best to nonetheless contact your lender. It may be willing to amend the terms of your loan to include it. How auto repossession works repossession can be a painful experience. But understanding the process can help you work through it and potentially come up with solutions. 1. When a borrower is late on payments, the lender can repossess the vehicle when you’re in default and also to send it send it to a debt collection company. The exact number of missed payments that are required to default on your loan is determined by your state and your loan contract. In some cases you only have make one missed payment to be in default. In other situations, you might need to miss two or three payments to cause an issue. At this stage, open contact with your lender is crucial. If you are able to negotiate a reprieve, now is the right time to inquire. 2. Lender takes your car Once in default Your lender may or may not give you notice of its intent to repossess the vehicle. Call your lender to inquire about an interim payment plan to avoid repossession in the event that you get an official notice. Based on the state you live in the lender may be able to take possession of your vehicle at any time , regardless of whether or not you’ve received notice. 3. Lender sells the car once the lender has taken possession of your vehicle It could keep the car until you are caught up with the loan. The most likely scenario would be the lender will eventually sell the car. In several states the lender must notify you about the sale and provide you the chance to re-establish your loan. If you decide to purchase the vehicle before the auction, you’ll need to pay the entire amount owed and any costs associated with repossession. Many repossessions are auctioned off. You have a right to attend and make an offer for your car. 4. Lender sends your bill for any deficiency After selling the vehicle, the lender must use those funds to pay the debt you owe. But the sale price may not be enough to pay the entire amount owed. If you have more debt than your lender gets for selling the car, that’s a deficit. And unfortunately, in most states you can be sued by your lender could be able to sue you for any defects. For instance, suppose that you owe $10,000, however, your lender will only offer it for $7,000. In that scenario the amount owed is $3,000 and the lender could be able to sue you for the difference. If there’s an excess from the sale and the lender may be required to distribute the money to you. It’s not common however, if it does occur, you’ll probably get a little profit from the sale. Another method to avoid repossession is to use the following strategies. Avoiding repossession is a major concern for many people who borrow. In the end, your car is likely a key piece of the way you earn an income. A few ways to prevent repossession include: Reinstate the loan: If you can get current on your past-due payments and the lender will allow you to reinstate the loan. Essentially, that means you are bringing the situation back to square one. Once reinstated, you’ll need to make your regular car payment. Pay off the loan Then that paying off the whole auto loan is easier said than done. If this is possible this is a solution to avoid this. Refinancing can be challenging as your credit score suffers the hit when you miss payments. But if you can find an alternative loan with a lower interest rate or monthly payment, could be the right move to manage your finances. Declare bankruptcy. If you’re behind on other bills If you are in debt, bankruptcy could be an option. However, while there are ways to , it’s not a guarantee. Possession could still occur when you don’t find a workable solution. The downside to these possibilities is that you’ll need to come up with some amount of cash to resolve the situation. In the end, if you’re faced with the possibility of repossession, which is uncomfortable contact your lender promptly. Through open communication, the lender could offer a bargain that is suitable for all.

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Written by Contributing Writer Sarah Sharkey is a contributing writer for Bankrate. Sarah writes about a wide range of topics, including savings, banking homeownership, homebuying, and personal financial matters. Editor: Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to control their finances with clear, well-researched information that breaks down complicated subjects into bite-sized pieces.

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